Long-term industrial group

VBG Group

VBG Group acquires and develops industrial companies with strong brands and good growth potential. It aims to have growth of 10% p.a. over five years, of which 5% organic and 5% acquired, with an op margin of 12%+. It offers friction springs for aircraft and buildings (45% market share), drawbar couplings for trucks with heavy trailers (55%), sliding roofs for tarpaulin-covered trailers, tipper vehicles and railway cars (40%), automatic tyre chains (65%) and climate control systems for buses, off-road, utility and defence vehicles (40%). It has 4 divisions: Truck Equipment, Edscha Trailer Systems, Mobile Climate Control and Ringfeder Power Transmission.

Financials

VBG Group

SEKm 2018 2019 2020
Sales 3465 3738 3818
Sales growth (%) 15,4 7,9 2,1
EBITDA 534 595 N/A
EBITDA margin (%) 15,3 15,4 15,9
EBIT adj 363 423 485
EBIT adj margin (%) 12,1 12,2 13
Pretax profit 366 439 423
EPS rep 10,54 12,64 12,19
EPS growth (%) 17,6 19,9 -3,6
EPS adj 11,8 13,9 13,45
DPS 3,75 4,4 4,5
EV/EBITDA (x) 7,4 6,3 6,1
EV/EBIT adj (x) 9,3 7,7 7,6
P/E (x) 12,3 10,3 10,7
P/E adj (x) 11 9,4 9,7
EV/sales (x) 1,1 1 0,9
FCF yield (%) 3,8 9,2 9,5
Dividend yield (%) 2,9 3,4 3,5
Net IB debt/EBITDA 1,3 0,8 0,5

Main shareholders

VBG Group

Main shareholders Share capital % Voting shares % Verified
Herman Kreftings Stiftelse för Allergi & Astmaforskning 22.6 % 27.6 % 31 Dec 2018
Stiftelsen SLK-anställda 4.3 % 23.6 % 31 Dec 2018
Stiftelsen VBG-SLK 1.9 % 10.2 % 31 Dec 2018
Lannebo Fonder 13.3 % 7.2 % 31 Dec 2018
SEB Fonder 10.8 % 5.9 % 31 Dec 2018
Swedbank Robur Fonder 8.9 % 4.9 % 31 Dec 2018
Nordea Fonder 6.7 % 3.7 % 31 Dec 2018
VBG Group AB 4.6 % 2.5 % 31 Dec 2018
If Skadeförsäkring AB 4.2 % 2.3 % 31 Dec 2018
Didner & Gerge Fonder 3.9 % 2.1 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

VBG Group

Name
Bror Anders Erkén
Bror Anders Erkén
Bo Hedberg
Clas Gunneberg
Clas Gunneberg
Anders Birgersson
Claes Wedin
Anders Birgersson
Bror Anders Erkén
Claes Wedin
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