Report
Karl Bokvist ...
  • Ofelia Aspemyr

VBG Group - A record set of numbers drives big beat

Margin progression continues; group EBITA of ~17% (13) We raise ‘21e EBITA by 19%, ‘22e-‘23e up by ~10% Trading at 15x ’21e EV/EBITA, 5% FCF yields in ’21-’23e
Underlying
VBG Group AB Series B

VBG Group is an engineering Group, based in Sweden, with manufacturing and sales companies in Europe, India and the U.S.A. Co. is engaged in supplying equipment to customers in the truck and machine industries. Co.'s operations are divided into two business areas: VBG Group Truck Equipment and RingFeder Power Transmission. VBG Truck Equipment segment has products including coupling equipment and fifthwheels. RingFeder Power Transmission manufactures mechanical power transmissions and industrial dampings. Customers include truck manufacturers and the machine industry worldwide.

Provider
ABG Sundal Collier Sponsored
ABG Sundal Collier Sponsored

ABG Sundal Collier is the independent, Nordic investment banking powerhouse, developed over 30 years, founded on a hard working partnership culture and the ability to attract top talent.

Our strategy is to be an advisor and an intermediary, and the core product offering comprise corporate advisory services, corporate financing services and investor research and brokerage services.

Our corporate advisory team offers access to a broad financial and industrial network and unparalleled transaction experience. We provide financing to corporates through our superior Nordic and international distribution platform, and we are optimally structured for naturally matching trading flows, delivering best execution for clients.

The group employ approx. 250 staff working from the Nordic offices in Norway, Sweden and Denmark and in the offices in the key international markets US, UK and Germany. 


Analysts
Karl Bokvist

Ofelia Aspemyr

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