Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Seafire

Seafire

Seafire is a group of companies in the industry, trade and services sectors that acquires and develops small companies in Sweden. The company was founded in 2016 and focuses on acquiring profitable, smaller companies with development potential. As of Q3’21, the group consists of nine companies, of which four have been acquired during 2021. The group structure is decentralised, enabling group management to focus on adding new companies to the group.

Acquisitions are an integral part of the business model. If prices on targets rise, this would hurt the company. If the economy weakens, this could affect the earnings stability of acquisition targets, and thus prolong negotiations.

SEKm 2021 2022e 2023e
Sales 421 850 954
Sales growth (%) 90,4 101,6 12,3
EBITDA 36 124 164
EBITDA margin (%) 8,5 14,6 17,2
EBIT adj 19 85 117
EBIT adj margin (%) 4,4 10 12,2
Pretax profit -13 36 63
EPS rep -0,95 0,92 1,69
EPS growth (%) -1733,5 197,6 82,4
EPS adj -0,26 1,55 2,33
DPS 0 0 0
EV/EBITDA (x) 21,2 9,9 7,1
EV/EBIT adj (x) 41,2 14,6 10
P/E (x) -34,8 31,1 17
P/E adj (x) -124,6 18,5 12,3
EV/sales (x) 1,8 1,5 1,2
FCF yield (%) -96,2 -42,6 8,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 8,2 3,1 2
Lease adj. FCF yield (%) -95,4 -42,5 7,2
Lease adj. ND/EBITDA 9,1 3,3 2
SEKm 2021 2022e 2023e
Sales 421 850 954
COGS -252 -495 -542
Gross profit 170 354 413
Other operating items -134 -230 -248
EBITDA 36 124 164
Depreciation and amortisation -11 -25 -29
Of which leasing depreciation -8 -17 -19
EBITA 25 99 136
EO items -2 -2 0
Impairment and PPA amortisation -8 -16 -19
EBIT 17 82 117
Net financial items -30 -46 -54
Pretax profit -13 36 63
Tax 0 -9 -13
Net profit -13 27 50
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 27 50
EPS -0,95 0,92 1,69
EPS Adj -0,26 1,55 2,33
Total extraordinary items after tax -1,8 -2,1 0
Leasing payments -8 -17 -19
Tax rate (%) 3 -24,5 -21
Gross margin (%) 40,2 41,7 43,2
EBITDA margin (%) 8,5 14,6 17,2
EBITA margin (%) 5,9 11,6 14,2
EBIT margin (%) 4 9,7 12,2
Pretax margin (%) -3,1 4,2 6,6
Net margin (%) -3,2 3,2 5,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 90,4 101,6 12,3
EBITDA growth (%) 77,3 245,5 32,2
EBIT growth (%) 14,8 392 41,5
Net profit growth (%) -2579,4 302,5 82,4
EPS growth (%) -1733,5 197,6 82,4
Profitability 2021 2022 2023
ROE (%) -11,1 7 8,5
ROE Adj (%) -3,1 11,8 11,8
ROCE (%) 4,2 8,4 9
ROCE Adj(%) 6,5 10,3 10,5
ROIC (%) 5 8,2 9,5
ROIC Adj (%) 5,6 8,4 9,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 38 126 164
EBITDA Adj margin (%) 9 14,9 17,2
EBITDA lease Adj 30 109 145
EBITDA lease Adj margin (%) 7,1 12,9 15,2
EBITA Adj 26 101 136
EBITA Adj margin (%) 6,3 11,9 14,2
EBIT Adj 19 85 117
EBIT Adj margin (%) 4,4 10 12,2
Pretax profit Adj -3 55 82
Net profit Adj -4 46 69
Net profit to shareholders Adj -4 46 69
Net Adj margin (%) -0,9 5,4 7,2
SEKm 2021 2022e 2023e
EBITDA 36 124 164
Net financial items -30 -46 -54
Paid tax -9 -9 -13
Non-cash items 2 0 0
Cash flow before change in WC 0 69 97
Change in WC -118 10 -21
Operating cash flow -118 79 76
CAPEX tangible fixed assets -15 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -317 -433 0
Free cash flow -450 -359 72
Dividend paid 0 0 0
Share issues and buybacks 211 309 0
Lease liability amortisation 4 0 -11
Other non cash items 294 202 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 272 402 402
Other intangible assets 20 47 28
Tangible fixed assets 119 411 406
Right-of-use asset 22 19 11
Total other fixed assets 0 0 0
Fixed assets 433 879 847
Inventories 148 153 172
Receivables 64 76 86
Other current assets 10 10 10
Cash and liquid assets 176 328 389
Total assets 831 1446 1503
Shareholders equity 219 555 605
Minority 0 0 0
Total equity 219 555 605
Long-term debt 418 655 655
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 30 30
Total other long-term liabilities 33 36 36
Short-term debt 32 31 31
Accounts payable 31 59 67
Other current liabilities 76 79 79
Total liabilities and equity 831 1446 1503
Net IB debt 296 388 327
Net IB debt excl. pension debt 296 388 327
Net IB debt excl. leasing 273 358 297
Capital invested 540 972 961
Working capital 114 101 122
EV breakdown 2021 2022 2023
Market cap. diluted (m) 468 844 844
Net IB debt Adj 296 388 327
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 1232 1172
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 78,3 74,6 64,7
Working capital / sales (%) 15,9 12,7 11,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 135 69,8 54,1
Net debt / market cap (%) 79,2 45,9 38,8
Equity ratio (%) 26,4 38,4 40,3
Net IB debt adj. / equity (%) 135 69,8 54,1
Current ratio (%) 271,2 310,5 345,3
EBITDA / net interest (%) 120,8 267,5 304,6
Net IB debt / EBITDA (%) 821,6 311,9 199
Net IB debt / EBITDA lease Adj (%) 908,7 327,2 204,4
Interest cover (%) 83,4 212,1 251,6
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -95,4 -42,5 7,2
P/BVPS 2,13 1,52 1,4
P/BVPS Adj -8,92 5,49 4,15
P/E Adj -124,6 18,5 12,3
EV/EBITDA Adj 20,2 9,7 7,1
EV/EBITA Adj 28,9 12,2 8,6
EV/EBIT Adj 41,2 14,6 10
EV/cap. employed 1,1 1 0,9
Investment ratios 2021 2022 2023
Capex / sales 3,5 0,6 0,5
Capex / depreciation 402,1 65,3 50
Capex tangibles / tangible fixed assets 12,3 1,3 1,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 3,1 2 2,3
Shares outstanding adj. 14 29 29
Fully diluted shares Adj 14 29 29
EPS -0,95 0,92 1,69
Dividend per share Adj 0 0 0
EPS Adj -0,26 1,55 2,33
BVPS 15,46 18,88 20,57
BVPS Adj -3,7 5,23 6,92
Net IB debt / share 20,9 13,2 11,1
Share price 26,35 28,7 28,7
Market cap. (m) 373 844 844
Valuation 2021 2022 2023
P/E -34,8 31,1 17
EV/sales 1,81 1,45 1,23
EV/EBITDA 21,2 9,9 7,1
EV/EBITA 31 12,5 8,6
EV/EBIT 45,5 14,9 10
Dividend yield (%) 0 0 0
FCF yield (%) -96,2 -42,6 8,5

Equity research

Read earlier research

Media

Seafire- Company presentation with CEO Johan Bennarsten

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Creades AB 16.0 % 16.0 % 31 Jan 2022
Berenberg Funds 9.8 % 9.8 % 31 Jan 2022
Alcur Fonder 8.0 % 8.0 % 28 Jun 2022
Johan Bennarsten 5.9 % 5.9 % 28 Jun 2022
Consensus Asset Management 5.4 % 5.4 % 31 Jul 2022
Carnegie Fonder 4.9 % 4.9 % 31 Jul 2022
Cliens Fonder 3.8 % 3.8 % 28 Jun 2022
Perpressa Invest AB 3.7 % 3.7 % 28 Jun 2022
Bengt Kjell 2.9 % 2.9 % 28 Jun 2022
Fondita Fonder 2.9 % 2.9 % 28 Jun 2022
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Gullbrandsson Business Development AB - 80 992 SELL 17 Jun 2021
Mats Gullbrandsson - 149 008 SELL 17 Jun 2021
Styrelsemedlem Tord Lendau + 125 000 BUY 3 Aug 2020
Johan Bennarsten + 5 200 BUY 10 Jul 2020
Johan Bennarsten + 6 800 BUY 9 Jul 2020
Johan Bennarsten + 1 011 BUY 25 Feb 2020
Sydsken AB + 14 971 BUY 24 Feb 2020
Tord Lendau + 1 315 BUY 24 Oct 2019
Tord Lendau + 9 900 BUY 24 Oct 2019
Tord Lendau + 2 467 BUY 24 Oct 2019

Show More