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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 421 932 1050
Sales growth (%) 90,4 121,2 12,7
EBITDA 36 123 176
EBITDA margin (%) 8,5 13,2 16,8
EBIT adj 19 82 124
EBIT adj margin (%) 4,4 8,8 11,8
Pretax profit -13 35 65
EPS rep -0,95 0,86 1,75
EPS growth (%) -1733,5 190,9 103,3
EPS adj -0,26 1,57 2,46
DPS 0 0 0
EV/EBITDA (x) 21,2 9 5,9
EV/EBIT adj (x) 41,2 13,5 8,5
P/E (x) -34,8 28,8 14,2
P/E adj (x) -124,6 15,8 10,1
EV/sales (x) 1,8 1,2 1
FCF yield (%) -96,2 -53,2 10
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 8,2 3,1 1,8
Lease adj. FCF yield (%) -95,4 -52,3 8,5
Lease adj. ND/EBITDA 9,1 3,2 1,8
SEKm 2021 2022e 2023e
Sales 421 932 1050
COGS -252 -535 -601
Gross profit 170 397 449
Other operating items -134 -274 -273
EBITDA 36 123 176
Depreciation and amortisation -11 -27 -32
Of which leasing depreciation -8 -18 -21
EBITA 25 96 145
EO items -2 -4 0
Impairment and PPA amortisation -8 -17 -21
EBIT 17 79 124
Net financial items -30 -44 -59
Pretax profit -13 35 65
Tax 0 -10 -14
Net profit -13 25 51
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 25 51
EPS -0,95 0,86 1,75
EPS Adj -0,26 1,57 2,46
Total extraordinary items after tax -1,8 -3,9 0
Leasing payments -8 -18 -21
Tax rate (%) 3 -28,5 -21
Gross margin (%) 40,2 42,6 42,8
EBITDA margin (%) 8,5 13,2 16,8
EBITA margin (%) 5,9 10,3 13,8
EBIT margin (%) 4 8,5 11,8
Pretax margin (%) -3,1 3,8 6,2
Net margin (%) -3,2 2,7 4,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 90,4 121,2 12,7
EBITDA growth (%) 77,3 242 43,3
EBIT growth (%) 14,8 373,2 56,2
Net profit growth (%) -2579,4 288,6 103,3
EPS growth (%) -1733,5 190,9 103,3
Profitability 2021 2022 2023
ROE (%) -11,1 6,5 8,8
ROE Adj (%) -3,1 11,9 12,4
ROCE (%) 4,2 8,6 9,6
ROCE Adj(%) 6,5 10,7 11,3
ROIC (%) 5 7,5 10
ROIC Adj (%) 5,6 7,7 10
Adj earnings numbers 2021 2022 2023
EBITDA Adj 38 127 176
EBITDA Adj margin (%) 9 13,6 16,8
EBITDA lease Adj 30 109 155
EBITDA lease Adj margin (%) 7,1 11,7 14,8
EBITA Adj 26 100 145
EBITA Adj margin (%) 6,3 10,7 13,8
EBIT Adj 19 82 124
EBIT Adj margin (%) 4,4 8,8 11,8
Pretax profit Adj -3 56 86
Net profit Adj -4 46 72
Net profit to shareholders Adj -4 46 72
Net Adj margin (%) -0,9 4,9 6,9
SEKm 2021 2022e 2023e
EBITDA 36 123 176
Net financial items -30 -44 -59
Paid tax -9 -10 -14
Non-cash items 2 0 0
Cash flow before change in WC 0 69 104
Change in WC -118 -25 -26
Operating cash flow -118 44 78
CAPEX tangible fixed assets -15 -6 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -317 -427 0
Free cash flow -450 -388 73
Dividend paid 0 0 0
Share issues and buybacks 211 309 0
Lease liability amortisation 4 7 -11
Other non cash items 294 219 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 272 614 614
Other intangible assets 20 45 24
Tangible fixed assets 119 194 189
Right-of-use asset 22 22 12
Total other fixed assets 0 0 0
Fixed assets 433 875 839
Inventories 148 186 210
Receivables 64 84 95
Other current assets 10 27 27
Cash and liquid assets 176 322 384
Total assets 831 1494 1554
Shareholders equity 219 557 608
Minority 0 0 0
Total equity 219 557 608
Long-term debt 418 639 639
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 34 34
Total other long-term liabilities 33 55 55
Short-term debt 32 29 29
Accounts payable 31 65 74
Other current liabilities 76 115 115
Total liabilities and equity 831 1494 1554
Net IB debt 296 381 319
Net IB debt excl. pension debt 296 381 319
Net IB debt excl. leasing 273 346 285
Capital invested 540 982 972
Working capital 114 117 143
EV breakdown 2021 2022 2023
Market cap. diluted (m) 468 730 730
Net IB debt Adj 296 381 319
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 1110 1048
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 78,3 80,2 68,9
Working capital / sales (%) 15,9 12,4 12,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 135 68,4 52,4
Net debt / market cap (%) 79,2 52,2 43,7
Equity ratio (%) 26,4 37,2 39,1
Net IB debt adj. / equity (%) 135 68,4 52,4
Current ratio (%) 271,2 279 310,7
EBITDA / net interest (%) 120,8 280,2 300,1
Net IB debt / EBITDA (%) 821,6 309,1 180,7
Net IB debt / EBITDA lease Adj (%) 908,7 318,6 183
Interest cover (%) 83,4 208,2 246,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -95,4 -52,3 8,5
P/BVPS 2,13 1,31 1,2
P/BVPS Adj -8,92 -12,73 -125,23
P/E Adj -124,6 15,8 10,1
EV/EBITDA Adj 20,2 8,7 5,9
EV/EBITA Adj 28,9 11,1 7,2
EV/EBIT Adj 41,2 13,5 8,5
EV/cap. employed 1,1 0,9 0,8
Investment ratios 2021 2022 2023
Capex / sales 3,5 0,6 0,5
Capex / depreciation 402,1 67,3 50
Capex tangibles / tangible fixed assets 12,3 3 2,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 3,1 4,4 5,6
Shares outstanding adj. 14 29 29
Fully diluted shares Adj 14 29 29
EPS -0,95 0,86 1,75
Dividend per share Adj 0 0 0
EPS Adj -0,26 1,57 2,46
BVPS 15,46 18,92 20,67
BVPS Adj -3,7 -1,95 -0,2
Net IB debt / share 20,9 12,9 10,8
Share price 26,35 24,8 24,8
Market cap. (m) 373 730 730
Valuation 2021 2022 2023
P/E -34,8 28,8 14,2
EV/sales 1,81 1,19 1
EV/EBITDA 21,2 9 5,9
EV/EBITA 31 11,5 7,2
EV/EBIT 45,5 14 8,5
Dividend yield (%) 0 0 0
FCF yield (%) -96,2 -53,2 10

Equity research

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Media

Seafire- Company presentation with CEO Johan Bennarsten
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 9.6 % 9.6 % 30 Jun 2022
Alcur Fonder 9.5 % 9.5 % 31 Jul 2022
Johan Bennarsten 5.9 % 5.9 % 22 Sep 2022
Consensus Asset Management 5.4 % 5.4 % 31 Aug 2022
Carnegie Fonder 4.9 % 4.9 % 31 Aug 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 % 30 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

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