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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 2019 2020e 2021e
Sales 256 219 248
Sales growth (%) -3,1 -14,5 13,3
EBITDA 15 13 18
EBITDA margin (%) 5,9 5,8 7,2
EBIT adj 1 -1 4
EBIT adj margin (%) 0,5 -0,4 1,7
Pretax profit -14 0 4
EPS rep -2,03 -0,71 0,03
EPS growth (%) -349,3 65,1 104,5
EPS adj 0,84 -0,71 0,03
DPS 0 0 0
EV/EBITDA (x) 4,9 8,3 6,1
EV/EBIT adj (x) 56 -111,1 26,5
P/E (x) -5,3 -17,7 390,3
P/E adj (x) 12,9 -17,7 390,3
EV/sales (x) 0,3 0,5 0,4
FCF yield (%) 16,3 -3,7 13
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,8 0,1 0,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 256 219 248
COGS 0 0 0
Gross profit 256 219 248
Other operating items -241 -206 -230
EBITDA 15 13 18
Depreciation on tangibles -29 -3 -3
Depreciation on intangibles 0 0 0
EBITA -14 -1 4
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 -1 4
Other financial items 0 0 0
Net financial items -1 1 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -14 0 4
Tax 2 0 0
Net profit -12 0 3
Minority interest 2 -3 -3
Net profit discontinued 0 0 0
Net profit to shareholders -11 -4 0
EPS -2,03 -0,71 0,03
EPS Adj 0,84 -0,71 0,03
Total extraordinary items after tax -14,9 0 0
Tax rate (%) -15,1 100,3 -10
Gross margin (%) 100 100 100
EBITDA margin (%) 5,9 5,8 7,2
EBITA margin (%) -5,3 -0,4 1,7
EBIT margin (%) -5,3 -0,4 1,7
Pretax margin (%) -5,6 -0,1 1,5
Net margin (%) -4,8 -0,2 1,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -3,1 -14,5 13,3
EBITDA growth (%) 309,8 -16,5 40,7
EBIT growth (%) -903,5 93 537,8
Net profit growth (%) -514,2 96,4 864,3
EPS growth (%) -349,3 65,1 104,5
Profitability 2019 2020 2021
ROE (%) -7,8 -2,9 0,1
ROE Adj (%) 3,2 -2,9 0,1
ROCE (%) -7,3 -0,5 2,1
ROCE Adj(%) 0,7 -0,5 2,1
ROIC (%) -7,8 -1,2 2,2
ROIC Adj (%) 0,8 -1,2 2,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 30 13 18
EBITDA Adj margin (%) 11,8 5,8 7,2
EBITA Adj 1 -1 4
EBITA Adj margin (%) 0,5 -0,4 1,7
EBIT Adj 1 -1 4
EBIT Adj margin (%) 0,5 -0,4 1,7
Pretax profit Adj 1 0 4
Net profit Adj 3 0 3
Net profit to shareholders Adj 4 -4 0
Net Adj margin (%) 1,1 -0,2 1,4
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 15 13 18
Net financial items -1 1 0
Paid tax 2 0 0
Non-cash items 0 0 0
Cash flow before change in WC 17 13 17
Change in WC 4 -9 -1
Operating cash flow 20 4 16
CAPEX tangible fixed assets -8 -7 -7
CAPEX intangible fixed assets -4 0 0
Acquisitions and disposals 0 0 0
Free cash flow 9 -3 9
Dividend paid -2 0 0
Share issues and buybacks 31 0 0
Other non cash items -46 0 0
Decrease in net IB debt -4 -13 -1
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 102 102 102
Indefinite intangible assets 0 0 0
Definite intangible assets 10 10 10
Tangible fixed assets 1 5 10
Other fixed assets 13 13 13
Fixed assets 141 145 149
Inventories 0 0 0
Receivables 39 44 50
Other current assets 56 56 56
Cash and liquid assets 38 25 23
Total assets 274 269 277
Shareholders equity 139 135 135
Minority 31 35 38
Total equity 170 170 173
Long-term debt 10 10 10
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 4 4 4
Accounts payable 18 22 25
Other current liabilities 60 51 54
Total liabilities and equity 274 269 277
Net IB debt -12 1 2
Net IB debt excl. pension debt -12 1 2
Capital invested 158 171 176
Working capital 17 26 27
EV breakdown 2019 2020 2021
Market cap. diluted (m) 56 69 69
Net IB debt Adj -12 1 2
Market value of minority 31 35 38
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 75 105 110
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 97,4 80,6 90,8
Capital invested turnover (%) 173,9 132,9 143,1
Capital employed turnover (%) 137,3 111,6 125,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 10,4 10 7,5
Payables / sales (%) 8,9 9,1 9,4
Working capital / sales (%) 3,3 9,9 10,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -6,9 0,7 1,4
Net debt / market cap (%) -15,3 1,7 3,6
Equity ratio (%) 62,1 63,2 62,5
Net IB debt adj. / equity (%) -6,9 0,7 1,4
Current ratio (%) 151,8 149,9 146
EBITDA / net interest (%) 1990,3 -1745,6 4463,4
Net IB debt / EBITDA (%) -77,7 9,1 14
Interest cover (%) -1774,5 130,3 1036,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 5 6 6
Fully diluted shares Adj 5 6 6
EPS -2,03 -0,71 0,03
Dividend per share Adj 0 0 0
EPS Adj 0,84 -0,71 0,03
BVPS 26,74 24,41 24,44
BVPS Adj 5,14 4,12 4,15
Net IB debt / share -2,3 0,2 0,5
Share price 14,85 12,55 12,55
Market cap. (m) 77 69 69
Valuation 2019 2020 2021
P/E -5,3 -17,7 390,3
EV/sales 0,29 0,48 0,44
EV/EBITDA 4,9 8,3 6,1
EV/EBITA -5,5 -111,1 26,5
EV/EBIT -5,5 -111,1 26,5
Dividend yield (%) 0 0 0
FCF yield (%) 16,3 -3,7 13
P/BVPS 0,4 0,51 0,51
P/BVPS Adj 2,09 3,05 3,02
P/E Adj 12,9 -17,7 390,3
EV/EBITDA Adj 2,5 8,3 6,1
EV/EBITA Adj 56 -111,1 26,5
EV/EBIT Adj 56 -111,1 26,5
EV/cap. employed 0,4 0,5 0,6
Investment ratios 2019 2020 2021
Capex / sales 4,4 3 3
Capex / depreciation 39,2 231,3 255,9
Capex tangibles / tangible fixed assets 550,2 128,2 77,1
Capex intangibles / definite intangibles 34,9 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 2061,9 55,4 30,1
N/A N/A N/A

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 % 30 Jun 2020
Savenode AB 7.2 % 12.2 % 8 Sep 2020
Lars Svensson 8.0 % 7.1 % 30 Jun 2020
Anzena Holding AB 6.5 % 5.8 % 30 Jun 2020
Lars Save 5.4 % 4.8 % 17 Sep 2020
Avanza Pension 5.1 % 4.5 % 28 Aug 2020
Sven Härgestam 4.3 % 3.8 % 30 Jun 2020
Björn Lagerholm 4.2 % 3.7 % 30 Jun 2020
Kent Anders Johansson 3.1 % 2.7 % 30 Jun 2020
Stuvsta Konsult och Förvaltning AB 2.6 % 2.3 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Empir Group

Name Quantity Code Date
Lars Save + 5 000 BUY 17 Sep 2020
Lars Save + 9 837 BUY 16 Sep 2020
Lars Save + 35 163 BUY 15 Sep 2020
Lars Save - 35 163 SELL 15 Sep 2020
Lars Save - 64 837 SELL 15 Sep 2020
Lars Save + 20 000 BUY 11 Sep 2020
Lars Save + 15 000 BUY 9 Sep 2020
Lars Save + 10 163 BUY 8 Sep 2020
Lars Save - 35 163 SELL 8 Sep 2020
Lars Save + 4 837 BUY 7 Sep 2020

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