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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 257 256 265
Sales growth (%) -2,8 -0,2 3,4
EBITDA 13 29 32
EBITDA margin (%) 5 11,3 12,2
EBIT adj 3 9 13
EBIT adj margin (%) 1,4 3,7 4,8
Pretax profit -7 9 12
EPS rep -1,44 0,28 0,68
EPS growth (%) -225,7 119,1 145,2
EPS adj 0,36 0,28 0,68
DPS 0 0,08 0,2
EV/EBITDA (x) 4,8 2,2 1,9
EV/EBIT adj (x) 17,9 6,8 4,9
P/E (x) -7,4 38,8 15,8
P/E adj (x) 29,5 38,8 15,8
EV/sales (x) 0,2 0,2 0,2
FCF yield (%) -9,1 25,9 33,1
Dividend yield (%) 0 0,8 1,9
Net IB debt/EBITDA -0,6 -0,4 -0,6
SEKm 2019 2020e 2021e
Sales 257 256 265
COGS 0 0 0
Gross profit 257 256 265
Other operating items -244 -227 -232
EBITDA 13 29 32
Depreciation on tangibles -9 -9 -9
Depreciation on intangibles 0 0 0
EBITA -7 9 13
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -7 9 13
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 -7 9 12
Tax 0 -1 -1
Net profit -7 8 11
Minority interest -1 -6 -7
Net profit discontinued 0 0 0
Net profit to shareholders -8 2 4
EPS -1,44 0,28 0,68
EPS Adj 0,36 0,28 0,68
Total extraordinary items after tax -10 0 0
Tax rate (%) -0,1 -10 -10
Gross margin (%) 100 100 100
EBITDA margin (%) 5 11,3 12,2
EBITA margin (%) -2,5 3,7 4,8
EBIT margin (%) -2,5 3,7 4,8
Pretax margin (%) -2,9 3,3 4,5
Net margin (%) -2,9 3 4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,8 -0,2 3,4
EBITDA growth (%) 249,1 122,7 11,9
EBIT growth (%) -381,7 244,9 35,4
Net profit growth (%) -279 204,4 39
EPS growth (%) -225,7 119,1 145,2
Profitability 2019 2020 2021
ROE (%) -5,6 1 2,4
ROE Adj (%) 1,4 1 2,4
ROCE (%) -3,4 4,6 5,9
ROCE Adj(%) 1,8 4,6 5,9
ROIC (%) -4,4 5,3 7
ROIC Adj (%) 2,4 5,3 7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 23 29 32
EBITDA Adj margin (%) 8,9 11,3 12,2
EBITA Adj 3 9 13
EBITA Adj margin (%) 1,4 3,7 4,8
EBIT Adj 3 9 13
EBIT Adj margin (%) 1,4 3,7 4,8
Pretax profit Adj 3 9 12
Net profit Adj 3 8 11
Net profit to shareholders Adj 2 2 4
Net Adj margin (%) 1 3 4
SEKm 2019 2020e 2021e
EBITDA 13 29 32
Net financial items -1 -1 -1
Paid tax 0 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC 12 27 30
Change in WC -6 -4 -3
Operating cash flow 6 23 28
CAPEX tangible fixed assets -8 -8 -8
CAPEX intangible fixed assets -4 0 0
Acquisitions and disposals 0 0 0
Free cash flow -5 15 20
Dividend paid -2 0 0
Share issues and buybacks 31 0 0
Other non cash items -5 0 0
Decrease in net IB debt -9 5 9
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 111 111 111
Indefinite intangible assets 0 0 0
Definite intangible assets 17 17 17
Tangible fixed assets 2 1 0
Other fixed assets 9 9 9
Fixed assets 155 153 152
Inventories 0 0 0
Receivables 56 64 66
Other current assets 0 0 0
Cash and liquid assets 46 51 59
Total assets 257 268 277
Shareholders equity 153 155 158
Minority 11 17 24
Total equity 164 171 182
Long-term debt 21 21 21
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 1 1 1
Other long-term liabilities 0 0 0
Short-term debt 4 4 4
Accounts payable 41 45 44
Other current liabilities 13 13 13
Total liabilities and equity 189 251 257
Net IB debt -7 -12 -21
Net IB debt excl. pension debt -7 -12 -21
Capital invested 160 162 164
Working capital 5 9 12
EV breakdown 2019 2020 2021
Market cap. diluted (m) 59 59 59
Net IB debt Adj -7 -12 -21
Market value of minority 11 17 24
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 63 64 62
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 101 97,6 97,1
Capital invested turnover (%) 174,1 159 162,2
Capital employed turnover (%) 135,5 124,1 123,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 7,3 4 3,9
Payables / sales (%) 13,4 16,7 16,7
Working capital / sales (%) 0,8 2,8 4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -4,4 -7,1 -11,5
Net debt / market cap (%) -8,8 -20,6 -35,3
Equity ratio (%) 63,7 64 65,5
Net IB debt adj. / equity (%) -4,4 -7,1 -11,5
Current ratio (%) 159 169,2 186,6
EBITDA / net interest (%) 1485,5 3307,8 3701,4
Net IB debt / EBITDA (%) -56 -42,3 -64,9
Interest cover (%) -746,3 1081,3 1463,8
SEKm 2019 2020e 2021e
Shares outstanding adj. 6 6 6
Fully diluted shares Adj 6 6 6
EPS -1,44 0,28 0,68
Dividend per share Adj 0 0,1 0,2
EPS Adj 0,36 0,28 0,68
BVPS 27,67 27,95 28,54
BVPS Adj 4,61 4,89 5,48
Net IB debt / share -1,3 -2,2 -3,8
Share price 14,85 10,7 10,7
Market cap. (m) 82 59 59
Valuation 2019 2020 2021
P/E -7,4 38,8 15,8
EV/sales 0,24 0,25 0,23
EV/EBITDA 4,8 2,2 1,9
EV/EBITA -9,6 6,8 4,9
EV/EBIT -9,6 6,8 4,9
Dividend yield (%) 0 0,8 1,9
FCF yield (%) -9,1 25,9 33,1
P/BVPS 0,39 0,38 0,37
P/BVPS Adj 2,32 2,19 1,95
P/E Adj 29,5 38,8 15,8
EV/EBITDA Adj 2,7 2,2 1,9
EV/EBITA Adj 17,9 6,8 4,9
EV/EBIT Adj 17,9 6,8 4,9
EV/cap. employed 0,3 0,3 0,3
Investment ratios 2019 2020 2021
Capex / sales 4,4 3 3
Capex / depreciation 130,4 89,1 91,2
Capex tangibles / tangible fixed assets 349,5 606 1599,9
Capex intangibles / definite intangibles 21,6 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 393,3 679,8 1755,2

Equity research

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Media

Empir Group - Interview with CEO Lars Save (in Swedish)
Empir Group - Company presentation with CEO Lars Save & CFO Torbjörn Nilsson (in Swedish)

Main shareholders - Empir Group

Main shareholders Share capital % Voting shares % Verified
Empir AB 14.1 % 12.4 % 31 Dec 2019
Lars Save 3.5 % 8.1 % 31 Dec 2019
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 4.9 % 4.3 % 31 Dec 2019
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
Torbjörn Skog + 9 000 BUY 6 Dec 2019
Lars Save + 75 000 ALTM 16 Sep 2019
Torbjörn Skog + 8 000 ALTM 16 Sep 2019
Torbjörn Nilsson Nyström + 25 000 ALTM 16 Sep 2019
Lars Save - 100 000 SELL 17 May 2019
Anders Hibell + 2 086 SUBS 23 Apr 2019
Robert Carlén + 1 154 SUBS 16 Apr 2019
Robert Carlén + 141 626 SUBS 16 Apr 2019
Lars Save + 6 392 SUBS 16 Apr 2019
Robert Carlén + 1 154 SUBS 16 Apr 2019

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