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Seafire

Seafire

Seafire is a group of companies in the industry, trade and services sectors that acquires and develops small companies in Sweden. The company was founded in 2016 and focuses on acquiring profitable, smaller companies with development potential. As of Q3’21, the group consists of nine companies, of which four have been acquired during 2021. The group structure is decentralised, enabling group management to focus on adding new companies to the group.

Acquisitions are an integral part of the business model. If prices on targets rise, this would hurt the company. If the economy weakens, this could affect the earnings stability of acquisition targets, and thus prolong negotiations.

SEKm 2020 2021e 2022e
Sales 221 403 565
Sales growth (%) 35 82 40,3
EBITDA 20 46 81
EBITDA margin (%) 9,2 11,3 14,3
EBIT adj 17 27 53
EBIT adj margin (%) 7,5 6,8 9,3
Pretax profit 0 -4 21
EPS rep -0,05 -0,24 0,84
EPS growth (%) 96,7 -355,3 457,7
EPS adj 0,69 0,22 1,39
DPS 0 0 0
EV/EBITDA (x) 14,3 17 9,2
EV/EBIT adj (x) 17,5 28,3 14,2
P/E (x) -348,5 -125,8 35,2
P/E adj (x) 26,1 132,1 21,2
EV/sales (x) 1,3 1,9 1,3
FCF yield (%) -6,3 -42,2 5,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 5,7 4,3 2,1
Lease adj. FCF yield (%) -7,6 -40,5 4,8
Lease adj. ND/EBITDA 4,3 4,3 2,1
SEKm 2020 2021e 2022e
Sales 221 403 565
COGS -135 -237 -338
Gross profit 86 166 227
Other operating items -66 -120 -146
EBITDA 20 46 81
Depreciation and amortisation -4 -10 -17
Of which leasing depreciation -3 -6 -12
EBITA 16 36 64
EO items -6 0 0
Impairment and PPA amortisation -1 -9 -11
EBIT 15 27 53
Net financial items -15 -31 -32
Pretax profit 0 -4 21
Tax 0 -1 -4
Net profit -1 -5 16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 -5 16
EPS -0,05 -0,24 0,84
EPS Adj 0,69 0,22 1,39
Total extraordinary items after tax -6,4 -0,4 0
Leasing payments -3 -6 -12
Tax rate (%) 4075 21,3 -21
Gross margin (%) 38,9 41,2 40,2
EBITDA margin (%) 9,2 11,3 14,3
EBITA margin (%) 7,3 8,8 11,2
EBIT margin (%) 6,6 6,7 9,3
Pretax margin (%) 0 -0,9 3,7
Net margin (%) -0,2 -1,1 2,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 35 82 40,3
EBITDA growth (%) 36,2 124,7 76,9
EBIT growth (%) 1576,2 84,7 95,6
Net profit growth (%) 96,5 -816 457,7
EPS growth (%) 96,7 -355,3 457,7
Profitability 2020 2021 2022
ROE (%) -2,3 -4,1 7,8
ROE Adj (%) 30,4 3,9 13
ROCE (%) 10,2 7,8 9,4
ROCE Adj(%) 15 10,3 11,3
ROIC (%) 371 11,3 10,3
ROIC Adj (%) 420,6 11,4 10,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 27 46 81
EBITDA Adj margin (%) 12 11,4 14,3
EBITDA lease Adj 24 40 69
EBITDA lease Adj margin (%) 10,9 9,9 12,2
EBITA Adj 23 36 64
EBITA Adj margin (%) 10,2 8,9 11,2
EBIT Adj 17 27 53
EBIT Adj margin (%) 7,5 6,8 9,3
Pretax profit Adj 7 5 32
Net profit Adj 7 4 27
Net profit to shareholders Adj 7 4 27
Net Adj margin (%) 3 1,1 4,8
SEKm 2020 2021e 2022e
EBITDA 20 46 81
Net financial items -15 -31 -32
Paid tax 11 -6 -4
Non-cash items 19 2 0
Cash flow before change in WC 35 11 44
Change in WC -19 -34 -11
Operating cash flow 17 -23 34
CAPEX tangible fixed assets -1 -6 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -27 -214 0
Free cash flow -11 -244 31
Dividend paid 0 0 0
Share issues and buybacks 0 198 0
Lease liability amortisation -2 10 -4
Other non cash items 27 180 0
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 106 234 234
Other intangible assets 20 33 22
Tangible fixed assets 12 77 73
Right-of-use asset 12 22 14
Total other fixed assets 0 0 0
Fixed assets 150 366 344
Inventories 48 81 90
Receivables 22 40 51
Other current assets 6 21 21
Cash and liquid assets 20 155 183
Total assets 245 662 688
Shareholders equity 22 201 218
Minority 0 0 0
Total equity 22 201 218
Long-term debt 112 306 306
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 12 23 23
Total other long-term liabilities 32 13 13
Short-term debt 11 22 22
Accounts payable 7 24 34
Other current liabilities 49 73 73
Total liabilities and equity 245 662 688
Net IB debt 115 196 169
Net IB debt excl. pension debt 115 196 169
Net IB debt excl. leasing 104 173 145
Capital invested 169 410 399
Working capital 19 45 55
EV breakdown 2020 2021 2022
Market cap. diluted (m) 175 578 578
Net IB debt Adj 115 196 169
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 290 774 746
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 99,6 88,7 83,6
Working capital / sales (%) 9,4 7,9 8,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 532,3 97,5 77,5
Net debt / market cap (%) 134,8 33,9 29,2
Equity ratio (%) 8,8 30,4 31,6
Net IB debt adj. / equity (%) 532,3 97,5 77,5
Current ratio (%) 136,2 234,9 253,3
EBITDA / net interest (%) 138,9 148,4 252,6
Net IB debt / EBITDA (%) 568,9 429,7 208,9
Net IB debt / EBITDA lease Adj (%) 429,3 431,8 210,2
Interest cover (%) 110,4 115,2 198,9
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -7,6 -40,5 4,8
P/BVPS 8,05 2,87 2,66
P/BVPS Adj -2,08 -17,45 -34,64
P/E Adj 26,1 132,1 21,2
EV/EBITDA Adj 10,9 16,8 9,2
EV/EBITA Adj 12,9 21,5 11,7
EV/EBIT Adj 17,5 28,3 14,2
EV/cap. employed 1,8 1,4 1,3
Investment ratios 2020 2021 2022
Capex / sales 0,3 1,6 0,4
Capex / depreciation 47,6 153,6 40
Capex tangibles / tangible fixed assets 6,2 8,2 3,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 13,1 5,4 7,7
Shares outstanding adj. 10 20 20
Fully diluted shares Adj 10 20 20
EPS -0,05 -0,24 0,84
Dividend per share Adj 0 0 0
EPS Adj 0,69 0,22 1,39
BVPS 2,24 10,31 11,15
BVPS Adj -8,64 -1,7 -0,85
Net IB debt / share 11,9 10 8,6
Share price 8,83 29,6 29,6
Market cap. (m) 86 578 578
Valuation 2020 2021 2022
P/E -348,5 -125,8 35,2
EV/sales 1,31 1,92 1,32
EV/EBITDA 14,3 17 9,2
EV/EBITA 17,9 21,8 11,7
EV/EBIT 19,9 28,7 14,2
Dividend yield (%) 0 0 0
FCF yield (%) -6,3 -42,2 5,4

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Creades AB 15.3 % 15.3 % 30 Sep 2021
Alcur Fonder 14.2 % 14.2 % 30 Sep 2021
Johan Bennarsten 9.1 % 9.1 % 30 Sep 2021
Avanza Pension 7.7 % 7.7 % 30 Sep 2021
Perpressa Invest AB 6.5 % 6.5 % 30 Sep 2021
Cliens Fonder 4.0 % 4.0 % 30 Sep 2021
Tord Lendau 3.9 % 3.9 % 1 Nov 2021
Bengt Kjell 2.3 % 2.3 % 30 Sep 2021
Johan Bergenudd 2.2 % 2.2 % 30 Sep 2021
Nordnet Pensionsförsäkring 1.8 % 1.8 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Gullbrandsson Business Development AB - 80 992 SELL 17 Jun 2021
Mats Gullbrandsson - 149 008 SELL 17 Jun 2021
Styrelsemedlem Tord Lendau + 125 000 BUY 3 Aug 2020
Johan Bennarsten + 5 200 BUY 10 Jul 2020
Johan Bennarsten + 6 800 BUY 9 Jul 2020
Johan Bennarsten + 1 011 BUY 25 Feb 2020
Sydsken AB + 14 971 BUY 24 Feb 2020
Tord Lendau + 1 315 BUY 24 Oct 2019
Tord Lendau + 9 900 BUY 24 Oct 2019
Tord Lendau + 2 467 BUY 24 Oct 2019

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