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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 202 174 176
Sales growth (%) -21,2 -13,7 1,2
EBITDA 13 9 15
EBITDA margin (%) 6,4 5,5 8,5
EBIT adj 0 -3 3
EBIT adj margin (%) -0,2 -1,4 1,6
Pretax profit -20 -3 3
EPS rep -4,32 -1,21 -0,36
EPS growth (%) -113 72,1 70,3
EPS adj -0,67 -1,21 -0,36
DPS 0,65 0,5 0,5
EV/EBITDA (x) 5,9 4,7 3
EV/EBIT adj (x) -198,8 -17,9 15,9
P/E (x) -2,8 -9,9 -33,2
P/E adj (x) -18,2 -9,9 -33,2
EV/sales (x) 0,4 0,3 0,3
FCF yield (%) 15,8 69 24,1
Dividend yield (%) 5,3 4,2 4,2
Net IB debt/EBITDA -0,8 -4,5 -3,2
N/A N/A N/A
Lease adj. FCF yield (%) 3 55,9 11
Lease adj. ND/EBITDA -1,1 44,4 -15,4
SEKm 2020 2021e 2022e
Sales 202 174 176
COGS 0 0 0
Gross profit 202 174 176
Other operating items -189 -164 -161
EBITDA 13 9 15
Depreciation on tangibles -33 -3 -3
Depreciation on intangibles 0 0 0
EBITA -21 -3 3
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -21 -3 3
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 -3 3
Tax -2 0 0
Net profit -22 -3 3
Minority interest -2 -4 -5
Net profit discontinued 0 0 0
Net profit to shareholders -24 -7 -2
EPS -4,32 -1,21 -0,36
EPS Adj -0,67 -1,21 -0,36
Total extraordinary items after tax -20,2 0 0
Tax rate (%) 12 0 -10
Gross margin (%) 100 100 100
EBITDA margin (%) 6,4 5,5 8,5
EBITA margin (%) -10,2 -1,4 1,6
EBIT margin (%) -10,2 -1,4 1,6
Pretax margin (%) -9,7 -1,4 1,6
Net margin (%) -10,9 -1,4 1,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,2 -13,7 1,2
EBITDA growth (%) -15,6 -26 56,7
EBIT growth (%) -51,8 87,8 212,3
Net profit growth (%) -80,5 88,6 201,1
EPS growth (%) -113 72,1 70,3
Profitability 2020 2021 2022
ROE (%) -20,4 -7,4 -2,4
ROE Adj (%) -3,2 -7,4 -2,4
ROCE (%) -12,3 -1,9 2,1
ROCE Adj(%) -0,2 -1,9 2,1
ROIC (%) -17,6 -3 4,1
ROIC Adj (%) -0,3 -3 4,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 33 9 15
EBITDA Adj margin (%) 16,4 5,5 8,5
EBITA Adj 0 -3 3
EBITA Adj margin (%) -0,2 -1,4 1,6
EBIT Adj 0 -3 3
EBIT Adj margin (%) -0,2 -1,4 1,6
Pretax profit Adj 1 -3 3
Net profit Adj -2 -3 3
Net profit to shareholders Adj -4 -7 -2
Net Adj margin (%) -0,9 -1,4 1,4
N/A N/A N/A
Depreciation and amortisation -33 -12 -12
Of which leasing depreciation 0 -9 -9
EO items -20 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 22 -1 4
EBITDA lease Adj margin (%) 11 -0,8 2,3
SEKm 2020 2021e 2022e
EBITDA 13 9 15
Net financial items 1 0 0
Paid tax -2 0 0
Non-cash items 0 0 0
Cash flow before change in WC 11 9 15
Change in WC 3 -3 -3
Operating cash flow 15 7 11
CAPEX tangible fixed assets -4 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 44 10
Free cash flow 11 45 16
Dividend paid 0 -4 -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 3 5
Other fixed assets 10 10 10
Fixed assets 117 75 67
Inventories 0 0 0
Receivables 31 31 35
Other current assets 31 31 31
Cash and liquid assets 34 67 72
Total assets 213 204 204
Shareholders equity 96 85 81
Minority 18 22 27
Total equity 113 107 107
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 17 18
Other current liabilities 60 56 56
Total liabilities and equity 213 204 204
Net IB debt -10 -43 -48
Net IB debt excl. pension debt -10 -43 -48
Capital invested 103 64 59
Working capital -13 -11 -7
EV breakdown 2020 2021 2022
Market cap. diluted (m) 68 66 66
Net IB debt Adj -10 -43 -48
Market value of minority 18 22 27
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 76 45 45
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 82,9 83,5 86,2
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 -6,9 -5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -8,7 -40,2 -44,4
Net debt / market cap (%) -16,4 -65,4 -72,2
Equity ratio (%) 53,4 52,5 52,4
Net IB debt adj. / equity (%) -8,7 -40,2 -44,4
Current ratio (%) 110,7 153,8 162,9
EBITDA / net interest (%) -1277,8 0 0
Net IB debt / EBITDA (%) -77,1 -454 -319,6
Interest cover (%) 2049,9 0 0
N/A N/A N/A
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 -58 -63
Net IB debt / EBITDA lease Adj (%) -111,7 4444,6 -1535,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 6 6 6
Fully diluted shares Adj 6 6 6
EPS -4,32 -1,21 -0,36
Dividend per share Adj 0,7 0,5 0,5
EPS Adj -0,67 -1,21 -0,36
BVPS 17,26 15,4 14,54
BVPS Adj 0,38 6,47 7,41
Net IB debt / share -1,8 -7,8 -8,6
Share price 10,93 11,9 11,9
Market cap. (m) 60 66 66
Valuation 2020 2021 2022
P/E -2,8 -9,9 -33,2
EV/sales 0,38 0,26 0,25
EV/EBITDA 5,9 4,7 3
EV/EBITA -3,7 -17,9 15,9
EV/EBIT -3,7 -17,9 15,9
Dividend yield (%) 5,3 4,2 4,2
FCF yield (%) 15,8 69 24,1
P/BVPS 0,71 0,77 0,82
P/BVPS Adj 32,56 1,84 1,61
P/E Adj -18,2 -9,9 -33,2
EV/EBITDA Adj 2,3 4,7 3
EV/EBITA Adj -198,8 -17,9 15,9
EV/EBIT Adj -198,8 -17,9 15,9
EV/cap. employed 0,6 0,3 0,3
Investment ratios 2020 2021 2022
Capex / sales 2 3 3
Capex / depreciation 12 153,5 152,6
Capex tangibles / tangible fixed assets 268,8 157,8 103
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 2245,3 102,8 67,5
N/A N/A N/A
Lease adj. FCF yield (%) 3 55,9 11

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
Empir AB 14.1 % 12.4 % 31 Dec 2020
Savenode AB 6.5 % 11.6 % 31 Dec 2020
Lars Svensson 8.0 % 7.1 % 31 Dec 2020
Omnivore AB 6.4 % 5.6 % 31 Dec 2020
Bengt Lindström 5.2 % 4.6 % 15 Dec 2020
Avanza Pension 4.8 % 4.2 % 31 Dec 2020
Futur Pension 4.5 % 4.0 % 31 Dec 2020
Björn Lagerholm 4.2 % 3.7 % 31 Dec 2020
Stuvsta Konsult och Förvaltning AB 3.5 % 3.1 % 31 Dec 2020
Kent Anders Johansson 3.1 % 2.8 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Empir Group

Name Quantity Code Date
Lars Save + 500 BUY 2 Mar 2021
Lars Save + 10 000 BUY 1 Mar 2021
Lars Save - 6 673 SELL 24 Feb 2021
Lars Save + 9 918 BUY 24 Feb 2021
Lars Save - 3 285 SELL 23 Feb 2021
Lars Save + 10 082 BUY 23 Feb 2021
Lars Save - 18 542 SELL 22 Feb 2021
Lars Save + 25 000 BUY 22 Feb 2021
Lars Save + 2 410 BUY 12 Jan 2021
Lars Save + 7 590 BUY 11 Jan 2021

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