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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 2022 2023e 2024e
Sales 898 1157 1249
Sales growth (%) 113,2 28,8 8
EBITDA 119 141 152
EBITDA margin (%) 13,2 12,2 12,2
EBIT adj. 72 94 102
EBIT adj. margin (%) 8 8,2 8,2
Pretax profit 26 35 80
EPS 0,28 0,57 1,48
EPS growth (%) -141,1 105,5 158,3
EPS adj. 0,41 1,18 1,87
DPS 0 0 0
EV/EBITDA (x) 9 8,3 7,4
EV/EBIT adj. (x) 14,9 12,5 11
P/E (x) 76,2 37,1 14,4
P/E adj. (x) 52,2 18 11,4
EV/sales (x) 1,19 1,02 0,9
FCF yield (%) -75,8 -13,4 12,6
Le. adj. FCF yld. (%) -75,4 -15,7 10,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 1,9 1,4
Le. adj. ND/EBITDA (x) 1,2 1,8 1,2
SEKm 2022 2023e 2024e
Sales 898 1157 1249
COGS -514 -663 -716
Gross profit 384 494 533
Other operating items -266 -353 -381
EBITDA 119 141 152
Depreciation and amortisation -25 -24 -29
of which leasing depreciation -14 -13 -17
EBITA 93 117 123
EO Items 2 0 0
Impairment and PPA amortisation -19 -23 -21
EBIT 74 94 102
Net financial items -53 -46 -23
Pretax profit 26 35 80
Tax -11 -13 -15
Net profit 15 21 65
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 15 21 65
EPS 0,28 0,57 1,48
EPS adj. 0,41 1,18 1,87
Total extraordinary items after tax 3 -10 0
Leasing payments -14 -13 -17
Tax rate (%) 42,8 38,1 18,7
Gross margin (%) 42,8 42,7 42,7
EBITDA margin (%) 13,2 12,2 12,2
EBITA margin (%) 10,4 10,1 9,9
EBIT margin (%) 8,2 8,2 8,2
Pre-tax margin (%) 2,9 3 6,4
Net margin (%) 1,6 1,8 5,2
Sales growth (%) 113,2 28,8 8
EBITDA growth (%) 229,6 18,9 8
EBITA growth (%) 278,4 25,8 4,9
EBIT growth (%) N/A 27,3 8,7
Net profit growth (%) -210 44,9 203,8
EPS growth (%) -141,1 105,5 158,3
Profitability N/A N/A N/A
ROE (%) 3 2,7 7,7
ROE adj. (%) 6,1 6,8 10,1
ROCE (%) 8,4 7,2 11,5
ROCE adj. (%) 9,5 10 13,2
ROIC (%) 7,6 7,2 9,4
ROIC adj. (%) 7,4 7,2 9,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 117 141 152
EBITDA adj. margin (%) 13 12,2 12,2
EBITDA lease adj. 103 128 135
EBITDA lease adj. margin (%) 11,4 11,1 10,8
EBITA adj. 91 117 123
EBITA adj. margin (%) 10,1 10,1 9,9
EBIT adj. 72 94 102
EBIT adj. margin (%) 8 8,2 8,2
Pretax profit Adj. 38 71 101
Net profit Adj. 31 54 86
Net profit to shareholders adj. 31 54 86
Net adj. margin (%) 3,4 4,7 6,9
SEKm 2022 2023e 2024e
EBITDA 119 141 152
Goodwill 635 744 744
Net financial items -53 -46 -23
Other intangible assets 120 76 33
Paid tax -20 -10 -17
Tangible fixed assets 127 137 145
Non-cash items -10 0 0
Right-of-use asset 35 47 57
Cash flow before change in WC 35 85 113
Total other fixed assets 3 3 3
Change in working capital -51 -40 -14
Fixed assets 920 1006 982
Operating cash flow -16 45 99
Inventories 216 266 287
Capex tangible fixed assets -18 -19 -20
Receivables 115 162 175
Capex intangible fixed assets 0 0 0
Other current assets 55 69 75
Acquisitions and Disposals -441 -110 0
Cash and liquid assets 468 99 127
Free cash flow -475 -84 79
Total assets 1773 1603 1647
Dividend paid 0 0 0
Shareholders equity 778 816 879
Share issues and buybacks 550 0 0
Minority 0 0 0
Leasing liability amortisation 3 -14 -11
Total equity 778 816 879
Other non-cash items -24 -11 -16
Long-term debt 596 326 286
Pension debt 0 0 0
Convertible debt N/A N/A N/A
Leasing liability 34 45 61
Total other long-term liabilities 107 107 107
Short-term debt 0 0 0
Accounts payable 70 75 81
Other current liabilities 183 249 269
Total liabilities and equity 1766 1616 1682
Net IB debt 161 271 219
Net IB debt excl. pension debt 161 271 219
Net IB debt excl. leasing 128 226 158
Capital employed 1407 1186 1225
Capital invested 947 1073 1063
Working capital 133 173 187
Market cap. diluted (m) 907 907 907
Net IB debt adj. 161 271 219
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 1068 1178 1126
Total assets turnover (%) 68,4 68,5 76,9
Working capital/sales (%) 12 13,3 14,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 20,7 33,2 24,9
Net debt / market cap (%) 17,8 29,9 24,2
Equity ratio (%) 43,9 50,9 53,4
Net IB debt adj. / equity (%) 20,7 33,2 24,9
Current ratio 3,38 1,84 1,9
EBITDA/net interest 2,2 2,4 2,6
Net IB debt/EBITDA (x) 1,4 1,9 1,4
Net IB debt/EBITDA lease adj. (x) 1,2 1,8 1,2
Interest coverage 1,7 2 2,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 43 43 43
Diluted shares adj. 43 43 43
EPS 0,28 0,57 1,48
Dividend per share 0 0 0
EPS adj. 0,41 1,18 1,87
BVPS 18,27 19,16 20,65
BVPS adj. 1,6 0,5 2,48
Net IB debt/share 3,79 6,36 5,14
Share price 21,3 21,3 21,3
Market cap. (m) 907 907 907
P/E (x) 76,2 37,1 14,4
EV/sales (x) 1,19 1,02 0,9
EV/EBITDA (x) 9 8,3 7,4
EV/EBITA (x) 11,4 10 9,1
EV/EBIT (x) 14,4 12,5 11
Dividend yield (%) 0 0 0
FCF yield (%) -75,8 -13,4 12,6
Le. adj. FCF yld. (%) -75,4 -15,7 10,9
P/BVPS (x) 1,17 1,11 1,03
P/BVPS adj. (x) 13,28 42,78 8,58
P/E adj. (x) 52,2 18 11,4
EV/EBITDA adj. (x) 9,2 8,3 7,4
EV/EBITA adj. (x) 11,7 10 9,1
EV/EBIT adj. (x) 14,9 12,5 11
EV/CE (x) 0,8 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 2 1,6 1,6
Capex/depreciation 1,6 1,8 1,7
Capex tangibles / tangible fixed assets 14,3 13,6 13,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 11 1 2
Depreciation on tangibles / tangibles 2,64 7,21 7,68

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 18.5 % 18.5 % 28 Feb 2023
Berenberg Funds 9.5 % 9.5 % 28 Dec 2022
Alcur Fonder 6.5 % 6.5 % 31 Jan 2023
Handelsbanken Fonder 5.8 % 5.8 % 28 Feb 2023
Carnegie Fonder 4.9 % 4.9 % 28 Feb 2023
Cliens Fonder 4.4 % 4.4 % 28 Dec 2022
Johan Bennarsten 4.1 % 4.1 % 15 Mar 2023
Consensus Asset Management 3.8 % 3.8 % 31 Jan 2023
Danske Invest 3.1 % 3.1 % 31 Jan 2023
Avanza Pension 2.9 % 2.9 % 28 Dec 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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