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Seafire

Seafire

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Comprising companies in the industrial and consumer sectors, Seafire is a business group that acquires and develops small companies in Sweden. The group was founded in 2016 and focuses on acquiring profitable, smaller companies with development potential. The group structure is decentralised, enabling group management to focus on adding new companies to the group.

Acquisitions are an integral part of Seafire's business model. If prices of targets rise, this would hurt the company's ability to carry out value-accretive M&A. If the economy weakens, this could affect the earnings stability of acquisition targets, and thus prolong negotiations. The risk associated with integrating acquired companies into the group is also prominent.

Financials

SEKm 2022 2023e 2024e
Sales 898 1092 1196
Sales growth (%) 113,2 21,6 9,5
EBITDA 119 112 154
EBITDA margin (%) 13,2 10,3 12,9
EBIT adj. 70 68 94
EBIT adj. margin (%) 7,8 6,3 7,8
Pretax profit 21 3 71
EPS 0,21 -0,45 1,3
EPS growth (%) -122,3 -314,8 -387,1
EPS adj. 0,04 0,81 1,3
DPS 0 0 0
EV/EBITDA (x) 5,8 6,7 4,4
EV/EBIT adj. (x) 9,8 10,9 7,3
P/E (x) 58,4 -27,2 9,5
P/E adj. (x) 301,6 15,3 9,5
EV/sales (x) 0,77 0,68 0,57
FCF yield (%) -123,3 -4,3 18,1
Le. adj. FCF yld. (%) -127,4 -7 14,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 1,9 1
Le. adj. ND/EBITDA (x) 1,3 1,5 0,6
SEKm 2022 2023e 2024e
Sales 898 1092 1196
COGS -514 -601 -652
Gross profit 384 492 544
Other operating items -266 -380 -390
EBITDA 119 112 154
Depreciation and amortisation -23 -32 -38
of which leasing depreciation -14 -19 -24
EBITA 95 80 117
EO Items 4 -13 0
Impairment and PPA amortisation -22 -25 -23
EBIT 74 55 94
Net financial items -55 -34 -23
Pretax profit 21 3 71
Tax -14 -1 -15
Net profit 7 3 56
Minority interest 0 0 0
Net profit discontinued 0 -23 0
Net profit to shareholders 7 -20 56
EPS 0,21 -0,45 1,3
EPS adj. 0,04 0,81 1,3
Total extraordinary items after tax 2 -24 0
Leasing payments -14 -19 -24
Tax rate (%) 68,3 21 21
Gross margin (%) 42,8 45 45,5
EBITDA margin (%) 13,2 10,3 12,9
EBITA margin (%) 10,6 7,3 9,7
EBIT margin (%) 8,2 5,1 7,8
Pre-tax margin (%) 2,3 0,3 5,9
Net margin (%) 0,7 0,2 4,7
Sales growth (%) 113,2 21,6 9,5
EBITDA growth (%) 229,3 -5,6 37,8
EBITA growth (%) 286,9 -16 45,4
EBIT growth (%) N/A -25,1 69,3
Net profit growth (%) -148,4 -60,3 2064,5
EPS growth (%) -122,3 -314,8 -387,1
Profitability N/A N/A N/A
ROE (%) 1,3 -2,6 6,6
ROE adj. (%) 5,3 3,6 9,3
ROCE (%) 2 0,3 5,9
ROCE adj. (%) 3,6 4,6 7,9
ROIC (%) 4,3 6,4 8,9
ROIC adj. (%) 4,1 7,4 8,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 115 125 154
EBITDA adj. margin (%) 12,8 11,4 12,9
EBITDA lease adj. 101 106 130
EBITDA lease adj. margin (%) 11,3 9,7 10,9
EBITA adj. 92 93 117
EBITA adj. margin (%) 10,2 8,5 9,7
EBIT adj. 70 68 94
EBIT adj. margin (%) 7,8 6,3 7,8
Pretax profit Adj. 37 59 94
Net profit Adj. 26 52 79
Net profit to shareholders adj. 26 29 79
Net adj. margin (%) 2,9 4,7 6,6
SEKm 2022 2023e 2024e
EBITDA 119 112 154
Goodwill 635 688 688
Net financial items -55 -34 -23
Other intangible assets 75 60 36
Paid tax -25 -1 -15
Tangible fixed assets 126 150 154
Non-cash items -48 14 0
Right-of-use asset 35 52 64
Cash flow before change in WC -9 91 116
Total other fixed assets 3 3 3
Change in working capital -52 -18 -4
Fixed assets 874 954 946
Operating cash flow -61 74 113
Inventories 216 251 263
Capex tangible fixed assets -19 -15 -17
Receivables 115 142 156
Capex intangible fixed assets 0 0 0
Other current assets 56 66 72
Acquisitions and Disposals -367 -81 0
Cash and liquid assets 467 136 172
Free cash flow -446 -22 96
Total assets 1727 1548 1608
Dividend paid 0 0 0
Shareholders equity 778 821 877
Share issues and buybacks 550 5 0
Minority 0 0 0
Leasing liability amortisation -15 -14 -20
Total equity 778 821 877
Other non-cash items -22 -23 -16
Long-term debt 596 296 256
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 34 56 73
Total other long-term liabilities 68 68 68
Short-term debt 0 0 0
Accounts payable 70 71 78
Other current liabilities 183 236 257
Total liabilities and equity 1727 1548 1608
Net IB debt 162 216 156
Net IB debt excl. pension debt 162 216 156
Net IB debt excl. leasing 128 160 84
Capital employed 1407 1173 1205
Capital invested 940 1037 1033
Working capital 134 152 156
Market cap. diluted (m) 526 529 529
Net IB debt adj. 162 216 156
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 688 745 686
Total assets turnover (%) 70,2 66,7 75,8
Working capital/sales (%) 12 13,1 12,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 20,8 26,3 17,8
Net debt / market cap (%) 30,8 40,9 29,6
Equity ratio (%) 45 53 54,5
Net IB debt adj. / equity (%) 20,8 26,3 17,8
Current ratio 3,38 1,93 1,98
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 1,4 1,9 1
Net IB debt/EBITDA lease adj. (x) 1,3 1,5 0,6
Interest coverage N/A N/A N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 43 43 43
Diluted shares adj. 43 43 43
EPS 0,21 -0,45 1,3
Dividend per share 0 0 0
EPS adj. 0,04 0,81 1,3
BVPS 18,27 19,16 20,47
BVPS adj. 1,59 1,7 3,56
Net IB debt/share 3,8 5,05 3,65
Share price 12,35 12,35 12,35
Market cap. (m) 526 529 529
P/E (x) 58,4 -27,2 9,5
EV/sales (x) 0,77 0,68 0,57
EV/EBITDA (x) 5,8 6,7 4,4
EV/EBITA (x) 7,2 9,3 5,9
EV/EBIT (x) 9,3 13,5 7,3
Dividend yield (%) 0 0 0
FCF yield (%) -123,3 -4,3 18,1
Le. adj. FCF yld. (%) -127,4 -7 14,4
P/BVPS (x) 0,68 0,64 0,6
P/BVPS adj. (x) 7,75 7,26 3,47
P/E adj. (x) 301,6 15,3 9,5
EV/EBITDA adj. (x) 6 6 4,4
EV/EBITA adj. (x) 7,5 8 5,9
EV/EBIT adj. (x) 9,8 10,9 7,3
EV/CE (x) 0,5 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 2,1 1,4 1,4
Capex/depreciation 2 1,2 1,2
Capex tangibles / tangible fixed assets 14,7 10,2 10,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 2 3
Depreciation on tangibles / tangibles 7,39 7,62 8,07

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Media

Seafire - Company presentation with CEO Johan Bennarsten
Seafire- Company presentation with CEO Johan Bennarsten

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Creades AB 18.5 % 18.5 % 11 May 2023
Berenberg Funds 8.9 % 8.9 % 31 Jul 2023
Protector Forsikring ASA 7.9 % 7.9 % 29 Aug 2023
Handelsbanken Fonder 5.8 % 5.8 % 31 Aug 2023
Cliens Fonder 4.4 % 4.4 % 28 Jun 2023
Johan Bennarsten 4.1 % 4.1 % 10 Jul 2023
Avanza Pension 3.3 % 3.3 % 29 Mar 2023
Alcur Fonder 2.9 % 2.9 % 30 Jun 2023
Swedbank Robur Fonder 2.9 % 2.9 % 31 Aug 2023
Consensus Asset Management 2.8 % 2.8 % 31 Aug 2023
Source: Holdings by Modular Finance AB