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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 2024 2025e 2026e
Sales 502 536 575
Sales growth (%) 7 6,7 7,4
EBITDA -5 13 22
EBITDA margin (%) -1 2,5 3,7
EBIT adj. -16 0 8
EBIT adj. margin (%) -3,2 0,1 1,3
Pretax profit -55 -3 5
EPS -5,3 -0,27 0,41
EPS growth (%) -1155,3 -94,8 -250,7
EPS adj. -1,84 -0,27 0,41
DPS 0 0 0
EV/EBITDA (x) -26,9 10 5,6
EV/EBIT adj. (x) -8,1 423,2 15,6
P/E (x) N/A N/A 25
P/E adj. (x) N/A N/A 25
EV/sales (x) 0,26 0,25 0,21
FCF yield (%) 4,6 9,9 19,9
Le. adj. FCF yld. (%) -34,5 -0,8 8,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -4,4 1,8 0,5
Le. adj. ND/EBITDA (x) -0,3 -0,8 -1
SEKm 2024 2025e 2026e
Sales 502 536 575
COGS -53 -49 -52
Gross profit 449 486 523
Other operating items -454 -473 -502
EBITDA -5 13 22
Depreciation and amortisation -47 -13 -14
of which leasing depreciation 0 0 0
EBITA -52 0 8
EO Items -36 0 0
Impairment and PPA amortisation 0 0 0
EBIT -52 0 8
Net financial items -3 -3 -2
Pretax profit -55 -3 5
Tax -1 0 -1
Net profit -56 -3 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -56 -3 4
EPS -5,3 -0,27 0,41
EPS adj. -1,84 -0,27 0,41
Total extraordinary items after tax -36 0 0
Leasing payments 0 0 0
Tax rate (%) -0,9 -1,4 20,6
Gross margin (%) 89,4 90,8 90,9
EBITDA margin (%) -1 2,5 3,7
EBITA margin (%) -10,4 0,1 1,3
EBIT margin (%) -10,4 0,1 1,3
Pre-tax margin (%) -11 -0,5 0,9
Net margin (%) -11,1 -0,5 0,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 7 6,7 7,4
EBITDA growth (%) -122,8 -372 64
EBITA growth (%) -670,5 -100,6 2381,8
EBIT growth (%) -670,5 -100,6 N/A
Net profit growth (%) -1155,3 -94,8 -250,7
EPS growth (%) -1155,3 -94,8 -250,7
Profitability N/A N/A N/A
ROE (%) -99,6 -9,6 13,9
ROE adj. (%) -34,7 -9,6 13,9
ROCE (%) -56,8 -3,7 8,5
ROCE adj. (%) -21,4 -4,5 6,6
ROIC (%) -68,8 0,6 12,6
ROIC adj. (%) -21,3 0,6 12,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 31 13 22
EBITDA adj. margin (%) 6,2 2,5 3,7
EBITDA lease adj. 31 13 22
EBITDA lease adj. margin (%) 6,2 2,5 3,7
EBITA adj. -16 0 8
EBITA adj. margin (%) -3,2 0,1 1,3
EBIT adj. -16 0 8
EBIT adj. margin (%) -3,2 0,1 1,3
Pretax profit Adj. -19 -3 5
Net profit Adj. -19 -3 4
Net profit to shareholders adj. -19 -3 4
Net adj. margin (%) -3,8 -0,5 0,8
SEKm 2024 2025e 2026e
EBITDA -5 13 22
Goodwill 76 73 71
Net financial items -3 -3 -2
Other intangible assets 0 0 0
Paid tax -1 0 -1
Tangible fixed assets 2 2 3
Non-cash items 4 0 0
Right-of-use asset 30 33 33
Cash flow before change in WC -4 10 18
Total other fixed assets 3 2 2
Change in working capital 14 1 4
Fixed assets 111 110 109
Operating cash flow 9 11 23
Inventories 0 0 0
Capex tangible fixed assets -1 -2 -3
Receivables 83 88 95
Capex intangible fixed assets -1 0 0
Other current assets 0 0 0
Acquisitions and Disposals -3 2 2
Cash and liquid assets 15 18 29
Free cash flow 5 11 22
Total assets 209 217 233
Dividend paid 0 0 0
Shareholders equity 31 28 34
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -42 -12 -12
Total equity 31 28 34
Other non-cash items 34 -1 2
Long-term debt 2 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 31 33 33
Total other long-term liabilities 0 0 0
Short-term debt 4 8 8
Accounts payable 0 0 0
Other current liabilities 140 147 158
Total liabilities and equity 209 217 233
Net IB debt 21 23 12
Net IB debt excl. pension debt 21 23 12
Net IB debt excl. leasing -9 -10 -21
Capital employed 68 70 76
Capital invested 53 51 46
Working capital -57 -59 -63
EV breakdown N/A N/A N/A
Market cap. diluted (m) 109 109 109
Net IB debt adj. 21 23 12
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 130 132 120
Total assets turnover (%) 222,9 251,9 255,8
Working capital/sales (%) -10,1 -10,8 -10,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 68,1 82,3 34,7
Net debt / market cap (%) 19,8 21,4 10,9
Equity ratio (%) 15,1 13 14,6
Net IB debt adj. / equity (%) 68,1 82,3 34,7
Current ratio 0,68 0,68 0,75
EBITDA/net interest 4,3 50,5 30,8
Net IB debt/EBITDA (x) -4,4 1,8 0,5
Net IB debt/EBITDA lease adj. (x) -0,3 -0,8 -1
Interest coverage 46,1 1,2 11
SEKm 2024 2025e 2026e
Shares outstanding adj. 10 10 10
Diluted shares adj. 10 10 10
EPS -5,3 -0,27 0,41
Dividend per share 0 0 0
EPS adj. -1,84 -0,27 0,41
BVPS 3 2,69 3,25
BVPS adj. -4,23 -4,27 -3,52
Net IB debt/share 2,04 2,21 1,13
Share price 10,35 10,35 10,35
Market cap. (m) 109 109 109
Valuation N/A N/A N/A
P/E (x) N/A N/A 25
EV/sales (x) 0,26 0,25 0,21
EV/EBITDA (x) -26,9 10 5,6
EV/EBITA (x) -2,5 423,2 15,6
EV/EBIT (x) -2,5 423,2 15,6
Dividend yield (%) 0 0 0
FCF yield (%) 4,6 9,9 19,9
Le. adj. FCF yld. (%) -34,5 -0,8 8,5
P/BVPS (x) 3,45 3,85 3,19
P/BVPS adj. (x) -2,45 -2,43 -2,94
P/E adj. (x) N/A N/A 25
EV/EBITDA adj. (x) 4,2 10 5,6
EV/EBITA adj. (x) -8,1 423,2 15,6
EV/EBIT adj. (x) -8,1 423,2 15,6
EV/CE (x) 1,9 1,9 1,6
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,4 0,5
Capex/depreciation 0 0,2 0,2
Capex tangibles / tangible fixed assets 25,8 90,4 93,6
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 2429,3 565,43 449,43

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 20.3 % 20.3 % 26 Jun 2025
Andrew Spry 18.9 % 18.9 % 31 Dec 2023
Thomas Löfving 17.4 % 17.4 % 26 Jun 2025
Swedbank Robur Fonder 9.0 % 9.0 % 26 Jun 2025
Avanza Pension 6.4 % 6.4 % 26 Jun 2025
Robert Eriksson 4.2 % 4.2 % 26 Jun 2025
James Mennuti 2.5 % 2.5 % 26 Jun 2025
Thomas Cavas 2.5 % 2.5 % 26 Jun 2025
Johan Thorell 2.0 % 2.0 % 26 Jun 2025
Lennarth Ädel Holding AB 1.5 % 1.5 % 26 Jun 2025
Source: Holdings by Modular Finance AB