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 2017 2018 2019
Sales 3002 3455 3736
Sales growth (%) 94,4 15,1 8,1
EBITDA 459 537 595
EBITDA margin (%) 15,3 15,5 15,9
EBIT adj 363 426 484
EBIT adj margin (%) 12,1 12,3 13
Pretax profit 319 369 438
EPS rep 8,97 10,63 12,63
EPS growth (%) -7,1 18,5 18,8
EPS adj 10,71 11,88 13,88
DPS 3,25 4 4,25
EV/EBITDA (x) 8,8 7,6 6,5
EV/EBIT adj (x) 11,1 9,5 8
P/E (x) 14,7 12,6 10,6
P/E adj (x) 12,3 11,3 9,7
EV/sales (x) 1,3 1,2 1
FCF yield (%) 5,6 3,8 8,9
Dividend yield (%) 2,5 3 3,2
Net IB debt/EBITDA 1,6 1,3 0,8

Main shareholders

VBG Group

Main shareholders Share capital % Voting shares %
Herman Kreftings Stiftelse för Allergi & Astmaforskning 22.6 % 27.6 %
Stiftelsen SLK-anställda 4.3 % 23.6 %
Stiftelsen VBG-SLK 1.9 % 10.2 %
Lannebo Fonder 13.1 % 7.1 %
SEB Fonder 10.7 % 5.8 %
Swedbank Robur Fonder 8.9 % 4.9 %
Nordea Fonder 6.6 % 3.6 %
VBG Group AB 4.6 % 2.5 %
If Skadeförsäkring AB 4.2 % 2.3 %
Didner & Gerge Fonder 3.9 % 2.1 %