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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 34 44
Sales growth (%) 20,7 47,4 30,4
EBITDA -16 -8 -4
EBITDA margin (%) -71,5 -23,9 -8,1
EBIT adj -19 -10 -5
EBIT adj margin (%) -84,2 -30,6 -12,5
Pretax profit -17 -10 -5
EPS rep -0,65 -0,38 -0,19
EPS growth (%) -1,4 42,2 48,8
EPS adj -0,65 -0,38 -0,19
DPS 0 0 0
EV/EBITDA (x) -16,2 -28,4 -65,9
EV/EBIT adj (x) -13,7 -22,2 -42,6
P/E (x) -15,5 -22,5 -43,9
P/E adj (x) -15,5 -22,5 -43,9
EV/sales (x) 11,6 6,8 5,3
FCF yield (%) -5,7 -4 -1,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,3 0,1 -1
SEKm 2019 2020e 2021e
Sales 23 34 44
COGS -3 -5 -7
Gross profit 20 28 37
Other operating items -36 -36 -41
EBITDA -16 -8 -4
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -2 -2
EBITA -19 -10 -5
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -19 -10 -5
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 -10 -5
Tax 0 0 0
Net profit -17 -10 -5
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -17 -10 -5
EPS -0,65 -0,38 -0,19
EPS Adj -0,65 -0,38 -0,19
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,8 0 0
Gross margin (%) 88 83,8 84,8
EBITDA margin (%) -71,5 -23,9 -8,1
EBITA margin (%) -84,2 -30,6 -12,5
EBIT margin (%) -84,2 -30,6 -12,5
Pretax margin (%) -75,2 -30,3 -11,9
Net margin (%) -73,1 -30,3 -11,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 20,7 47,4 30,4
EBITDA growth (%) -140,7 50,8 56
EBIT growth (%) -80,2 46,4 47
Net profit growth (%) -58,8 38,9 48,8
EPS growth (%) -1,4 42,2 48,8
Profitability 2019 2020 2021
ROE (%) -87,8 -78,1 -40,7
ROE Adj (%) -87,8 -78,1 -40,7
ROCE (%) -57,6 -42,8 -22,1
ROCE Adj(%) -57,6 -42,8 -22,1
ROIC (%) -114 -68,7 -38,8
ROIC Adj (%) -114 -68,7 -38,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj -16 -8 -4
EBITDA Adj margin (%) -71,5 -23,9 -8,1
EBITA Adj -19 -10 -5
EBITA Adj margin (%) -84,2 -30,6 -12,5
EBIT Adj -19 -10 -5
EBIT Adj margin (%) -84,2 -30,6 -12,5
Pretax profit Adj -17 -10 -5
Net profit Adj -17 -10 -5
Net profit to shareholders Adj -17 -10 -5
Net Adj margin (%) -73,1 -30,3 -11,9
SEKm 2019 2020e 2021e
EBITDA -16 -8 -4
Net financial items 2 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -14 -8 -3
Change in WC 1 -1 0
Operating cash flow -13 -8 -4
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow -15 -9 -4
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 6 -4
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 6 7
Other current assets 0 0 0
Cash and liquid assets 5 11 6
Total assets 23 28 24
Shareholders equity 11 15 10
Minority 0 0 0
Total equity 11 15 10
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 1 2 3
Other current liabilities 0 0 0
Total liabilities and equity 23 28 24
Net IB debt 5 -1 3
Net IB debt excl. pension debt 5 -1 3
Capital invested 16 15 14
Working capital 3 4 4
EV breakdown 2019 2020 2021
Market cap. diluted (m) 260 230 230
Net IB debt Adj 5 -1 3
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 265 229 233
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 72,9 131,8 169,2
Capital invested turnover (%) 139,3 224,3 311,8
Capital employed turnover (%) 76,6 141,1 185,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 6,6 5 5,3
Working capital / sales (%) 16,6 10,2 8,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 45,1 -6 33,3
Net debt / market cap (%) 3,1 -0,4 1,6
Equity ratio (%) 46,8 54,7 43,3
Net IB debt adj. / equity (%) 45,1 -6 33,3
Current ratio (%) 99,3 160 119,2
EBITDA / net interest (%) -795,7 -7081,9 -1458,7
Net IB debt / EBITDA (%) -29,5 11,6 -96,3
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 -0,65 -0,38 -0,19
Dividend per share Adj 0 0 0
EPS Adj -0,65 -0,38 -0,19
BVPS 0,46 0,63 0,41
BVPS Adj -0,06 0,19 0,03
Net IB debt / share 0,2 0 0,1
Share price 6,67 8,45 8,45
Market cap. (m) 155 209 209
Valuation 2019 2020 2021
P/E -15,5 -22,5 -43,9
EV/sales 11,57 6,79 5,3
EV/EBITDA -16,2 -28,4 -65,9
EV/EBITA -13,7 -22,2 -42,6
EV/EBIT -13,7 -22,2 -42,6
Dividend yield (%) 0 0 0
FCF yield (%) -5,7 -4 -1,9
P/BVPS 21,9 13,48 20,37
P/BVPS Adj -159,54 43,5 298,05
P/E Adj -15,5 -22,5 -43,9
EV/EBITDA Adj -16,2 -28,4 -65,9
EV/EBITA Adj -13,7 -22,2 -42,6
EV/EBIT Adj -13,7 -22,2 -42,6
EV/cap. employed 12,3 8,7 11,1
Investment ratios 2019 2020 2021
Capex / sales 10,1 2,4 1,8
Capex / depreciation 79,2 35 41,3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 18,9 7,5 8,4
Depreciation on intangibles / definite intangibles 23,9 21,4 20,3
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 64.2 % 64.2 % 20 Mar 2020
Semmy Rülf 4.3 % 4.3 % 31 Dec 2019
Livförsäkringsbolaget Skandia 3.9 % 3.9 % 31 Dec 2019
Futur Pension 2.8 % 2.8 % 31 Dec 2019
Andreas Rodman 2.5 % 2.5 % 31 Dec 2019
Joseph Aroyan 1.6 % 1.6 % 31 Dec 2019
A1A Förvaltning AB 1.5 % 1.5 % 31 Dec 2019
Magnus Hultman 1.3 % 1.3 % 31 Dec 2019
Avanza Pension 1.3 % 1.3 % 31 Dec 2019
Sven Holmgren 1.1 % 1.1 % 10 Jan 2019
Source: Holdings by Modular Finance AB

Insider list - Safeture

Name Quantity Code Date
Chri + 500 BUY 20 Mar 2020
Christian Lindgren + 1 650 BUY 18 Mar 2020
Christian Lindgren + 1 BUY 17 Mar 2020
Christian Lindgren + 10 000 BUY 17 Mar 2020
Christian Lindgren + 2 712 BUY 16 Mar 2020
Christian Lindgren + 20 000 BUY 16 Mar 2020
Christian Lindgren + 29 387 BUY 22 Jan 2020
Christian Lindgren + 330 BUY 21 Jan 2020
Christian Lindgren + 12 608 BUY 16 Jan 2020
Christian Lindgren + 3 690 BUY 15 Jan 2020

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