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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 502 517 555
Sales growth (%) 7 3 7,4
EBITDA -5 10 19
EBITDA margin (%) -1 2 3,5
EBIT adj. -16 -2 6
EBIT adj. margin (%) -3,2 -0,4 1,1
Pretax profit -55 -5 4
EPS -5,3 -0,35 0,29
EPS growth (%) -1155,3 -93,4 -182
EPS adj. -1,84 -0,35 0,29
DPS 0 0 0
EV/EBITDA (x) -27,9 13,2 6,6
EV/EBIT adj. (x) -8,3 -59,5 21,7
P/E (x) N/A N/A 37,5
P/E adj. (x) N/A N/A 37,5
EV/sales (x) 0,27 0,26 0,23
FCF yield (%) 4,4 6,7 17,5
Le. adj. FCF yld. (%) -33,1 -3,4 6,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -4,4 2,3 0,7
Le. adj. ND/EBITDA (x) -0,3 -0,7 -0,9
SEKm 2024 2025e 2026e
Sales 502 517 555
COGS -53 -52 -55
Gross profit 449 465 500
Other operating items -454 -454 -481
EBITDA -5 10 19
Depreciation and amortisation -47 -13 -13
of which leasing depreciation 0 0 0
EBITA -52 -2 6
EO Items -36 0 0
Impairment and PPA amortisation 0 0 0
EBIT -52 -2 6
Net financial items -3 -2 -2
Pretax profit -55 -5 4
Tax -1 1 -1
Net profit -56 -4 3
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -56 -4 3
EPS -5,3 -0,35 0,29
EPS adj. -1,84 -0,35 0,29
Total extraordinary items after tax -36 0 0
Leasing payments 0 0 0
Tax rate (%) -0,9 20,6 20,6
Gross margin (%) 89,4 89,9 90
EBITDA margin (%) -1 2 3,5
EBITA margin (%) -10,4 -0,4 1,1
EBIT margin (%) -10,4 -0,4 1,1
Pre-tax margin (%) -11 -0,9 0,7
Net margin (%) -11,1 -0,7 0,5
Sales growth (%) 7 3 7,4
EBITDA growth (%) -122,8 -314,8 84,9
EBITA growth (%) -670,5 -95,6 -354,6
EBIT growth (%) -670,5 -95,6 -354,6
Net profit growth (%) -1155,3 -93,4 -182
EPS growth (%) -1155,3 -93,4 -182
Profitability N/A N/A N/A
ROE (%) -99,6 -12,2 9,7
ROE adj. (%) -34,7 -12,2 9,7
ROCE (%) -56,8 -6,5 6,8
ROCE adj. (%) -21,4 -7,5 4,7
ROIC (%) -68,8 -3,5 9,3
ROIC adj. (%) -21,3 -3,5 9,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 31 10 19
EBITDA adj. margin (%) 6,2 2 3,5
EBITDA lease adj. 31 10 19
EBITDA lease adj. margin (%) 6,2 2 3,5
EBITA adj. -16 -2 6
EBITA adj. margin (%) -3,2 -0,4 1,1
EBIT adj. -16 -2 6
EBIT adj. margin (%) -3,2 -0,4 1,1
Pretax profit Adj. -19 -5 4
Net profit Adj. -19 -4 3
Net profit to shareholders adj. -19 -4 3
Net adj. margin (%) -3,8 -0,7 0,5
SEKm 2024 2025e 2026e
EBITDA -5 10 19
Goodwill 76 74 72
Net financial items -3 -2 -2
Other intangible assets 0 0 0
Paid tax -1 1 -1
Tangible fixed assets 2 3 3
Non-cash items 4 0 0
Right-of-use asset 30 30 30
Cash flow before change in WC -4 9 16
Total other fixed assets 3 3 3
Change in working capital 14 -1 4
Fixed assets 111 109 108
Operating cash flow 9 8 21
Inventories 0 0 0
Capex tangible fixed assets -1 -3 -3
Receivables 83 85 91
Capex intangible fixed assets -1 0 0
Other current assets 0 0 0
Acquisitions and Disposals -3 2 2
Cash and liquid assets 15 11 21
Free cash flow 5 8 20
Total assets 209 206 220
Dividend paid 0 0 0
Shareholders equity 31 29 33
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -42 -11 -12
Total equity 31 29 33
Other non-cash items 34 2 2
Long-term debt 2 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 31 31 31
Total other long-term liabilities 0 0 0
Short-term debt 4 4 4
Accounts payable 0 0 0
Other current liabilities 140 142 152
Total liabilities and equity 209 206 220
Net IB debt 21 23 14
Net IB debt excl. pension debt 21 23 14
Net IB debt excl. leasing -9 -7 -17
Capital employed 68 64 68
Capital invested 53 52 47
Working capital -57 -57 -61
EV breakdown N/A N/A N/A
Market cap. diluted (m) 113 113 113
Net IB debt adj. 21 23 14
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 135 137 127
Total assets turnover (%) 222,9 249,6 260,7
Working capital/sales (%) -10,1 -11 -10,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 68,1 80,8 41,5
Net debt / market cap (%) 18,9 20,7 12,2
Equity ratio (%) 15,1 14,1 15,1
Net IB debt adj. / equity (%) 68,1 80,8 41,5
Current ratio 0,68 0,66 0,72
EBITDA/net interest 4,3 32,4 27,4
Net IB debt/EBITDA (x) -4,4 2,3 0,7
Net IB debt/EBITDA lease adj. (x) -0,3 -0,7 -0,9
Interest coverage 46,1 7,2 8,4
SEKm 2024 2025e 2026e
Shares outstanding adj. 10 10 10
Diluted shares adj. 10 10 10
EPS -5,3 -0,35 0,29
Dividend per share 0 0 0
EPS adj. -1,84 -0,35 0,29
BVPS 3 2,76 3,17
BVPS adj. -4,23 -4,28 -3,68
Net IB debt/share 2,04 2,23 1,31
Share price 10,8 10,8 10,8
Market cap. (m) 113 113 113
P/E (x) N/A N/A 37,5
EV/sales (x) 0,27 0,26 0,23
EV/EBITDA (x) -27,9 13,2 6,6
EV/EBITA (x) -2,6 -59,5 21,7
EV/EBIT (x) -2,6 -59,5 21,7
Dividend yield (%) 0 0 0
FCF yield (%) 4,4 6,7 17,5
Le. adj. FCF yld. (%) -33,1 -3,4 6,9
P/BVPS (x) 3,6 3,91 3,41
P/BVPS adj. (x) -2,55 -2,53 -2,93
P/E adj. (x) N/A N/A 37,5
EV/EBITDA adj. (x) 4,3 13,2 6,6
EV/EBITA adj. (x) -8,3 -59,5 21,7
EV/EBIT adj. (x) -8,3 -59,5 21,7
EV/CE (x) 2 2,1 1,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,5 0,5
Capex/depreciation 0 0,2 0,2
Capex tangibles / tangible fixed assets 25,8 98,4 81,5
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 2429,3 481,98 391,43

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 20.3 % 20.3 % 23 Dec 2024
Andrew Spry 18.9 % 18.9 % 31 Dec 2023
Thomas Löfving 17.4 % 17.4 % 23 Dec 2024
Swedbank Robur Fonder 9.0 % 9.0 % 31 Jan 2025
Avanza Pension 6.6 % 6.6 % 23 Dec 2024
Robert Eriksson 4.0 % 4.0 % 23 Dec 2024
Thomas Cavas 2.7 % 2.7 % 23 Dec 2024
James Mennuti 2.5 % 2.5 % 26 Jun 2024
Johan Thorell 2.0 % 2.0 % 23 Dec 2024
Lennarth Ädel Holding AB 1.5 % 1.5 % 23 Dec 2024
Source: Holdings by Modular Finance AB