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Tempest Security

Tempest Security

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Tempest Security offers comprehensive solutions in security, protection and related services. The company offers guards and security guards, receptionists, trained security staff and technical solutions for alarms and surveillance. Customers are found in a variety of sectors, from industry, offices, property, to state and municipal actors. The company was founded in 2004.

Key risks are related to profitability, employee shortages, heavy competition, revenue concentration, professionalism of employees, digital innovation, and key people leaving the company.

Financials

SEKm 2025 2026e 2027e
Sales 578 660 708
Sales growth (%) 15,1 14,1 7,4
EBITDA 3 28 36
EBITDA margin (%) 0,6 4,2 5
EBIT adj. 1 12 19
EBIT adj. margin (%) 0,2 1,9 2,7
Pretax profit -12 10 17
EPS -1,02 0,75 1,29
EPS growth (%) -80,8 N/A 71,8
EPS adj. -0,14 0,75 1,29
DPS 0 0 0
EV/EBITDA (x) 43,1 4,4 2,9
EV/EBIT adj. (x) 105,1 9,8 5,3
P/E (x) N/A 14,2 8,2
P/E adj. (x) N/A 14,2 8,2
EV/sales (x) 0,26 0,18 0,14
FCF yield (%) -5,1 37 28,5
Le. adj. FCF yld. (%) -14,9 24,7 15,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 11,3 0,4 -0,3
Le. adj. ND/EBITDA (x) 0,5 -0,8 -1,2
SEKm 2025 2026e 2027e
Sales 578 660 708
COGS -41 -47 -50
Gross profit 537 612 658
Other operating items -534 -585 -622
EBITDA 3 28 36
Depreciation and amortisation -12 -15 -16
of which leasing depreciation 0 0 0
EBITA -9 12 19
EO Items -10 0 0
Impairment and PPA amortisation 0 0 0
EBIT -9 12 19
Net financial items -3 -2 -2
Pretax profit -12 10 17
Tax 1 -2 -3
Net profit -11 8 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -11 8 13
EPS -1,02 0,75 1,29
EPS adj. -0,14 0,75 1,29
Total extraordinary items after tax -9 0 0
Leasing payments 0 0 0
Tax rate (%) 8,9 20,6 20,6
Gross margin (%) 92,9 92,8 92,9
EBITDA margin (%) 0,6 4,2 5
EBITA margin (%) -1,5 1,9 2,7
EBIT margin (%) -1,5 1,9 2,7
Pre-tax margin (%) -2 1,5 2,4
Net margin (%) -1,8 1,2 1,9
Sales growth (%) 15,1 14,1 7,4
EBITDA growth (%) -172,3 689,4 29,6
EBITA growth (%) -83,4 -242,9 56,9
EBIT growth (%) -83,4 -242,9 56,9
Net profit growth (%) -80,8 -173,5 71,8
EPS growth (%) -80,8 N/A 71,8
Profitability N/A N/A N/A
ROE (%) -42,6 33,8 38,5
ROE adj. (%) -6 33,8 38,5
ROCE (%) -16,2 13,3 19,4
ROCE adj. (%) -2 12,1 18,4
ROIC (%) -14,2 20,5 43,2
ROIC adj. (%) 2,4 20,5 43,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 14 28 36
EBITDA adj. margin (%) 2,3 4,2 5
EBITDA lease adj. 14 28 36
EBITDA lease adj. margin (%) 2,3 4,2 5
EBITA adj. 1 12 19
EBITA adj. margin (%) 0,2 1,9 2,7
EBIT adj. 1 12 19
EBIT adj. margin (%) 0,2 1,9 2,7
Pretax profit Adj. -2 10 17
Net profit Adj. -1 8 13
Net profit to shareholders adj. -1 8 13
Net adj. margin (%) -0,3 1,2 1,9
SEKm 2025 2026e 2027e
EBITDA 3 28 36
Goodwill 75 75 75
Net financial items -3 -2 -2
Other intangible assets 0 0 0
Paid tax 1 -2 -3
Tangible fixed assets 2 3 4
Non-cash items 3 0 0
Right-of-use asset 33 33 33
Cash flow before change in WC 4 23 30
Total other fixed assets 1 1 1
Change in working capital -7 21 5
Fixed assets 110 111 112
Operating cash flow -3 44 35
Inventories 0 0 0
Capex tangible fixed assets 0 -3 -4
Receivables 113 108 116
Capex intangible fixed assets -3 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 14 43 62
Free cash flow -6 41 32
Total assets 237 263 291
Dividend paid 0 0 0
Shareholders equity 19 28 42
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -11 -14 -15
Total equity 19 28 42
Other non-cash items -1 2 2
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 33 33 33
Total other long-term liabilities 0 0 0
Short-term debt 22 22 22
Accounts payable 0 0 0
Other current liabilities 164 181 194
Total liabilities and equity 237 263 291
Net IB debt 39 10 -9
Net IB debt excl. pension debt 39 10 -9
Net IB debt excl. leasing 7 -23 -42
Capital employed 73 82 97
Capital invested 58 38 33
Working capital -51 -72 -78
EV breakdown N/A N/A N/A
Market cap. diluted (m) 111 111 111
Net IB debt adj. 39 10 -9
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 151 121 102
Total assets turnover (%) 259,4 263,7 255,6
Working capital/sales (%) -9,4 -9,3 -10,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 211,1 36,1 -21,1
Net debt / market cap (%) 35,5 9 -8
Equity ratio (%) 7,9 10,5 14,6
Net IB debt adj. / equity (%) 211,1 36,1 -21,1
Current ratio 0,68 0,75 0,83
EBITDA/net interest 16,4 60,2 78
Net IB debt/EBITDA (x) 11,3 0,4 -0,3
Net IB debt/EBITDA lease adj. (x) 0,5 -0,8 -1,2
Interest coverage 40,6 27 42,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 10 10 10
Diluted shares adj. 10 10 10
EPS -1,02 0,75 1,29
Dividend per share 0 0 0
EPS adj. -0,14 0,75 1,29
BVPS 1,78 2,64 4,05
BVPS adj. -5,35 -4,49 -3,08
Net IB debt/share 3,76 0,95 -0,85
Share price 10,6 10,6 10,6
Market cap. (m) 111 111 111
P/E (x) N/A 14,2 8,2
EV/sales (x) 0,3 0,2 0,1
EV/EBITDA (x) 43,1 4,4 2,9
EV/EBITA (x) -17,4 9,8 5,3
EV/EBIT (x) -17,4 9,8 5,3
Dividend yield (%) 0 0 0
FCF yield (%) -5,1 37 28,5
Le. adj. FCF yld. (%) -14,9 24,7 15,2
P/BVPS (x) 5,95 4,01 2,62
P/BVPS adj. (x) -1,98 -2,36 -3,44
P/E adj. (x) N/A 14,2 8,2
EV/EBITDA adj. (x) 11,1 4,4 2,9
EV/EBITA adj. (x) 105,1 9,8 5,3
EV/EBIT adj. (x) 105,1 9,8 5,3
EV/CE (x) 2 1,5 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,5 0,5 0,5
Capex/depreciation 0,3 0,2 0,2
Capex tangibles / tangible fixed assets 19,2 125,3 95,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 752,3 577,3 438

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Media

Tempest Security - Company presentation with CEO Andrew Spry

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Thomas Löfving 17.4 % 17.4 % 23 Dec 2025
Athanase Industrial Partners 17.0 % 17.0 % 23 Dec 2025
T-Sec Holdings AB 11.1 % 11.1 % 23 Dec 2025
AB Strakt 9.2 % 9.2 % 23 Dec 2025
Swedbank Robur Fonder 8.9 % 8.9 % 31 Dec 2025
Avanza Pension 8.6 % 8.6 % 23 Dec 2025
Robert Eriksson 4.9 % 4.9 % 23 Dec 2025
Thomas Cavas 2.2 % 2.2 % 23 Dec 2025
Johan Thorell 2.0 % 2.0 % 23 Dec 2025
Lennarth Ädel Holding AB 1.5 % 1.5 % 23 Dec 2025
Source: Holdings by Modular Finance AB