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Empir Group

Empir Group

The personal consultant

Empir Group, formerly MSC Group, is a group of a 20+ independent companies operating within IT. The group has a nationwide organization, strong local presence with independent offices that provide services ranging from system development to IT operations of server environments, workplaces and packaged application offers. Empir operates under three divisions: Apply, Serve and Solve, representing the whole life cycle from consultancy services (Solve), application offering (Apply) and support (Serve).

We believe that Empir will continue its acquisition intensive strategy, which will derive further growth. An intensification of acquisitions within the business segments Apply and Serve would give Empir the opportunity to strengthen its operating margins as the proportion of sales from the consultancy segment decreases.

In its strategy to grow by further acquisitions, Empir faces the underlying risk of integration issues, which could potentially delay the company from reaching its financial targets. Restructuring costs from acquisitions will be volatile on a quarterly basis and affect profitability short-term.

SEKm 2020 2021e 2022e
Sales 202 146 158
Sales growth (%) -21,2 -27,4 7,9
EBITDA 13 -4 6
EBITDA margin (%) 6,4 -2,5 3,7
EBIT adj 0 -12 -4
EBIT adj margin (%) -0,2 -8,2 -2,2
Pretax profit -20 -17 -4
EPS rep -4,32 -3,09 -1,17
EPS growth (%) -113 28,6 62,1
EPS adj -0,67 -2,2 -1,17
DPS 1,3 0,5 0,5
EV/EBITDA (x) 5,9 -33,2 21,2
EV/EBIT adj (x) -198,8 -10 -34,7
P/E (x) -2,8 -7,3 -19,2
P/E adj (x) -18,2 -10,2 -19,2
EV/sales (x) 0,4 0,8 0,8
FCF yield (%) 15,8 26,1 8,9
Dividend yield (%) 10,6 2,2 2,2
Net IB debt/EBITDA -0,8 7,7 -4,8
Lease adj. FCF yield (%) 3 19,4 2,2
Lease adj. ND/EBITDA -1,1 4,6 8,6
SEKm 2020 2021e 2022e
Sales 202 146 158
COGS 0 0 0
Gross profit 202 146 158
Other operating items -189 -150 -152
EBITDA 13 -4 6
Depreciation on tangibles -33 -3 -3
Depreciation on intangibles 0 0 0
EBITA -21 -17 -4
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -21 -17 -4
Other financial items 0 0 0
Net financial items 1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -17 -4
Tax -2 0 0
Net profit -22 -17 -4
Minority interest -2 -1 -3
Net profit discontinued 0 0 0
Net profit to shareholders -24 -18 -7
EPS -4,32 -3,09 -1,17
EPS Adj -0,67 -2,2 -1,17
Total extraordinary items after tax -20,2 -5,1 0
Tax rate (%) 12 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) 6,4 -2,5 3,7
EBITA margin (%) -10,2 -11,7 -2,2
EBIT margin (%) -10,2 -11,7 -2,2
Pretax margin (%) -9,7 -11,7 -2,3
Net margin (%) -10,9 -11,7 -2,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,2 -27,4 7,9
EBITDA growth (%) -15,6 -128,2 260,4
EBIT growth (%) -51,8 17 79,3
Net profit growth (%) -80,5 22 79,2
EPS growth (%) -113 28,6 62,1
Profitability 2020 2021 2022
ROE (%) -20,4 -21,4 -10,2
ROE Adj (%) -3,2 -15,2 -10,2
ROCE (%) -12,3 -13,6 -3,2
ROCE Adj(%) -0,2 -9,6 -3,2
ROIC (%) -17,6 -20,7 -6,1
ROIC Adj (%) -0,3 -14,6 -6,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 33 1 6
EBITDA Adj margin (%) 16,4 1 3,7
EBITA Adj 0 -12 -4
EBITA Adj margin (%) -0,2 -8,2 -2,2
EBIT Adj 0 -12 -4
EBIT Adj margin (%) -0,2 -8,2 -2,2
Pretax profit Adj 1 -12 -4
Net profit Adj -2 -12 -4
Net profit to shareholders Adj -4 -13 -7
Net Adj margin (%) -0,9 -8,2 -2,3
Depreciation and amortisation -33 -13 -9
Of which leasing depreciation 0 -9 -9
EO items -20 -5 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 22 -9 -5
EBITDA lease Adj margin (%) 11 -6,4 -3,2
Leasing payments -11 -11 -11
SEKm 2020 2021e 2022e
EBITDA 13 -4 6
Net financial items 1 0 0
Paid tax -2 0 0
Non-cash items 0 0 0
Cash flow before change in WC 11 -4 6
Change in WC 3 -2 0
Operating cash flow 15 -6 6
CAPEX tangible fixed assets -4 -4 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 44 10
Free cash flow 11 34 12
Dividend paid 0 -7 -3
Share issues and buybacks 0 0 0
Other non cash items -7 0 0
Decrease in net IB debt -2 33 4
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 83 39 29
Indefinite intangible assets 0 0 0
Definite intangible assets 10 10 10
Tangible fixed assets 1 1 5
Other fixed assets 10 10 10
Fixed assets 117 72 66
Inventories 0 0 0
Receivables 31 25 27
Other current assets 31 31 31
Cash and liquid assets 34 52 52
Total assets 213 180 176
Shareholders equity 96 71 61
Minority 18 18 22
Total equity 113 89 83
Long-term debt 4 4 4
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 5 5 5
Accounts payable 15 15 16
Other current liabilities 60 53 54
Total liabilities and equity 213 180 176
Net IB debt -10 -28 -28
Net IB debt excl. pension debt -10 -28 -28
Capital invested 103 61 55
Working capital -13 -11 -12
EV breakdown 2020 2021 2022
Market cap. diluted (m) 68 129 129
Net IB debt Adj -10 -28 -28
Market value of minority 18 18 22
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 76 120 123
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 82,9 74,5 88,6
Capital invested turnover (%) 154 207,5 284,7
Capital employed turnover (%) 120,8 129,6 134,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 12,3 12,3 10,9
Payables / sales (%) 8,2 9,3 9,9
Working capital / sales (%) 0,9 -8,4 -7,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -8,7 -31,3 -33,8
Net debt / market cap (%) -16,4 -22,3 -22,4
Equity ratio (%) 53,4 49,4 46,9
Net IB debt adj. / equity (%) -8,7 -31,3 -33,8
Current ratio (%) 110,7 137,5 136
EBITDA / net interest (%) -1277,8 -19015,4 30502,1
Net IB debt / EBITDA (%) -77,1 770,5 -482
Interest cover (%) 2049,9 -89904,9 -18636,6
Lease liability amortisation -9 -9 -9
Other intangible assets 10 10 10
Right-of-use asset 12 12 12
Total other fixed assets 10 10 10
Leasing liability 15 15 15
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -25 -43 -43
Net IB debt / EBITDA lease Adj (%) -111,7 459,7 858,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 6 6 6
Fully diluted shares Adj 6 6 6
EPS -4,32 -3,09 -1,17
Dividend per share Adj 1,3 0,5 0,5
EPS Adj -0,67 -2,2 -1,17
BVPS 17,26 12,75 11,04
BVPS Adj 0,38 3,82 3,91
Net IB debt / share -1,8 -5 -5
Share price 10,93 22,5 22,5
Market cap. (m) 60 125 125
Valuation 2020 2021 2022
P/E -2,8 -7,3 -19,2
EV/sales 0,38 0,82 0,78
EV/EBITDA 5,9 -33,2 21,2
EV/EBITA -3,7 -7 -34,7
EV/EBIT -3,7 -7 -34,7
Dividend yield (%) 10,6 2,2 2,2
FCF yield (%) 15,8 26,1 8,9
P/BVPS 0,71 1,76 2,04
P/BVPS Adj 32,56 5,89 5,75
P/E Adj -18,2 -10,2 -19,2
EV/EBITDA Adj 2,3 80,6 21,2
EV/EBITA Adj -198,8 -10 -34,7
EV/EBIT Adj -198,8 -10 -34,7
EV/cap. employed 0,6 1,1 1,2
Investment ratios 2020 2021 2022
Capex / sales 2 3 3
Capex / depreciation 12 90,2 643,4
Capex tangibles / tangible fixed assets 268,8 435,2 94,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 2245,3 482,8 14,7
Lease adj. FCF yield (%) 3 19,4 2,2

Equity research

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Media

Empir Group - Company presentation with CEO Lars Save and CEO Torbjörn Skog (Frontwalker)
Empir Group - Interview with CEO Lars Save (in Swedish)

Main shareholders - Empir Group

Main shareholders Share capital % Voting shares % Verified
Fredrik Crafoord 18.5 % 22.1 % 5 Oct 2021
Avanza Pension 17.2 % 15.2 % 30 Sep 2021
Savenode AB 4.3 % 9.6 % 4 Oct 2021
Lars Svensson 6.2 % 5.5 % 30 Sep 2021
Thomas Krishan 5.8 % 5.1 % 21 Oct 2021
Bengt Lindström 5.7 % 5.0 % 24 Sep 2021
New Equity 5.0 % 4.4 % 6 Oct 2021
Nrg Nordiska Resultatgruppen AB 2.4 % 2.1 % 30 Sep 2021
Arne Lorentzon AB 2.3 % 2.1 % 30 Sep 2021
Nordnet Pensionsförsäkring 1.9 % 1.7 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Empir Group

Name Quantity Code Date
Tommy Bergqvist - 344 302 SELL 7 Sep 2021
Lars Save - 100 000 SELL 3 Sep 2021
Lars Save - 10 000 SELL 18 Jun 2021
Lars Save + 24 887 BUY 10 Jun 2021
Lars Save + 5 113 BUY 9 Jun 2021
Lars Save + 10 000 BUY 4 Jun 2021
Lars Save + 9 826 BUY 3 Jun 2021
Lars Save + 5 174 BUY 2 Jun 2021
Bengt Lindström + 5 827 BUY 1 Jun 2021
Bengt Lindström + 726 BUY 31 May 2021

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