Long-term industrial group

VBG Group

VBG Group acquires and develops industrial companies with strong brands and good growth potential. The company aims to have annual growth of 10% over a five-year period, of which 5% organic and 5% acquired, with an operating margin above 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%). VBG has four divisions: VBG Truck Equipment, Edscha Trailer Systems, Mobile Climate Control and Ringfeder Power Transmission.

Financials

VBG Group

SEKm 2017 2018 2019
Sales 3002 3402 3660
Sales growth (%) 94,4 13,3 7,6
EBITDA 459 543 591
EBITDA margin (%) 15,3 16 16,1
EBIT adj 363 432 480
EBIT adj margin (%) 12,1 12,7 13,1
Pretax profit 319 373 434
EPS rep 8,97 10,85 12,58
EPS growth (%) -7,1 21 16
EPS adj 10,71 12,11 13,85
DPS 3,25 3,5 3,75
EV/EBITDA (x) 8,8 8,2 7,2
EV/EBIT adj (x) 11,1 10,3 8,8
P/E (x) 14,7 13,8 11,9
P/E adj (x) 12,3 12,4 10,8
EV/sales (x) 1,3 1,3 1,2
FCF yield (%) 5,6 3,3 8,3
Dividend yield (%) 2,5 2,3 2,5
Net IB debt/EBITDA 1,6 1,3 0,8