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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 26 39
Sales growth (%) 33,7 39,4 46
EBITDA -7 -9 -1
EBITDA margin (%) -35,9 -34,6 -2,7
EBIT adj -11 -13 -4
EBIT adj margin (%) -56,4 -47,7 -10,2
Pretax profit -11 -13 -4
EPS rep -0,71 -0,53 -0,17
EPS growth (%) 16,9 25,2 68,7
EPS adj -0,71 -0,53 -0,17
DPS 0 0 0
EV/EBITDA (x) -18,9 -15,1 -135,6
EV/EBIT adj (x) -12 -11 -35,6
P/E (x) -8,2 -11 -35,1
P/E adj (x) -8,2 -11 -35,1
EV/sales (x) 6,8 5,2 3,6
FCF yield (%) -11,6 -7 -1,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,5 0 -1,9
SEKm 2018 2019e 2020e
Sales 19 26 39
COGS -3 -4 -6
Gross profit 16 22 32
Other operating items -23 -31 -33
EBITDA -7 -9 -1
Depreciation on tangibles 0 0 0
Depreciation on intangibles -4 -3 -3
EBITA -11 -13 -4
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -11 -13 -4
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -11 -13 -4
Tax 0 0 0
Net profit -11 -13 -4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -11 -13 -4
EPS -0,71 -0,53 -0,17
EPS Adj -0,71 -0,53 -0,17
Total extraordinary items after tax 0 0 0
Tax rate (%) -4,1 0 0
Gross margin (%) 83,1 83 83,8
EBITDA margin (%) -35,9 -34,6 -2,7
EBITA margin (%) -56,4 -47,7 -10,2
EBIT margin (%) -56,4 -47,7 -10,2
Pretax margin (%) -58 -47,7 -10,2
Net margin (%) -55,6 -47,7 -10,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 33,7 39,4 46
EBITDA growth (%) 25,5 -34,3 88,7
EBIT growth (%) 17,8 -17,9 68,7
Net profit growth (%) 15,5 -19,7 68,7
EPS growth (%) 16,9 25,2 68,7
Profitability 2018 2019 2020
ROE (%) -41,8 -59,7 -30,7
ROE Adj (%) -41,8 -59,7 -30,7
ROCE (%) -30,9 -39,5 -16,7
ROCE Adj(%) -30,9 -39,5 -16,7
ROIC (%) -62,1 -79,4 -28,9
ROIC Adj (%) -62,1 -79,4 -28,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj -7 -9 -1
EBITDA Adj margin (%) -35,9 -34,6 -2,7
EBITA Adj -11 -13 -4
EBITA Adj margin (%) -56,4 -47,7 -10,2
EBIT Adj -11 -13 -4
EBIT Adj margin (%) -56,4 -47,7 -10,2
Pretax profit Adj -11 -13 -4
Net profit Adj -11 -13 -4
Net profit to shareholders Adj -11 -13 -4
Net Adj margin (%) -55,6 -47,7 -10,2
SEKm 2018 2019e 2020e
EBITDA -7 -9 -1
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -7 -9 -1
Change in WC -3 1 -1
Operating cash flow -9 -8 -2
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow -10 -10 -2
Dividend paid 0 0 0
Share issues and buybacks 15 0 0
Other non cash items -2 0 0
Decrease in net IB debt 3 -10 -2
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 13 11 8
Tangible fixed assets 0 0 0
Other fixed assets 1 1 1
Fixed assets 14 12 10
Inventories 0 0 0
Receivables 6 5 7
Other current assets 0 0 0
Cash and liquid assets 20 10 8
Total assets 40 27 24
Shareholders equity 27 15 11
Minority 0 0 0
Total equity 27 15 11
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 2 2
Other current liabilities 0 0 0
Total liabilities and equity 36 32 40
Net IB debt -10 0 2
Net IB debt excl. pension debt -10 0 2
Capital invested 17 14 13
Working capital 4 4 4
EV breakdown 2018 2019 2020
Market cap. diluted (m) 138 138 138
Net IB debt Adj -10 0 2
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 128 138 140
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 52,8 78,8 150,7
Capital invested turnover (%) 114,8 166,2 282,2
Capital employed turnover (%) 54,9 82,7 163,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 7,2 6,1 5,1
Working capital / sales (%) 16,5 15,3 10,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -36,8 -2,5 18,5
Net debt / market cap (%) -13,9 -0,3 1,5
Equity ratio (%) 68,8 54,5 45,3
Net IB debt adj. / equity (%) -36,8 -2,5 18,5
Current ratio (%) 261,5 156,8 135,6
EBITDA / net interest (%) -2272,9 0 0
Net IB debt / EBITDA (%) 148,6 4,1 -194
Interest cover (%) -3422,8 N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS -0,71 -0,53 -0,17
Dividend per share Adj 0 0 0
EPS Adj -0,71 -0,53 -0,17
BVPS 1,15 0,62 0,46
BVPS Adj 0,61 0,18 0,1
Net IB debt / share -0,4 0 0,1
Share price 3,05 5,8 5,8
Market cap. (m) 73 138 138
Valuation 2018 2019 2020
P/E -8,2 -11 -35,1
EV/sales 6,77 5,23 3,64
EV/EBITDA -18,9 -15,1 -135,6
EV/EBITA -12 -11 -35,6
EV/EBIT -12 -11 -35,6
Dividend yield (%) 0 0 0
FCF yield (%) -11,6 -7 -1,7
P/BVPS 5,05 9,34 12,73
P/BVPS Adj 9,44 32,8 58,06
P/E Adj -8,2 -11 -35,1
EV/EBITDA Adj -18,9 -15,1 -135,6
EV/EBITA Adj -12 -11 -35,6
EV/EBIT Adj -12 -11 -35,6
EV/cap. employed 3,4 5,4 6,5
Investment ratios 2018 2019 2020
Capex / sales 4,4 5 2,1
Capex / depreciation 21,6 37,6 27,5
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 6,6 12,3 9,4
Depreciation on intangibles / definite intangibles 30,5 32,8 34,3
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders

GWS Production

Main shareholders Share capital % Voting shares % Verified
Greg Dingizian 29.7 % 29.7 % 31 Mar 2019
Algora AB 12.6 % 12.6 % 4 Mar 2019
Humle Fonder 6.6 % 6.6 % 31 May 2019
Emirates Advanced Investment Trading Llc 6.0 % 6.0 % 31 Dec 2017
Semmy Rülf 4.3 % 4.3 % 31 Mar 2019
Livförsäkringsbolaget Skandia 3.6 % 3.6 % 31 Mar 2019
Avanza Pension 2.9 % 2.9 % 31 Mar 2019
Andreas Rodman 2.5 % 2.5 % 31 Mar 2019
Academic Medical Group AB 2.2 % 2.2 % 31 Mar 2019
Olof Andersson 1.7 % 1.7 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

GWS Production

Name Quantity Code Date
Jonas Brorson + 5 000 BUY 4 Jun 2019
Sofia Kinberg + 20 000 BUY 28 May 2019
Sofia Kinberg + 20 000 BUY 28 May 2019
Jonas Brorson + 5 000 BUY 8 Mar 2019
Åke Knutsson + 10 000 BUY 6 Mar 2019
Semmy Rülf + 400 000 BUY 4 Mar 2019
Algora AB - 215 000 SELL 4 Mar 2019
Sven Holmgren - 105 304 SELL 10 Jan 2019
Sven Holmgren + 105 304 BUY 10 Jan 2019
SveHo Consulting AB + 105 304 BUY 10 Jan 2019

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