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Seafire

Active owner with value-creating acquisition strategy

Seafire is an investment company whose aim to acquire and develop unlisted companies with strong brands and leading market positions. It takes a clear role as an active owner, and both operational and financial resources are added to accelerate the potential of the portfolio companies. Today, Seafire has a total portfolio of four companies, all with market leading positions. Seafire has a goal of two to three acquisitions per year. There is no limitation regarding specific sectors, hence, there is a broad acquisition spectrum.

Hedén group has historically been a strong brand within its niche. With a broadened offering, mainly into the broadcast segment, the company could drive sales in a wider market. We also see potential for Followit to increase its sales, mainly through launches of new products. A third opportunity for the company is a more decentralized acquisition agenda, as was the case in Seafire’s recent acquisition of Linguacom.

We see the following risks for Seafire: 1) acquisition integration issues, 2) inflated acquisition multiples, 3) the level of R&D in Followit, which is essential to further drive sales, and 4) disruptions in Hedén’s operating segments.

SEKm 2018 2019e 2020e
Sales 51 116 122
Sales growth (%) 105,4 128,2 5,7
EBITDA -2 12 15
EBITDA margin (%) -3,5 10,7 12,4
EBIT adj 1 10 12
EBIT adj margin (%) 1,8 8,3 10,1
Pretax profit -4 6 8
EPS rep -0,64 0,62 0,8
EPS growth (%) 38,5 195,7 29,5
EPS adj -0,09 0,62 0,8
DPS 0 0 0
EV/EBITDA (x) -26,7 7,2 5,8
EV/EBIT adj (x) 51,5 9,3 7,1
P/E (x) -8 9,3 7,1
P/E adj (x) -59,3 9,3 7,1
EV/sales (x) 0,9 0,8 0,7
FCF yield (%) -50,2 -77,8 -7,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -5,6 3,2 2,5
SEKm 2018 2019e 2020e
Sales 51 116 122
COGS -29 -61 -66
Gross profit 22 54 56
Other operating items -24 -42 -41
EBITDA -2 12 15
Depreciation on tangibles -1 -3 -3
Depreciation on intangibles 0 0 0
EBITA -3 10 12
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -3 10 12
Other financial items 0 0 0
Net financial items -1 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -4 6 8
Tax 0 -1 -1
Net profit -4 5 7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 5 7
EPS -0,64 0,62 0,8
EPS Adj -0,09 0,62 0,8
Total extraordinary items after tax -3,6 0 0
Tax rate (%) 6,7 -10 -15
Gross margin (%) 43,4 46,8 46
EBITDA margin (%) -3,5 10,7 12,4
EBITA margin (%) -5,3 8,3 10,1
EBIT margin (%) -5,3 8,3 10,1
Pretax margin (%) -7,7 5,2 6,7
Net margin (%) -8,2 4,6 5,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 105,4 128,2 5,7
EBITDA growth (%) 28,6 805,9 22,7
EBIT growth (%) -3,1 454,7 29,8
Net profit growth (%) -25,3 228,8 29,5
EPS growth (%) 38,5 195,7 29,5
Profitability 2018 2019 2020
ROE (%) -20,6 18,8 16,6
ROE Adj (%) -2,8 18,8 16,6
ROCE (%) -9,9 18 15,4
ROCE Adj(%) 3,3 18 15,4
ROIC (%) -10,8 16,4 13,2
ROIC Adj (%) 3,6 16,4 13,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 2 12 15
EBITDA Adj margin (%) 3,7 10,7 12,4
EBITA Adj 1 10 12
EBITA Adj margin (%) 1,8 8,3 10,1
EBIT Adj 1 10 12
EBIT Adj margin (%) 1,8 8,3 10,1
Pretax profit Adj 0 6 8
Net profit Adj -1 5 7
Net profit to shareholders Adj -1 5 7
Net Adj margin (%) -1,1 4,6 5,7
SEKm 2018 2019e 2020e
EBITDA -2 12 15
Net financial items -1 -4 -4
Paid tax 0 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC -3 8 10
Change in WC 17 -1 -4
Operating cash flow 1 7 6
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -18 -6 -5
Acquisitions and disposals 0 -39 -5
Free cash flow -17 -39 -4
Dividend paid 0 0 0
Share issues and buybacks 0 9 0
Other non cash items 11 0 5
Decrease in net IB debt -6 -29 1
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 42 77 85
Definite intangible assets 0 0 0
Tangible fixed assets 1 9 8
Other fixed assets 1 1 1
Fixed assets 44 86 93
Inventories 6 8 8
Receivables 17 21 26
Other current assets 0 0 0
Cash and liquid assets 7 3 4
Total assets 74 119 132
Shareholders equity 21 36 48
Minority 0 0 0
Total equity 21 36 48
Long-term debt 17 42 42
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 36 41 42
Other current liabilities 0 0 0
Total liabilities and equity N/A 31 74
Net IB debt 10 39 38
Net IB debt excl. pension debt 10 39 38
Capital invested 31 74 85
Working capital -12 -11 -8
EV breakdown 2018 2019 2020
Market cap. diluted (m) 37 50 50
Net IB debt Adj 10 39 38
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 47 89 88
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 96,3 119,9 97,6
Capital invested turnover (%) 190,5 220,2 153
Capital employed turnover (%) 187,1 217,9 151,9
Inventories / sales (%) 10,6 6,1 6,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 40 33,1 33,6
Working capital / sales (%) -8,2 -10,3 -7,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 45,7 109,6 79,9
Net debt / market cap (%) 21,4 79,1 77
Equity ratio (%) 28,8 30,1 36,3
Net IB debt adj. / equity (%) 45,7 109,6 79,9
Current ratio (%) 85 79,5 91,8
EBITDA / net interest (%) -145,2 343,3 357,8
Net IB debt / EBITDA (%) -557,8 317,6 251,8
Interest cover (%) -223,5 265,5 292,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 7 9 9
Fully diluted shares Adj 7 9 9
EPS -0,64 0,62 0,8
Dividend per share Adj 0 0 0
EPS Adj -0,09 0,62 0,8
BVPS 2,97 4,11 5,49
BVPS Adj 2,97 4,11 5,49
Net IB debt / share 1,4 4,5 4,4
Share price 6,36 5,7 5,7
Market cap. (m) 46 50 50
Valuation 2018 2019 2020
P/E -8 9,3 7,1
EV/sales 0,92 0,77 0,72
EV/EBITDA -26,7 7,2 5,8
EV/EBITA -17,4 9,3 7,1
EV/EBIT -17,4 9,3 7,1
Dividend yield (%) 0 0 0
FCF yield (%) -50,2 -77,8 -7,9
P/BVPS 1,73 1,39 1,04
P/BVPS Adj 1,73 1,39 1,04
P/E Adj -59,3 9,3 7,1
EV/EBITDA Adj 25,3 7,2 5,8
EV/EBITA Adj 51,5 9,3 7,1
EV/EBIT Adj 51,5 9,3 7,1
EV/cap. employed 1,5 1,2 1
Investment ratios 2018 2019 2020
Capex / sales 35 5,4 3,8
Capex / depreciation 1880,3 221,9 168,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 107,9 30,8 33,3

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Main shareholders

Seafire

Main shareholders Share capital % Voting shares % Verified
Carl Johan Bennarsten 23.3 % 23.3 % 2 Jan 2019
Anders Walldov 14.0 % 14.0 % 31 Dec 2018
Nordnet Pensionsförsäkring 11.6 % 11.6 % 31 Dec 2018
Avanza Pension 8.4 % 8.4 % 31 Dec 2018
Tord Lendau 4.5 % 4.5 % 31 Dec 2018
Mats Gullbrandsson 4.4 % 4.4 % 31 Dec 2018
Hans Sköld 3.6 % 3.6 % 31 Dec 2018
Per Granath 3.6 % 3.6 % 31 Dec 2018
Lendau Capital AB 3.3 % 3.3 % 31 Dec 2018
Joachim Berner 2.3 % 2.3 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Seafire

Name Quantity Code Date
Johan Bennarsten + 3 350 BUY 2 Jan 2019
Johan Bennarsten + 2 428 BUY 29 Oct 2018
Johan Bennarsten + 8 685 BUY 26 Oct 2018
Bergskanten Invest AB - 52 172 SELL 5 Jul 2018
Bergskanten Invest AB + 52 172 TECKN 5 Jul 2018
Sydsken AB + 25 000 TECKN 25 Jun 2018
Hedvig Bennarsten + 1 332 TECKN 25 Jun 2018
Lydia Bennarsten + 1 332 TECKN 25 Jun 2018
Klara Bennarsten + 1 332 TECKN 25 Jun 2018
Johan Bennarsten + 55 554 TECKN 25 Jun 2018

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