Qben infra AB/ gamle ININ/Elop (QBEN)

[Ravioli]

På listen over topp 100 gaselle-bedrifter i dn har NIG to datterselskaper, Rail production og connectin (tidl jobbreiser, som det ble vitset ganske mye om oppover i tråden). Nig har vært et fantastisk kjøp bla med simplifai-pengene.

Rail prod (43 plass)

Jobbreiser (76 plass)

Den norske delen av nig hadde et resultat før skatt på 27 mill kroner i 2023. 2024 blir nok enda bedre. Hele nig ble kjøpt for 92 mill med aksjer a 2,8 kr

Sannelig var ikke Hadeland elektro der også, som også har levert knalltall

[Christian]

Hva er det som sender aksjen nedover? Eller tenker du det er bare TA?

[Ravioli]

Haha, ned på jorda igjen, nei, aksjen har veldig liten omsetning, jeg tror det er altfor liten visibilitet, en stor sort boks for mange, uaktuell for fond og da blir det et knippe småsparere som styrer showet. F eks for noen uker siden skjøt kursen i været på en helt ordinær kontraktsmelding. Det sier meg at prisingen er helt vilkårlig akkurat nå. Fikk som sagt tidligere en fin exit, og så kjøpte jeg meg inn igjen …

[Ravioli]

@Ravioli

På listen over topp 100 gaselle-bedrifter i dn har NIG to datterselskaper, Rail production og connectin (tidl jobbreiser, som det ble vitset ganske mye om oppover i tråden).

Lang og fin artikkel om gasellebedriften Rail Production i DN

“Avhoppere fra jernbaneentreprenøren NRC Group har skapt en lønnsom vekstmaskin på vedlikehold av skinnegangene. Rail Production er gasellevinner i region øst.”

Saken oppsummert

• Rail Production, startet av avhoppere fra NRC Group, er blitt en suksess innen jernbanevedlikehold.
• Selskapet har vokst raskt siden oppstarten i 2020, med en omsetning som har økt fra 7,7 millioner til 188 millioner kroner i 2023.
• Vedlikeholdsbehovet på jernbanen i Norge er stort, med et etterslep på mer enn 30 milliarder kroner

Faktisk en liten sniktikk på q4 tallene også

"– I fjor omsatte vi for 300 millioner kroner, sier Poulsen.

– Og hva ble resultatet før skatt?
– Rundt ti prosent av omsetningen.
…
– Vi har betydelige vekstambisjoner i 2025, men siden vi er del av et børsnotert selskap, kan vi ikke gå i detaljer på tall, sier Poulsen."

https://www.dn.no/gasellene/dn-gaselle-2024/nrc-group/bane-nor/vokser-pa-jernbaneloft-grundere-tilbake-pa-vinnersporet/2-1-1765316

[Ravioli]

Lol, aksjen er opp 20 % på et avisintervju. Det viser med all tydelighet at aksjen er helt vilkårlig priset av småsparere for øyeblikket.

[Christian]

@Ravioli

Det sier meg at prisingen er helt vilkårlig akkurat nå.

Morsomt at jeg fikk dette svaret av deg for tre dager siden

[TekBot]

ININ Group AS: Subsidiary awarded contract

3 February 2025 – ININ Group’s wholly owned subsidiary Hadeland Elektro AS has been awarded a contract to deliver electrotechnical and signalling work at Majorstuen station in Oslo, Norway.

The contract is valued at NOK 28.5 million. The work will be performed during 2025 and Q1 2026.
…

Vis børsmeldingen

Hadeland Elektro will deliver the work as a subcontractor to a main contractor. The company will also be supported by its sister company Rail Production AS.

Hadeland Elektro is part of the Qben Rail investment platform.

Hadeland Elektro is an electrical contractor that delivers complete electrotechnical solutions for construction and infrastructure projects, including the energy, rail and road sectors. The company possesses all necessary approvals for high and low voltage work for the rail industry, and also performs inspection work of high-voltage grids. The company’s customers are mainly private construction contractors and public infrastructure owners and operators.

ININ Group AS is listed on Euronext Growth Oslo. The company’s majority shareholder, Qben Infra AB, is listed on Nasdaq First North Premier Growth Market in Stockholm, Sweden.

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of Inin Group AS, Tel: +47 910 00 626

About ININ Group AS
ININ Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure and industry services niches in the Nordics. The group create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with the platform companies to deliver sustainable growth and superior profitability. For more information, please visit: www.inin.no

Kilde

[TekBot]

ININ Group AS: Subsidiary awarded NOK 40 million contract

6 February 2025 – Rail Production AS, a subsidiary of ININ Group-owned Nordic Infrastructure Group, has been awarded a NOK 40 million railway maintenance contract in Oslo, Norway.

Under the contract, Rail Production AS, will conduct track and overhead power line work in Oslo during a five-week maintenance shutdown period in the July/August summer holiday period.
…

Vis børsmeldingen

Rail Production AS will collaborate with its sister companies in Nordic Infrastructure Group to execute the contract, which includes round-the-clock operations during the shutdown period.

Nordic Infrastructure Group heads up ININ Group’s Rail platform.

ININ Group AS is listed on Euronext Growth Oslo. The company’s majority shareholder, Qben Infra AB, is listed on Nasdaq First North Premier Growth Market in Stockholm, Sweden.

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of Inin Group AS, Tel: +47 910 00 626

About ININ Group AS
ININ Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure and industry services niches in the Nordics. The group create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with the platform companies to deliver sustainable growth and superior profitability. For more information, please visit: www.inin.no

Kilde

[TekBot]

Inin Group AS: Completion of acquisition of Nordnes Narvik AS

17 February 2025 – Nordic Infrastructure Group AS, a subsidiary of Inin Group AS, has completed the acquisition of 100 percent of the shares in Northern Norway based Nordnes Narvik AS – a specialist railway contractor in the region.

Reference is made to the stock exchange announcement dated 29 May 2024 regarding the transaction.
…

Vis børsmeldingen

Nordnes Narvik becomes part of ININ Rail.

Nordnes Narvik AS has established itself as a key player in the railway construction industry in Northern Norway, with a strong focus on delivering high-quality infrastructure solutions. In the fiscal year 2024, the company reported a revenue of approximately 30 million NOK and an EBITA of 4.0 million NOK.

TRANSACTION DETAILS
Nordic Infrastructure Group AS acquires 100 percent of the shares of Nordnes Narvik AS for a total consideration of NOK 17,8 million. The consideration will be settled in cash. NOK 10,0 million of the consideration has been settled at closing on 17 February 2025, while the remaining amount will be settled by 31 July 2025.

(ENDS)
For further information, please contact:
Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626

About ININ Group AS
ININ Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure and industry services niches in the Nordics. The group create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with the platform companies to deliver sustainable growth and superior profitability. For more information, please visit: www.inin.no

Kilde

[TekBot]

ININ Group AS: Q4 and interim full-year 2024 financial results

26 February 2025 – ININ Group AS delivered revenue of NOK 549 million in the fourth quarter of 2024, an increase of 71% from the same quarter in 2023 (NOK 321 million). Adjusted EBITDA ended at NOK 15 million, versus NOK 4 million in the fourth quarter of 2023.

For the full-year 2024, ININ Group delivered revenue of NOK 1,743 million, up 155% from NOK 683 million in 2023. Adjusted EBITDA for the full-year 2024 was NOK 73 million, compared to NOK 29 million the prior year.
…

Vis børsmeldingen

Enclosed with this announcement is a short presentation with further details of ININ Group’s fourth quarter and interim full-year 2024 financial results.

QBEN INFRA’S FINANCIAL REPORTING
Qben Infra AB is ININ Group’s majority shareholder with approximately 89% of the shares. Qben Infra is listed on
Nasdaq First North Premier Growth Market in Stockholm, Sweden.

Qben Infra reports the group’s fourth quarter and interim full-year 2024 financial results today. This report includes a full operational update for the entire Qben Infra group, including ININ Group AS and its subsidiary companies.

To follow the webcast today, Wednesday, February 26 at 10:00 AM use the following link: https://www.youtube.com/live/7uVJ2dkTp1Q

For Qben Infra’s fourth quarter 2024 presentation, please visit: Reports and presentations – Qben Infra

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of ININ Group, Tel: +47 910 00 626

About ININ Group AS
ININ Group is a listed investment company with investments in companies within infrastructure services niches in the Nordics. The group aims to create value by identifying investment opportunities within profitable niches with potential for development, consolidation, and growth, working in close collaboration with the platform companies to deliver sustainable growth and profitability. For more information, please visit: www.inin.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Fredrik Ekholm, Investment Director, at 08:45 am (CET) on 26 February 2025.

Kilde

[TekBot]

ININ Group: Subsidiary awarded significant railway contract of NOK 466 million

Team 1435, a subsidiary of Nordic Infrastructure Group, has been awarded a contract for the replacement of sleepers and rails on the Nordlandsbanen railway line, valued at NOK 466 million.

The contract includes track renewal, including the replacement of ballast on approximately 34,500 track meters in 2025, with an option for 36,500 track meters in 2026 and 26,000 track meters in 2027.
…

Vis børsmeldingen

The contract work is planned to be carried out during track closures over 43 days in May/June each year.

Gjermund Sogn, CEO of Nordic Infrastructure Group, commented on the contract win: “We are thrilled to have been awarded this significant contract by Bane Nor. This project underscores our commitment to delivering high-quality infrastructure solutions and further strengthens our position in the railway construction industry.”

The closing date for submission of complaints is 17.3.2025, and formal contractual signing can take place after this date at the earliest.

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of ININ Group, Tel: +47 910 00 626

About ININ Group AS
ININ Group is a listed investment company with investments in companies within infrastructure services niches in the Nordics. The group aims to create value by identifying investment opportunities within profitable niches with potential for development, consolidation, and growth, working in close collaboration with the platform companies to deliver sustainable growth and profitability. For more information, please visit: www.inin.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Fredrik Ekholm, Investment Director, at 08:50 am (CET) on 6 March 2025.

Kilde

[Ravioli]

Wow, dette må være ny rekord med solid margin for kontraktsstørrelse.

[Christian]

Å lese regnskapet deres er som å lese en sveitserost, full av hull fordi de har slått sammen to selskaper og brukt masse penger på å kjøpe et større selskap. De gir mao langt fra noe klart bilde av hvilken vei det går.

Antar du har regnet på dette @Ravioli hvis du sitter i aksjen? Hvordan tror du Q1 2025 vil se ut?

[Ravioli]

2024 actuals blir bare kaos med et så stort kjøp helt på tampen av året. Når man justerer for det ene og det andre av engangs og ser på dagens selskap på årsbasis bør lønnsomheten fremdeles opp et lite hakk, ebitda -margin er 8,9 % nå, bør opp til 10 %,og det tror jeg faktisk de klarer. Den eneste plattformen som leverte negativt bidrag i 2024 var inspekt, men den er nå i følge ceo den mest lønnsomme i prosent av alle plattformene. 2023 og 2024 ble brukt til å bygge opp organisasjonen. Videre guider de veldig bra organisk , 3,1 mrd i 2025 og ligger meget godt an for det med ordrebok og omsetning i januar.

[Christian]

EBITDA på 3100 MNOK og 10% marginer, som i så fall gir 310 MNOK EBITDA?

Ikke egentlig så mye som de normalt vil skrive ned? Goodwill f.eks. vil først skrives ned hvis selskapene de kjøpte slutter å levere.

Ser relativt greit ut opp mot assets? Men de har noe sånt som en milliard i liabilities, så det blir vel endel renter her, men ikke så mye opp mot 310 MSEK EBITDA?

La oss si 50 MSEK avskrivninger og 50 MSEK i renter og 50 MSEK i skatt, så ender man på 160 MNOK Earnings hvis alt klaffer? Mcap nå er på 836 MSEK? Er det noe sånt du ser for deg? Eller er jeg waaay off her?

EDIT

Qben has successfully issued senior unsecured bonds of SEK 500 million under a framework of SEK 600 million. The bonds will carry a floating interest rate of 3m Stibor + 800 basis points per annum and mature in December 2027

Kanskje litt lite renter i regnestykket over, bare obligasjonen har en rente på 2,3+8 =10,3%, så den alene utgjør 51,5 MSEK.

[Ravioli]

@Christian

La oss si 50 MSEK avskrivninger og 50 MSEK i renter og 50 MSEK i skatt, så ender man på 160 MNOK Earnings hvis alt klaffer?

Dette er nok mye mer optimistisk enn det jeg ser avskrivninger blir nok høyere, jeg ser for meg ca 5 % av omsetning, så må nok se enda et år fram i tid med tilsvarende vekst og refinansiering av en temmelig håpløs obligasjon før det begynner å svinge av bunnlinje.

[Christian]

Så rundt 150 MNOK i avskrivninger? Hvordan har du kommet fram til det? Når jeg sjekket Assets, så markerte jeg de punktene jeg tenkte ville være logiske å måtte skrive ned og summen av dem er bare noe over 300 MSEK. Noe jeg ikke har tenkt på at burde være med? Evt noen grunn til at % avskrivninger skal være såpass høy.

[Ravioli]

Kanskje litt konservativt, men en så kraftig økning i omsetning i denne bransjen kommer sjelden uten en økning i capex som må avskrives. 5 % er mer en konservativ tommelfingerregel enn en utregning fra dagens balanse.

[Christian]

Jeg kjøper den, eller kjøper i hvert fall at det må gjøres investeringer som vil redusere overskuddet og i hvert fall cash flow.

[1894]

466 millioner for en enkelt kontrakt. Hele selskapet ble kjøpt for 27,5.