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Seafire

Seafire

SEKm 2021 2022e 2023e
Sales 421 925 1043
Sales growth (%) 90,4 119,5 12,7
EBITDA 36 130 174
EBITDA margin (%) 8,5 14 16,6
EBIT adj 19 81 121
EBIT adj margin (%) 4,4 8,7 11,6
Pretax profit -13 32 63
EPS rep -0,95 0,71 1,68
EPS growth (%) -1733,5 174,5 138,3
EPS adj -0,26 1,19 2,39
DPS 0 0 0
EV/EBITDA (x) 21,2 8,1 5,7
EV/EBIT adj (x) 41,2 13 8,1
P/E (x) -34,8 29,3 12,3
P/E adj (x) -124,6 17,5 8,7
EV/sales (x) 1,8 1,1 0,9
FCF yield (%) -96,2 -66,7 11,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 8,2 3,4 2,2
Lease adj. FCF yield (%) -95,4 -65,7 9,8
Lease adj. ND/EBITDA 9,1 3,8 2,3
SEKm 2021 2022e 2023e
Sales 421 925 1043
COGS -252 -526 -598
Gross profit 170 399 445
Other operating items -134 -269 -271
EBITDA 36 130 174
Depreciation and amortisation -11 -27 -31
Of which leasing depreciation -8 -19 -21
EBITA 25 103 142
EO items -2 3 0
Impairment and PPA amortisation -8 -17 -21
EBIT 17 85 121
Net financial items -30 -53 -59
Pretax profit -13 32 63
Tax 0 -11 -13
Net profit -13 21 49
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 21 49
EPS -0,95 0,71 1,68
EPS Adj -0,26 1,19 2,39
Total extraordinary items after tax -1,8 3,3 0
Leasing payments -8 -19 -21
Tax rate (%) 3 -34,7 -21
Gross margin (%) 40,2 43,1 42,6
EBITDA margin (%) 8,5 14 16,6
EBITA margin (%) 5,9 11,1 13,6
EBIT margin (%) 4 9,2 11,6
Pretax margin (%) -3,1 3,4 6
Net margin (%) -3,2 2,2 4,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 90,4 119,5 12,7
EBITDA growth (%) 77,3 260,5 33,7
EBIT growth (%) 14,8 407,5 42,7
Net profit growth (%) -2579,4 254,6 138,3
EPS growth (%) -1733,5 174,5 138,3
Profitability 2021 2022 2023
ROE (%) -11,1 5,4 8,6
ROE Adj (%) -3,1 9 12,2
ROCE (%) 4,2 9,2 9,2
ROCE Adj(%) 6,5 10,7 10,8
ROIC (%) 5 7,1 9,4
ROIC Adj (%) 5,6 6,7 9,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 38 126 174
EBITDA Adj margin (%) 9 13,7 16,6
EBITDA lease Adj 30 108 153
EBITDA lease Adj margin (%) 7,1 11,7 14,6
EBITA Adj 26 99 142
EBITA Adj margin (%) 6,3 10,7 13,6
EBIT Adj 19 81 121
EBIT Adj margin (%) 4,4 8,7 11,6
Pretax profit Adj -3 46 83
Net profit Adj -4 35 70
Net profit to shareholders Adj -4 35 70
Net Adj margin (%) -0,9 3,8 6,7
SEKm 2021 2022e 2023e
EBITDA 36 130 174
Net financial items -30 -53 -59
Paid tax -9 -11 -13
Non-cash items 2 0 0
Cash flow before change in WC 0 65 102
Change in WC -118 -23 -26
Operating cash flow -118 42 76
CAPEX tangible fixed assets -15 -7 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -317 -441 0
Free cash flow -450 -406 70
Dividend paid 0 0 0
Share issues and buybacks 211 309 0
Lease liability amortisation 4 6 -11
Other non cash items 294 218 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 272 625 625
Other intangible assets 20 46 25
Tangible fixed assets 119 197 191
Right-of-use asset 22 23 13
Total other fixed assets 0 0 0
Fixed assets 433 891 855
Inventories 148 185 209
Receivables 64 83 94
Other current assets 10 41 41
Cash and liquid assets 176 301 360
Total assets 831 1501 1559
Shareholders equity 219 552 601
Minority 0 0 0
Total equity 219 552 601
Long-term debt 418 676 676
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 32 32
Total other long-term liabilities 33 44 44
Short-term debt 32 31 31
Accounts payable 31 65 73
Other current liabilities 76 101 101
Total liabilities and equity 831 1501 1559
Net IB debt 296 439 379
Net IB debt excl. pension debt 296 439 379
Net IB debt excl. leasing 273 407 347
Capital invested 540 1029 1019
Working capital 114 144 170
EV breakdown 2021 2022 2023
Market cap. diluted (m) 468 609 609
Net IB debt Adj 296 439 379
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 764 1048 988
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 78,3 79,3 68,2
Working capital / sales (%) 15,9 14 15
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 135 79,5 63,1
Net debt / market cap (%) 79,2 72,1 62,3
Equity ratio (%) 26,4 36,8 38,6
Net IB debt adj. / equity (%) 135 79,5 63,1
Current ratio (%) 271,2 289,2 321
EBITDA / net interest (%) 120,8 243,5 295,1
Net IB debt / EBITDA (%) 821,6 338,1 218,6
Net IB debt / EBITDA lease Adj (%) 908,7 377 227,3
Interest cover (%) 83,4 182,3 241,9
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -95,4 -65,7 9,8
P/BVPS 2,13 1,1 1,01
P/BVPS Adj -8,92 -8,31 -25,58
P/E Adj -124,6 17,5 8,7
EV/EBITDA Adj 20,2 8,3 5,7
EV/EBITA Adj 28,9 10,6 6,9
EV/EBIT Adj 41,2 13 8,1
EV/cap. employed 1,1 0,8 0,7
Investment ratios 2021 2022 2023
Capex / sales 3,5 0,8 0,5
Capex / depreciation 402,1 85,7 50
Capex tangibles / tangible fixed assets 12,3 3,8 2,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 3,1 4,4 5,4
Shares outstanding adj. 14 29 29
Fully diluted shares Adj 14 29 29
EPS -0,95 0,71 1,68
Dividend per share Adj 0 0 0
EPS Adj -0,26 1,19 2,39
BVPS 15,46 18,76 20,44
BVPS Adj -3,7 -2,49 -0,81
Net IB debt / share 20,9 14,9 12,9
Share price 26,35 20,7 20,7
Market cap. (m) 373 609 609
Valuation 2021 2022 2023
P/E -34,8 29,3 12,3
EV/sales 1,81 1,13 0,95
EV/EBITDA 21,2 8,1 5,7
EV/EBITA 31 10,2 6,9
EV/EBIT 45,5 12,3 8,1
Dividend yield (%) 0 0 0
FCF yield (%) -96,2 -66,7 11,6

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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0,9

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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