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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 2019 2020e 2021e
Sales 23 27 37
Sales growth (%) 20,7 18,9 36,3
EBITDA -16 -15 -8
EBITDA margin (%) -71,5 -54,7 -20,3
EBIT adj -19 -17 -10
EBIT adj margin (%) -84,2 -64 -25,9
Pretax profit -17 -17 -9
EPS rep -0,64 -0,63 -0,34
EPS growth (%) -1,4 1,6 45,9
EPS adj -0,64 -0,63 -0,34
DPS 0 0 0
EV/EBITDA (x) -16,2 -20,2 -40,9
EV/EBIT adj (x) -13,7 -17,2 -32,2
P/E (x) -15,5 -16,9 -31,2
P/E adj (x) -15,5 -16,9 -31,2
EV/sales (x) 11,6 11 8,3
FCF yield (%) -5,7 -5,5 -2,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,3 -0,4 -1,9
SEKm 2019 2020e 2021e
Sales 23 27 37
COGS -3 -4 -6
Gross profit 20 23 31
Other operating items -36 -38 -39
EBITDA -16 -15 -8
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -3 -2
EBITA -19 -17 -10
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -19 -17 -10
Other financial items 0 0 0
Net financial items 2 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -17 -17 -9
Tax 0 0 0
Net profit -17 -17 -9
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -17 -17 -9
EPS -0,64 -0,63 -0,34
EPS Adj -0,64 -0,63 -0,34
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,8 0 0
Gross margin (%) 88 83,7 84,5
EBITDA margin (%) -71,5 -54,7 -20,3
EBITA margin (%) -84,2 -64 -25,9
EBIT margin (%) -84,2 -64 -25,9
Pretax margin (%) -75,2 -64 -25,4
Net margin (%) -73,1 -64 -25,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 20,7 18,9 36,3
EBITDA growth (%) -140,7 9,1 49,3
EBIT growth (%) -80,2 9,7 44,9
Net profit growth (%) -58,8 -4 45,9
EPS growth (%) -1,4 1,6 45,9
Profitability 2019 2020 2021
ROE (%) -87,8 -183,3 -262,9
ROE Adj (%) -87,8 -183,3 -262,9
ROCE (%) -50,6 -60,8 -41,5
ROCE Adj(%) -50,6 -60,8 -41,5
ROIC (%) -114 -116,7 -69,3
ROIC Adj (%) -114 -116,7 -69,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj -16 -15 -8
EBITDA Adj margin (%) -71,5 -54,7 -20,3
EBITA Adj -19 -17 -10
EBITA Adj margin (%) -84,2 -64 -25,9
EBIT Adj -19 -17 -10
EBIT Adj margin (%) -84,2 -64 -25,9
Pretax profit Adj -17 -17 -9
Net profit Adj -17 -17 -9
Net profit to shareholders Adj -17 -17 -9
Net Adj margin (%) -73,1 -64 -25,4
SEKm 2019 2020e 2021e
EBITDA -16 -15 -8
Net financial items 2 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -14 -15 -7
Change in WC 1 0 0
Operating cash flow -13 -15 -8
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2 -2 -1
Acquisitions and disposals 0 0 0
Free cash flow -15 -16 -9
Dividend paid 0 0 0
Share issues and buybacks 0 15 0
Other non cash items 0 0 0
Decrease in net IB debt -15 -1 -9
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 12 11 10
Tangible fixed assets 0 0 0
Other fixed assets 1 1 1
Fixed assets 13 12 11
Inventories 0 0 0
Receivables 5 5 6
Other current assets 0 0 0
Cash and liquid assets 13 12 4
Total assets 31 29 20
Shareholders equity 11 8 -1
Minority 0 0 0
Total equity 11 8 -1
Long-term debt 2 2 2
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 18 18 18
Accounts payable 1 2 2
Other current liabilities 0 0 0
Total liabilities and equity 31 29 20
Net IB debt 5 6 15
Net IB debt excl. pension debt 5 6 15
Capital invested 16 14 13
Working capital 3 3 3
EV breakdown 2019 2020 2021
Market cap. diluted (m) 260 294 294
Net IB debt Adj 5 6 15
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 265 300 309
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 64,4 90,3 150,6
Capital invested turnover (%) 139,3 182,4 267,7
Capital employed turnover (%) 67,3 95,1 163,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 6,6 5,5 5,2
Working capital / sales (%) 16,6 11,4 8,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 45,1 72,5 -1289,1
Net debt / market cap (%) 3,1 2,3 5,4
Equity ratio (%) 34,3 28,6 -5,6
Net IB debt adj. / equity (%) 45,1 72,5 -1289,1
Current ratio (%) 94,4 87,2 46,4
EBITDA / net interest (%) -795,7 -6641361,6 -4239,4
Net IB debt / EBITDA (%) -29,5 -40,4 -192,5
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 23 25 25
Fully diluted shares Adj 26 27 27
EPS -0,64 -0,63 -0,34
Dividend per share Adj 0 0 0
EPS Adj -0,64 -0,63 -0,34
BVPS 0,46 0,33 -0,05
BVPS Adj -0,06 -0,11 -0,44
Net IB debt / share 0,2 0,2 0,6
Share price 6,6 10,7 10,7
Market cap. (m) 155 267 267
Valuation 2019 2020 2021
P/E -15,5 -16,9 -31,2
EV/sales 11,57 11,03 8,32
EV/EBITDA -16,2 -20,2 -40,9
EV/EBITA -13,7 -17,2 -32,2
EV/EBIT -13,7 -17,2 -32,2
Dividend yield (%) 0 0 0
FCF yield (%) -5,7 -5,5 -2,9
P/BVPS 21,9 32,2 -237,07
P/BVPS Adj -159,54 -93,17 -24,21
P/E Adj -15,5 -16,9 -31,2
EV/EBITDA Adj -16,2 -20,2 -40,9
EV/EBITA Adj -13,7 -17,2 -32,2
EV/EBIT Adj -13,7 -17,2 -32,2
EV/cap. employed 8,9 11 17,2
Investment ratios 2019 2020 2021
Capex / sales 10,1 5,6 2,2
Capex / depreciation 79,2 60 38,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 18,9 13,6 8,1
Depreciation on intangibles / definite intangibles 23,9 22,6 20,7
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 64.3 % 64.3 % 31 Mar 2020
Semmy Rülf 4.7 % 4.7 % 25 Jun 2020
Livförsäkringsbolaget Skandia 3.9 % 3.9 % 31 Mar 2020
Futur Pension 2.8 % 2.8 % 31 Mar 2020
Andreas Rodman 2.0 % 2.0 % 27 Apr 2020
Joseph Aroyan 1.6 % 1.6 % 31 Mar 2020
A1A Förvaltning AB 1.5 % 1.5 % 31 Mar 2020
Magnus Hultman 1.3 % 1.3 % 31 Mar 2020
Sven Holmgren 1.1 % 1.1 % 10 Jan 2019
Avanza Pension 1.0 % 1.0 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Safeture

Name Quantity Code Date
Adam Schatz + 750 BUY 26 Jun 2020
Semmy Rülf + 100 000 BUY 25 Jun 2020
Linda Canivé + 10 020 BUY 24 Jun 2020
Linda Canivé + 30 000 ALTM 22 Jun 2020
Semmy Rülf + 100 000 BUY 19 Jun 2020
Robert Rosenberg + 12 000 BUY 17 Jun 2020
Robert Rosenberg + 15 000 BUY 12 Jun 2020
Alf Andreas Rodman - 150 SELL 9 Jun 2020
Alf Andreas Rodman - 575 SELL 5 Jun 2020
Alf Andreas Rodman - 129 119 SELL 4 Jun 2020

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