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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 578,23 627,84 686,71
Sales growth (%) 15,1 8,6 9,4
EBITDA 3 19 33
EBITDA margin (%) 0,6 3 4,8
EBIT adj. 1 9 21
EBIT adj. margin (%) 0,2 1,5 3,1
Pretax profit -12 6 19
EPS -1,02 0,48 1,43
EPS growth (%) -80,8 N/A N/A
EPS adj. -0,14 0,56 1,43
Dividend per share 0 0 0
EV/EBITDA (x) 41,6 6,2 2,9
EV/EBIT adj. (x) 101,4 13 4,6
P/E (x) N/A 20,88 7,05
P/E adj. (x) N/A 17,9 7
EV/sales (x) 0,25 0,19 0,14
FCF yield (%) -5,4 28 28,3
Le. adj. FCF yld. (%) -15,7 18,7 18,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 11,3 0,7 -0,3
Le. adj. ND/EBITDA (x) 0,5 -0,7 -1,1
SEKm 2025 2026e 2027e
Sales 578,23 627,84 686,71
COGS -41 -35 -37
Gross profit 537 593 650
Other operating items -534 -574 -617
EBITDA 3 19 33
Depreciation and amortisation -12 -11 -12
Depreciation on leased assets 0 0 0
EBITA -8,64 8,12 21,12
Operating EO items -10 -1 0
Impairment and amortisation charges 0 0 0
EBIT -8,64 8,12 21,12
Net financial items -3 -2 -2
Pretax profit -12 6 19
Tax 1 -1 -4
Net profit -11 5 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -11 5 15
EPS -1,02 0,48 1,43
EPS adj. -0,14 0,56 1,43
Total extraordinary items after tax -9 -1 0
Leasing payments 0 0 0
Tax rate (%) 8,9 14,9 20,6
Gross margin (%) 92,9 94,5 94,6
EBITDA margin (%) 0,6 3 4,8
EBITA margin (%) -1,5 1,3 3,1
EBIT margin (%) -1,5 1,3 3,1
Pre-tax margin (%) -2 0,9 2,8
Net margin (%) -1,8 0,8 2,2
Year N/A N/A N/A
Sales growth (%) 15,1 8,6 9,4
EBITDA growth (%) -172,3 445 73,7
EBITA growth (%) -83,4 -193,9 160,1
EBIT growth (%) -83,4 -193,9 N/A
Net profit growth (%) -80,8 -147,5 196,3
EPS growth (%) -80,8 N/A N/A
Profitability N/A N/A N/A
ROE (%) -42,6 23,6 46,2
ROE adj. (%) -6 27,5 46,2
ROCE (%) -16,2 9,2 27,9
ROCE adj. (%) -2 10,1 27,3
ROIC (%) -14,2 14,5 48,5
ROIC adj. (%) 2,4 16,3 48,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 14 20 33
EBITDA adj. margin (%) 2,3 3,2 4,8
EBITDA lease adj. 14 20 33
EBITDA lease adj. margin (%) 2,3 3,2 4,8
EBITA adj. 1 9 21
EBITA adj. margin (%) 0,2 1,5 3,1
EBIT adj. 1 9 21
EBIT adj. margin (%) 0,2 1,5 3,1
Pretax profit Adj. -2 7 19
Net profit Adj. -1 6 15
Net profit to shareholders adj. -1 6 15
Net adj. margin (%) -0,3 0,9 2,2
SEKm 2025 2026e 2027e
EBITDA 3 19 33
Goodwill 75 76 76
Net financial items -3 -2 -2
Other intangible assets 0 0 0
Paid tax 1 -1 -4
Tangible fixed assets 2 3 4
Non-cash items 3 -1 0
Right-of-use asset 33 27 27
Cash flow before change in WC 4 15 27
Other Fixed Assets All 1 1 1
Change in working capital -7 18 6
Fixed assets 110 107 109
Operating cash flow -3 33 33
Inventories 0 0 0
Capex tangible fixed assets 0 -2 -3
Receivables 113 103 113
Capex intangible fixed assets -3 -1 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 14 22 43
Free cash flow -6 30 30
Total assets 237 232 265
Dividend paid 0 0 0
Shareholders equity 19 24 41
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -11 -10 -11
Total equity 19 24 41
Other changes in net debt -1 7 2
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 33 27 27
Total other long-term liabilities 0 0 0
Short-term debt 22 9 9
Accounts payable 0 0 0
Other current liabilities 164 172 188
Total liabilities and equity 237 232 265
Net IB debt 39 13 -9
Net IB debt excl. pension debt 39 13 -9
Net IB debt excl. leasing 7 -14 -35
Capital employed 73 60 77
Capital invested 58 37 32
Working capital -51 -69 -75
EV breakdown N/A N/A N/A
Market cap. diluted (m) 106 106 106
Net IB debt adj. 39 13 -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 145 118 97
Total assets turnover (%) 259,4 267,4 276,2
Working capital/sales (%) -9,4 -9,5 -10,5
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 211,1 51,8 -20,9
Net debt / market cap (%) 37,2 11,9 -8
Equity ratio (%) 7,9 10,5 15,4
Net IB debt adj. / equity (%) 211,1 51,8 -20,9
Current ratio 0,68 0,69 0,79
EBITDA/net interest 16,4 97,3 169
Net IB debt/EBITDA (x) 11,3 0,7 -0,3
Net IB debt/EBITDA lease adj. (x) 0,5 -0,7 -1,1
Interest coverage 40,6 41,5 108
SEKm 2025 2026e 2027e
Shares outstanding adj. 10 10 10
Diluted shares adj. 10 10 10
EPS -1,02 0,48 1,43
Dividend per share 0 0 0
EPS adj. -0,14 0,56 1,43
BVPS 1,78 2,32 3,88
BVPS adj. -5,35 -4,91 -3,36
Net IB debt/share 3,76 1,2 -0,81
Share price 10,1 10,1 10,1
Market cap. (m) 106 106 106
P/E (x) N/A 20,88 7,05
EV/sales (x) 0,25 0,19 0,14
EV/EBITDA (x) 41,6 6,2 2,9
EV/EBITA (x) -16,8 14,6 4,6
EV/EBIT (x) -16,8 14,6 4,6
Dividend yield (%) 0 0 0
FCF yield (%) -5,4 28 28,3
Le. adj. FCF yld. (%) -15,7 18,7 18,2
P/BVPS (x) 5,67 4,35 2,6
P/BVPS adj. (x) -1,89 -2,06 -3,01
P/E adj. (x) N/A 17,9 7
EV/EBITDA adj. (x) 10,7 5,9 2,9
EV/EBITA adj. (x) 101,4 13 4,6
EV/EBIT adj. (x) 101,4 13 4,6
EV/CE (x) 2 2 1,3
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -0,5 -0,5 -0,5
Capex/depreciation 0,3 0,3 0,3
Capex tangibles / tangible fixed assets 19,2 85,7 80,9
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 752,26 419,11 280,77

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Media

Tempest Security - Company presentation with CEO Andrew Spry
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 % 26 Jun 2026
T-Sec Holdings AB 11.1 % 11.1 % 26 Jun 2026
Athanase Industrial Partners 10.6 % 10.6 % 26 Jun 2026
Avanza Pension 10.0 % 10.0 % 26 Jun 2026
AB Strakt 9.2 % 9.2 % 26 Jun 2026
Swedbank Robur Fonder 8.1 % 8.1 % 30 Jun 2026
Robert Eriksson 5.6 % 5.6 % 26 Jun 2026
Johan Thorell 2.0 % 2.0 % 26 Jun 2026
Thomas Cavas 1.9 % 1.9 % 26 Jun 2026
Christian Kock 1.8 % 1.8 % 26 Jun 2026
Source: Holdings by Modular Finance AB