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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 256 252 265
Sales growth (%) -3,1 -1,3 4,9
EBITDA 15 22 26
EBITDA margin (%) 5,9 8,7 10
EBIT adj 1 3 7
EBIT adj margin (%) 0,5 1 2,6
Pretax profit -14 2 6
EPS rep -2,03 -0,55 -0,03
EPS growth (%) -349,3 73,1 95
EPS adj 0,84 -0,55 -0,03
DPS 0,65 0,65 0,65
EV/EBITDA (x) 4,9 3,9 3,4
EV/EBIT adj (x) 56 34,4 13
P/E (x) -5,3 -17,3 -347
P/E adj (x) 12,9 -17,3 -347
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 16,3 6,5 31,9
Dividend yield (%) 6 6,9 6,9
Net IB debt/EBITDA -0,8 -0,1 -0,2
SEKm 2019 2020e 2021e
Sales 256 252 265
COGS 0 0 0
Gross profit 256 252 265
Other operating items -241 -230 -238
EBITDA 15 22 26
Depreciation on tangibles -29 -9 -9
Depreciation on intangibles 0 0 0
EBITA -14 3 7
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 3 7
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -14 2 6
Tax 2 0 -1
Net profit -12 1 5
Minority interest 2 -4 -6
Net profit discontinued 0 0 0
Net profit to shareholders -11 -3 0
EPS -2,03 -0,55 -0,03
EPS Adj 0,84 -0,55 -0,03
Total extraordinary items after tax -14,9 0 0
Tax rate (%) -15,1 -12,3 -10
Gross margin (%) 100 100 100
EBITDA margin (%) 5,9 8,7 10
EBITA margin (%) -5,3 1 2,6
EBIT margin (%) -5,3 1 2,6
Pretax margin (%) -5,6 0,6 2,3
Net margin (%) -4,8 0,6 2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -3,1 -1,3 4,9
EBITDA growth (%) 309,8 44,3 20,3
EBIT growth (%) -903,5 118,6 173,3
Net profit growth (%) -514,2 111,8 276
EPS growth (%) -349,3 73,1 95
Profitability 2019 2020 2021
ROE (%) -7,8 -2,2 -0,1
ROE Adj (%) 3,2 -2,2 -0,1
ROCE (%) -7,3 1,3 3,5
ROCE Adj(%) 0,7 1,3 3,5
ROIC (%) -7,8 1,4 3,7
ROIC Adj (%) 0,8 1,4 3,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 30 22 26
EBITDA Adj margin (%) 11,8 8,7 10
EBITA Adj 1 3 7
EBITA Adj margin (%) 0,5 1 2,6
EBIT Adj 1 3 7
EBIT Adj margin (%) 0,5 1 2,6
Pretax profit Adj 1 2 6
Net profit Adj 3 1 5
Net profit to shareholders Adj 4 -3 0
Net Adj margin (%) 1,1 0,6 2
SEKm 2019 2020e 2021e
EBITDA 15 22 26
Net financial items -1 -1 -1
Paid tax 2 0 -1
Non-cash items 0 0 0
Cash flow before change in WC 17 21 25
Change in WC -18 -10 0
Operating cash flow 20 11 25
CAPEX tangible fixed assets -8 -8 -8
CAPEX intangible fixed assets -4 0 0
Acquisitions and disposals 0 0 0
Free cash flow 9 3 17
Dividend paid -2 -3 -4
Share issues and buybacks 31 0 0
Other non cash items -46 0 0
Decrease in net IB debt -4 -10 3
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 0 0
Other fixed assets 13 13 13
Fixed assets 141 140 139
Inventories 0 0 0
Receivables 39 50 53
Other current assets 56 56 56
Cash and liquid assets 38 27 30
Total assets 274 273 277
Shareholders equity 139 133 129
Minority 31 36 41
Total equity 170 168 170
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 25 26
Other current liabilities 60 54 55
Total liabilities and equity 274 273 277
Net IB debt -12 -1 -4
Net IB debt excl. pension debt -12 -1 -4
Capital invested 158 167 166
Working capital 17 27 27
EV breakdown 2019 2020 2021
Market cap. diluted (m) 56 52 52
Net IB debt Adj -12 -1 -4
Market value of minority 31 36 41
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 75 87 89
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 97,4 92,2 96,2
Capital invested turnover (%) 173,9 155,2 159,2
Capital employed turnover (%) 137,3 129,2 135,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 10,4 9,2 7,8
Payables / sales (%) 8,9 8,5 9,8
Working capital / sales (%) 3,3 8,7 10,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -6,9 -0,9 -2,5
Net debt / market cap (%) -15,3 -2,7 -8
Equity ratio (%) 62,1 61,6 61,4
Net IB debt adj. / equity (%) -6,9 -0,9 -2,5
Current ratio (%) 151,8 150,2 152,1
EBITDA / net interest (%) 1990,3 2493,1 3000,3
Net IB debt / EBITDA (%) -77,7 -6,6 -15,8
Interest cover (%) -1774,5 286,3 782,4
SEKm 2019 2020e 2021e
Shares outstanding adj. 5 6 6
Fully diluted shares Adj 5 6 6
EPS -2,03 -0,55 -0,03
Dividend per share Adj 0,7 0,7 0,7
EPS Adj 0,84 -0,55 -0,03
BVPS 26,74 23,96 23,28
BVPS Adj 5,14 3,67 2,99
Net IB debt / share -2,3 -0,3 -0,8
Share price 14,85 9,48 9,48
Market cap. (m) 77 52 52
Valuation 2019 2020 2021
P/E -5,3 -17,3 -347
EV/sales 0,29 0,34 0,34
EV/EBITDA 4,9 3,9 3,4
EV/EBITA -5,5 34,4 13
EV/EBIT -5,5 34,4 13
Dividend yield (%) 6 6,9 6,9
FCF yield (%) 16,3 6,5 31,9
P/BVPS 0,4 0,4 0,41
P/BVPS Adj 2,09 2,58 3,17
P/E Adj 12,9 -17,3 -347
EV/EBITDA Adj 2,5 3,9 3,4
EV/EBITA Adj 56 34,4 13
EV/EBIT Adj 56 34,4 13
EV/cap. employed 0,4 0,4 0,5
Investment ratios 2019 2020 2021
Capex / sales 4,4 3 3
Capex / depreciation 39,2 87,9 91,1
Capex tangibles / tangible fixed assets 550,2 2177,8 -1858,2
Capex intangibles / definite intangibles 34,9 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 2061,9 2479 -2039,6

Equity research

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Media

Empir Group - Interview with CEO Lars Save (in Swedish)
Empir Group - Company presentation with CEO Lars Save & CEO of Appnode Group Kajsa Lundfall

Main shareholders - Empir Group

Main shareholders Share capital % Voting shares % Verified
Empir AB 14.1 % 12.4 % 31 Dec 2019
Lars Save 4.1 % 8.7 % 27 Mar 2020
Lars Svensson 8.5 % 7.5 % 31 Dec 2019
Savenode AB 7.0 % 6.9 % 31 Dec 2019
Anzena Holding AB 6.5 % 5.8 % 31 Dec 2019
Avanza Pension 5.8 % 5.1 % 27 Feb 2020
Sven Härgestam 4.3 % 3.8 % 31 Dec 2019
Björn Lagerholm 4.2 % 3.7 % 31 Dec 2019
Ratsave AB 3.2 % 2.8 % 31 Dec 2019
Lorentzons i Grenna AB 2.3 % 2.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Empir Group

Name Quantity Code Date
Lars Save + 1 000 BUY 27 Mar 2020
Lars Save + 1 000 BUY 26 Mar 2020
Lars Save + 2 263 BUY 20 Mar 2020
Lars Save + 3 325 BUY 19 Mar 2020
Lars Save + 9 412 BUY 18 Mar 2020
Lars Save + 2 201 BUY 19 Feb 2020
Lars Save + 7 799 BUY 18 Feb 2020
Lars Save + 10 000 BUY 17 Feb 2020
Torbjörn Skog + 9 000 BUY 6 Dec 2019
Torbjörn Skog + 8 000 ALTM 16 Sep 2019

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