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Safeture

Safeture

Forefront of corporate risk management solutions

Founded in 2009, Safeture is a leading international company offering risk management solutions and support for corporations and their travelling employees. The company’s Safeture platform seeks to keep business travellers safe by making real-time information on security threats and natural disasters available. The products are offered through a cloud-based SaaS model that uses a patented geo-positioning technology to keep track of users even when in flight.

Safeture has created a solid base on which to build and capitalise on the burgeoning market for Travel Risk Management software solutions. The technology behind the Safeture Enterprise platform has been refined over many years, and is now a leader in the market. The Board of Directors was strengthened at the start of ’19 by the addition of three new members with experience from international IT, software and financial corporations. Lastly, additional funding was secured in late 2018 through new majority shareholder Greg Dingizian. Safeture now aims to expand its sales force and marketing team in order to grow rapidly.

Given that the market for TRM solutions is still relatively young, and market penetration is low, there is a risk that the demand for TRM solutions will grow slower than expected. This in turn would affect Safeture’s growth. Additionally, there is a risk that a large corporation with stronger financials will develop a TRM solution and take a large part of the market.

SEKm 2018 2019e 2020e
Sales 19 24 35
Sales growth (%) 33,7 25,8 46,1
EBITDA -7 -16 -7
EBITDA margin (%) -35,9 -67,6 -18,7
EBIT adj -11 -19 -9
EBIT adj margin (%) -56,4 -79,3 -24,9
Pretax profit -11 -17 -9
EPS rep -0,64 -0,63 -0,31
EPS growth (%) 22,5 1 50,6
EPS adj -0,64 -0,63 -0,31
DPS 0 0 0
EV/EBITDA (x) -18,9 -16 -40,7
EV/EBIT adj (x) -12 -13,6 -30,6
P/E (x) -9 -15,8 -31,9
P/E adj (x) -9 -15,8 -31,9
EV/sales (x) 6,8 10,8 7,6
FCF yield (%) -10,6 -4,1 -2,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,5 0 1,1
SEKm 2018 2019e 2020e
Sales 19 24 35
COGS -3 -4 -6
Gross profit 16 20 29
Other operating items -23 -36 -36
EBITDA -7 -16 -7
Depreciation on tangibles 0 0 0
Depreciation on intangibles -4 -3 -2
EBITA -11 -19 -9
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -11 -19 -9
Other financial items 0 0 0
Net financial items 0 2 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -11 -17 -9
Tax 0 1 0
Net profit -11 -16 -9
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -11 -16 -9
EPS -0,64 -0,63 -0,31
EPS Adj -0,64 -0,63 -0,31
Total extraordinary items after tax 0 0 0
Tax rate (%) -4,1 -3,1 0
Gross margin (%) 83,1 83 83,8
EBITDA margin (%) -35,9 -67,6 -18,7
EBITA margin (%) -56,4 -79,3 -24,9
EBIT margin (%) -56,4 -79,3 -24,9
Pretax margin (%) -58 -70,7 -24,5
Net margin (%) -55,6 -68,5 -24,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 33,7 25,8 46,1
EBITDA growth (%) 25,5 -137 59,6
EBIT growth (%) 17,8 -76,7 54,2
Net profit growth (%) 15,5 -54,9 47,8
EPS growth (%) 22,5 1 50,6
Profitability 2018 2019 2020
ROE (%) -41,8 -84,7 -59,5
ROE Adj (%) -41,8 -84,7 -59,5
ROCE (%) -30,9 -56 -33,9
ROCE Adj(%) -30,9 -56 -33,9
ROIC (%) -62,1 -127 -78,1
ROIC Adj (%) -62,1 -127 -78,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj -7 -16 -7
EBITDA Adj margin (%) -35,9 -67,6 -18,7
EBITA Adj -11 -19 -9
EBITA Adj margin (%) -56,4 -79,3 -24,9
EBIT Adj -11 -19 -9
EBIT Adj margin (%) -56,4 -79,3 -24,9
Pretax profit Adj -11 -17 -9
Net profit Adj -11 -16 -9
Net profit to shareholders Adj -11 -16 -9
Net Adj margin (%) -55,6 -68,5 -24,5
SEKm 2018 2019e 2020e
EBITDA -7 -16 -7
Net financial items 0 2 0
Paid tax 0 1 0
Non-cash items 0 0 0
Cash flow before change in WC -7 -14 -6
Change in WC -3 1 0
Operating cash flow -9 -12 -7
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -1 2 -1
Acquisitions and disposals 0 0 0
Free cash flow -10 -11 -8
Dividend paid 0 0 0
Share issues and buybacks 15 0 15
Other non cash items -2 0 0
Decrease in net IB debt 3 -11 7
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 13 8 7
Tangible fixed assets 0 0 0
Other fixed assets 1 1 1
Fixed assets 14 9 8
Inventories 0 0 0
Receivables 6 5 6
Other current assets 0 0 0
Cash and liquid assets 20 9 17
Total assets 40 23 30
Shareholders equity 27 11 18
Minority 0 0 0
Total equity 27 11 18
Long-term debt 3 3 3
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 8 8 8
Accounts payable 2 1 2
Other current liabilities 0 0 0
Total liabilities and equity 36 32 40
Net IB debt -10 0 -7
Net IB debt excl. pension debt -10 0 -7
Capital invested 17 12 11
Working capital 4 3 4
EV breakdown 2018 2019 2020
Market cap. diluted (m) 138 257 272
Net IB debt Adj -10 0 -7
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 128 258 265
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 52,8 75,4 129,4
Capital invested turnover (%) 114,8 165,3 314,2
Capital employed turnover (%) 54,9 79,3 138,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 7,2 6,5 5,1
Working capital / sales (%) 16,5 16,2 10,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -36,8 3,6 -39,4
Net debt / market cap (%) -15,1 0,2 -2,8
Equity ratio (%) 68,8 47,6 57,7
Net IB debt adj. / equity (%) -36,8 3,6 -39,4
Current ratio (%) 261,5 146,1 218,5
EBITDA / net interest (%) -2272,9 -783,4 -5097,1
Net IB debt / EBITDA (%) 148,6 -2,5 106,5
Interest cover (%) -3422,8 N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 22 23 25
Fully diluted shares Adj 24 26 27
EPS -0,64 -0,63 -0,31
Dividend per share Adj 0 0 0
EPS Adj -0,64 -0,63 -0,31
BVPS 1,25 0,48 0,71
BVPS Adj 0,67 0,13 0,44
Net IB debt / share -0,5 0 -0,3
Share price 3,05 10 10
Market cap. (m) 67 232 247
Valuation 2018 2019 2020
P/E -9 -15,8 -31,9
EV/sales 6,77 10,81 7,61
EV/EBITDA -18,9 -16 -40,7
EV/EBITA -12 -13,6 -30,6
EV/EBIT -12 -13,6 -30,6
Dividend yield (%) 0 0 0
FCF yield (%) -10,6 -4,1 -2,8
P/BVPS 4,64 20,88 14,05
P/BVPS Adj 8,68 75,16 22,64
P/E Adj -9 -15,8 -31,9
EV/EBITDA Adj -18,9 -16 -40,7
EV/EBITA Adj -12 -13,6 -30,6
EV/EBIT Adj -12 -13,6 -30,6
EV/cap. employed 3,4 11,8 9,3
Investment ratios 2018 2019 2020
Capex / sales 4,4 -8,2 2,3
Capex / depreciation 21,6 -70,2 37,2
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 6,6 -24,4 12
Depreciation on intangibles / definite intangibles 30,5 34,8 32,3
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

Safeture - Interview with CEO Magnus Hultman (in Swedish)
Safeture - Company presentation with CEO Magnus Hultman & CFO Linda Canivé

Main shareholders - Safeture

Main shareholders Share capital % Voting shares % Verified
Greg Dingizian 35.1 % 35.1 % 8 Oct 2019
Semmy Rülf 4.3 % 4.3 % 30 Sep 2019
Livförsäkringsbolaget Skandia 3.9 % 3.9 % 30 Sep 2019
Algora AB 2.6 % 2.6 % 14 Nov 2019
Andreas Rodman 2.5 % 2.5 % 30 Sep 2019
Avanza Pension 2.3 % 2.3 % 30 Sep 2019
Olof Andersson 1.7 % 1.7 % 30 Sep 2019
Joseph Aroyan 1.6 % 1.6 % 30 Sep 2019
A1A Förvaltning AB 1.5 % 1.5 % 30 Sep 2019
Magnus Hultman 1.3 % 1.3 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Safeture

Name Quantity Code Date
Algora AB -2 245 104 SELL 14 Nov 2019
Academic Medical Group AB - 507 340 SELL 14 Nov 2019
Semmy Rülf + 200 000 BUY 4 Oct 2019
Magnus Hultman + 400 000 BUY 3 Oct 2019
Lars Åke Alvar Lidgren + 30 000 BUY 3 Oct 2019
Linda Eva Canivé + 30 000 BUY 3 Oct 2019
Lisa Rydsbo + 40 000 BUY 3 Oct 2019
Jonas Brorson + 32 800 BUY 3 Oct 2019
Jonas Brorson + 15 000 BUY 3 Oct 2019
Linda Eva Canivé + 30 000 BUY 3 Oct 2019

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