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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 421 810 886
Sales growth (%) 90,4 92,2 9,5
EBITDA 36 122 148
EBITDA margin (%) 8,5 15,1 16,8
EBIT adj 19 84 104
EBIT adj margin (%) 4,4 10,4 11,8
Pretax profit -13 46 68
EPS rep -0,95 1,19 1,83
EPS growth (%) -1733,5 226,1 53,3
EPS adj -0,26 1,8 2,43
DPS 0 0 0
EV/EBITDA (x) 21,2 9 6,9
EV/EBIT adj (x) 41,2 13,1 9,9
P/E (x) -34,8 23,7 15,5
P/E adj (x) -124,6 15,7 11,6
EV/sales (x) 1,8 1,4 1,2
FCF yield (%) -96,2 -30,4 9,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 8,2 2,2 1,3
Lease adj. FCF yield (%) -95,4 -30,4 8,2
Lease adj. ND/EBITDA 9,1 2,2 1,3
SEKm 2021 2022e 2023e
Sales 421 810 886
COGS -252 -468 -508
Gross profit 170 342 379
Other operating items -134 -220 -230
EBITDA 36 122 148
Depreciation and amortisation -11 -24 -27
Of which leasing depreciation -8 -16 -18
EBITA 25 98 122
EO items -2 -2 0
Impairment and PPA amortisation -8 -16 -18
EBIT 17 82 104
Net financial items -30 -36 -36
Pretax profit -13 46 68
Tax 0 -11 -14
Net profit -13 35 54
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 35 54
EPS -0,95 1,19 1,83
EPS Adj -0,26 1,8 2,43
Total extraordinary items after tax -1,8 -2,1 0
Leasing payments -8 -16 -18
Tax rate (%) 3 -23,8 -21
Gross margin (%) 40,2 42,2 42,8
EBITDA margin (%) 8,5 15,1 16,8
EBITA margin (%) 5,9 12,1 13,8
EBIT margin (%) 4 10,1 11,8
Pretax margin (%) -3,1 5,7 7,7
Net margin (%) -3,2 4,3 6,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 90,4 92,2 9,5
EBITDA growth (%) 77,3 238,9 21,7
EBIT growth (%) 14,8 389,5 26,9
Net profit growth (%) -2579,4 361,7 53,3
EPS growth (%) -1733,5 226,1 53,3
Profitability 2021 2022 2023
ROE (%) -11,1 9 9,1
ROE Adj (%) -3,1 13,5 12,1
ROCE (%) 4,2 9,4 9,5
ROCE Adj(%) 6,5 11,4 11,2
ROIC (%) 5 8,9 9,7
ROIC Adj (%) 5,6 9,2 9,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 38 124 148
EBITDA Adj margin (%) 9 15,3 16,8
EBITDA lease Adj 30 108 131
EBITDA lease Adj margin (%) 7,1 13,3 14,8
EBITA Adj 26 100 122
EBITA Adj margin (%) 6,3 12,3 13,8
EBIT Adj 19 84 104
EBIT Adj margin (%) 4,4 10,4 11,8
Pretax profit Adj -3 64 86
Net profit Adj -4 53 72
Net profit to shareholders Adj -4 53 72
Net Adj margin (%) -0,9 6,5 8,1
SEKm 2021 2022e 2023e
EBITDA 36 122 148
Net financial items -30 -36 -36
Paid tax -9 -11 -14
Non-cash items 2 0 0
Cash flow before change in WC 0 75 98
Change in WC -118 18 -15
Operating cash flow -118 93 83
CAPEX tangible fixed assets -15 -5 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -317 -341 0
Free cash flow -450 -253 78
Dividend paid 0 0 0
Share issues and buybacks 211 309 0
Lease liability amortisation 4 0 -10
Other non cash items 294 2 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 272 374 374
Other intangible assets 20 39 21
Tangible fixed assets 119 356 352
Right-of-use asset 22 6 -2
Total other fixed assets 0 0 0
Fixed assets 433 774 745
Inventories 148 146 160
Receivables 64 73 80
Other current assets 10 10 10
Cash and liquid assets 176 234 303
Total assets 831 1237 1297
Shareholders equity 219 563 617
Minority 0 0 0
Total equity 219 563 617
Long-term debt 418 441 441
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 57 62
Other current liabilities 76 79 79
Total liabilities and equity 831 1237 1297
Net IB debt 296 268 199
Net IB debt excl. pension debt 296 268 199
Net IB debt excl. leasing 273 238 169
Capital invested 540 859 845
Working capital 114 93 108
EV breakdown 2021 2022 2023
Market cap. diluted (m) 468 832 832
Net IB debt Adj 296 268 199
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 1100 1032
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 78,3 78,3 70
Working capital / sales (%) 15,9 12,8 11,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 135 47,5 32,3
Net debt / market cap (%) 79,2 32,2 23,9
Equity ratio (%) 26,4 45,5 47,6
Net IB debt adj. / equity (%) 135 47,5 32,3
Current ratio (%) 271,2 257,2 297,8
EBITDA / net interest (%) 120,8 338,9 412,5
Net IB debt / EBITDA (%) 821,6 219,4 134,3
Net IB debt / EBITDA lease Adj (%) 908,7 220,5 129,4
Interest cover (%) 83,4 270,1 338,6
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -95,4 -30,4 8,2
P/BVPS 2,13 1,48 1,35
P/BVPS Adj -8,92 4,39 3,42
P/E Adj -124,6 15,7 11,6
EV/EBITDA Adj 20,2 8,9 6,9
EV/EBITA Adj 28,9 11 8,5
EV/EBIT Adj 41,2 13,1 9,9
EV/cap. employed 1,1 1 0,9
Investment ratios 2021 2022 2023
Capex / sales 3,5 0,7 0,5
Capex / depreciation 402,1 66,5 50
Capex tangibles / tangible fixed assets 12,3 1,5 1,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 3,1 2,2 2,5
Shares outstanding adj. 14 29 29
Fully diluted shares Adj 14 29 29
EPS -0,95 1,19 1,83
Dividend per share Adj 0 0 0
EPS Adj -0,26 1,8 2,43
BVPS 15,46 19,15 20,98
BVPS Adj -3,7 6,44 8,27
Net IB debt / share 20,9 9,1 6,8
Share price 26,35 28,3 28,3
Market cap. (m) 373 832 832
Valuation 2021 2022 2023
P/E -34,8 23,7 15,5
EV/sales 1,81 1,36 1,16
EV/EBITDA 21,2 9 6,9
EV/EBITA 31 11,3 8,5
EV/EBIT 45,5 13,4 9,9
Dividend yield (%) 0 0 0
FCF yield (%) -96,2 -30,4 9,4

Equity research

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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
Alcur Fonder 9.9 % 9.9 % 31 Mar 2022
Berenberg Funds 9.2 % 9.2 % 31 Oct 2021
Johan Bennarsten 5.9 % 5.9 % 31 Mar 2022
Consensus Asset Management 5.4 % 5.4 % 30 Apr 2022
Carnegie Fonder 4.9 % 4.9 % 30 Apr 2022
Cliens Fonder 3.9 % 3.9 % 31 Mar 2022
Perpressa Invest AB 3.8 % 3.8 % 31 Mar 2022
Bengt Kjell 2.9 % 2.9 % 31 Mar 2022
Fondita Fonder 2.9 % 2.9 % 31 Mar 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

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