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Tempest Security

Tempest Security

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.

SEKm 2025 2026e 2027e
Sales 562 612 657
Sales growth (%) 11,8 9 7,3
EBITDA 5 27 35
EBITDA margin (%) 0,8 4,4 5,3
EBIT adj. 2 12 19
EBIT adj. margin (%) 0,3 2 2,9
Pretax profit -11 10 18
EPS -0,96 0,79 1,33
EPS growth (%) -81,9 N/A 67,5
EPS adj. -0,13 0,79 1,33
DPS 0 0 0
EV/EBITDA (x) 32,3 5 3,2
EV/EBIT adj. (x) 78,8 10,9 5,9
P/E (x) N/A 15,6 9,3
P/E adj. (x) N/A 15,6 9,3
EV/sales (x) 0,27 0,22 0,17
FCF yield (%) 3,1 21,2 24,2
Le. adj. FCF yld. (%) -5,5 11 13,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 4,8 0,2 -0,5
Le. adj. ND/EBITDA (x) -0,4 -0,9 -1,3
SEKm 2025 2026e 2027e
Sales 562 612 657
COGS -39 -41 -44
Gross profit 523 571 614
Other operating items -518 -544 -579
EBITDA 5 27 35
Depreciation and amortisation -12 -15 -16
of which leasing depreciation 0 0 0
EBITA -8 12 19
EO Items -10 0 0
Impairment and PPA amortisation 0 0 0
EBIT -8 12 19
Net financial items -3 -2 -2
Pretax profit -11 10 18
Tax 1 -2 -4
Net profit -10 8 14
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -10 8 14
EPS -0,96 0,79 1,33
EPS adj. -0,13 0,79 1,33
Total extraordinary items after tax -9 0 0
Leasing payments 0 0 0
Tax rate (%) 8,8 20,6 20,6
Gross margin (%) 93,1 93,3 93,4
EBITDA margin (%) 0,8 4,4 5,3
EBITA margin (%) -1,4 2 2,9
EBIT margin (%) -1,4 2 2,9
Pre-tax margin (%) -2 1,7 2,7
Net margin (%) -1,8 1,4 2,1
Sales growth (%) 11,8 9 7,3
EBITDA growth (%) -197,7 472 29
EBITA growth (%) -85,4 -261,8 55
EBIT growth (%) -85,4 -261,8 55
Net profit growth (%) -81,9 -182,6 67,5
EPS growth (%) -81,9 N/A 67,5
Profitability N/A N/A N/A
ROE (%) -39 32 34,3
ROE adj. (%) -5,3 32 34,3
ROCE (%) -16,4 15,8 21,7
ROCE adj. (%) -2,1 13,8 19,3
ROIC (%) -14,5 24,7 44,3
ROIC adj. (%) 3,7 24,7 44,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 14 27 35
EBITDA adj. margin (%) 2,5 4,4 5,3
EBITDA lease adj. 14 27 35
EBITDA lease adj. margin (%) 2,5 4,4 5,3
EBITA adj. 2 12 19
EBITA adj. margin (%) 0,3 2 2,9
EBIT adj. 2 12 19
EBIT adj. margin (%) 0,3 2 2,9
Pretax profit Adj. -1 10 18
Net profit Adj. -1 8 14
Net profit to shareholders adj. -1 8 14
Net adj. margin (%) -0,2 1,4 2,1
SEKm 2025 2026e 2027e
EBITDA 5 27 35
Goodwill 74 72 72
Net financial items -3 -2 -2
Other intangible assets 0 0 0
Paid tax 1 -2 -4
Tangible fixed assets 2 3 4
Non-cash items -1 0 0
Right-of-use asset 28 28 28
Cash flow before change in WC 1 23 30
Total other fixed assets 1 1 1
Change in working capital 4 6 5
Fixed assets 105 104 105
Operating cash flow 5 29 35
Inventories 0 0 0
Capex tangible fixed assets -1 -3 -3
Receivables 92 101 108
Capex intangible fixed assets -1 0 0
Other current assets 0 0 0
Acquisitions and Disposals 1 2 0
Cash and liquid assets 21 40 61
Free cash flow 4 27 31
Total assets 219 244 274
Dividend paid 0 0 0
Shareholders equity 20 32 49
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -11 -13 -14
Total equity 20 32 49
Other non-cash items 6 4 4
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 28 28 28
Total other long-term liabilities 0 0 0
Short-term debt 16 16 16
Accounts payable 0 0 0
Other current liabilities 154 168 180
Total liabilities and equity 219 244 274
Net IB debt 23 4 -17
Net IB debt excl. pension debt 23 4 -17
Net IB debt excl. leasing -5 -24 -45
Capital employed 65 77 94
Capital invested 43 36 32
Working capital -62 -67 -72
EV breakdown N/A N/A N/A
Market cap. diluted (m) 129 129 129
Net IB debt adj. 23 4 -17
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 152 134 112
Total assets turnover (%) 262,8 264,4 253,5
Working capital/sales (%) -10,6 -10,5 -10,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 114,1 13,7 -34,6
Net debt / market cap (%) 17,6 3,4 -13,2
Equity ratio (%) 9,2 13 17,9
Net IB debt adj. / equity (%) 114,1 13,7 -34,6
Current ratio 0,67 0,76 0,86
EBITDA/net interest 54,9 38,6 34,8
Net IB debt/EBITDA (x) 4,8 0,2 -0,5
Net IB debt/EBITDA lease adj. (x) -0,4 -0,9 -1,3
Interest coverage 88,4 17,6 19,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 10 10 10
Diluted shares adj. 10 10 10
EPS -0,96 0,79 1,33
Dividend per share 0 0 0
EPS adj. -0,13 0,79 1,33
BVPS 1,91 3,03 4,69
BVPS adj. -5,17 -3,85 -2,19
Net IB debt/share 2,18 0,41 -1,63
Share price 12,35 12,35 12,35
Market cap. (m) 129 129 129
P/E (x) N/A 15,6 9,3
EV/sales (x) 0,3 0,2 0,2
EV/EBITDA (x) 32,3 5 3,2
EV/EBITA (x) -20 10,9 5,9
EV/EBIT (x) -20 10,9 5,9
Dividend yield (%) 0 0 0
FCF yield (%) 3,1 21,2 24,2
Le. adj. FCF yld. (%) -5,5 11 13,2
P/BVPS (x) 6,47 4,07 2,63
P/BVPS adj. (x) -2,39 -3,21 -5,63
P/E adj. (x) N/A 15,6 9,3
EV/EBITDA adj. (x) 10,7 5 3,2
EV/EBITA adj. (x) 78,8 10,9 5,9
EV/EBIT adj. (x) 78,8 10,9 5,9
EV/CE (x) 2,3 1,7 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 0,5 0,5
Capex/depreciation 0,2 0,2 0,2
Capex tangibles / tangible fixed assets 51,7 106,6 86,6
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 611,2 511,6 415,9

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Media

Tempest Security - Company presentation with CEO Andrew Spry

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 20.0 % 20.0 % 26 Sep 2025
Thomas Löfving 17.7 % 17.7 % 15 Oct 2025
Andrew Spry 10.4 % 10.4 % 20 Nov 2025
Swedbank Robur Fonder 8.9 % 8.9 % 30 Nov 2025
Avanza Pension 7.2 % 7.2 % 26 Sep 2025
Alireza Etemad 6.0 % 6.0 % 24 Nov 2025
Jari Burmeister 5.6 % 5.6 % 25 Nov 2025
Robert Eriksson 4.5 % 4.5 % 26 Sep 2025
James Mennuti 2.5 % 2.5 % 26 Sep 2025
Thomas Cavas 2.3 % 2.3 % 26 Sep 2025
Source: Holdings by Modular Finance AB