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Henric Hintze ... (+2)
  • Henric Hintze
  • Max Bacco

Seafire - Strong growth and one-offs

21% organic sales growth Miss due to revenue recognition change Outlook remains positive

Henric Hintze ... (+2)
  • Henric Hintze
  • Max Bacco

Seafire - Continued strong org. growth of 21%

Sales and adj. EBITA -3% and -23% vs. ABGSCe Revenue recognition change in SolidEngineer... ...affects adj. EBITA negatively by SEK 4.4m

Henric Hintze ... (+2)
  • Henric Hintze
  • Max Bacco

Seafire - A closer look at the refinancing opportunity

Q3e sales and adj. EBITA of SEK 230m and 23m F12m EV/EBITA down from 12.9x in Dec ’21 to 7.6x now Refinancing of debt in ‘23e could lift estimates

Max Bacco
  • Max Bacco

Seafire - Strong Q2 and solid H2’22e outlook

23% organic sales growth Demand remains strong in Q3, margins to improve 7x ’23e EV/EBITA

Max Bacco
  • Max Bacco

Seafire - Continues on its high-growth path

Q2 report due Tuesday, 23 August We expect 167% adj. EBITA growth in Q2e ’22e-’24e net profit down 23-4% on higher interest expenses

Max Bacco
  • Max Bacco

Seafire - Putting the money to good use

Acquires OPO Scandinavia Adds 8% and 13% to ‘22e pro forma sales and EBITDA ‘22e ND/EBITDA at 2.6x post acquisition

Max Bacco
  • Max Bacco

Seafire - Expands M&A headroom by SEK 200m

‘22e ND/EBITDA of 2.2x… …would expand to 2.9x if Seafire executes on M&A… …which could add 43% pf to EBITA, all else equal

Max Bacco
  • Max Bacco

Seafire - Full speed ahead

Announces potenial tap issue of SEK 200m In dialogue with several potential acquisition targets… …where final decisions are expected in May and June

Max Bacco
  • Max Bacco

Seafire - Putting more coal on the fire in Q2

A strong start to FY’22, as expected ‘22e-‘24e adj. EBITA up 6-11% on M&A M&A headroom for ‘22e indicates 30% upside to est.

Max Bacco
  • Max Bacco

Seafire - Positive guidance for Q2 from management

Organic growth of 21% (ABGSCe 6%) Adj. EBITA slighly weaker than expected on cost inflation Estimates up on acquisition of SolidEngineer

Max Bacco
  • Max Bacco

Seafire - Where there is attractive M&A, there is Seafire

Acquires SolidEngineer for 6x EV/EBITDA Adding 14% on sales and 12% on EBITDA in ’22e A good acquisition with an attractive price tag

Max Bacco
  • Max Bacco

Seafire - 30% ‘22e-26e CAGR possible without dilution

103% sales growth expected in Q1 M&A headroom for ‘22e indicates ~30% upside to est. 13x ‘22e EV/EBITA, in line with peers

Max Bacco
  • Max Bacco

Seafire - Feedback from ABGSC investor day

ABGSC hosted Seafire’s CEO at investor day today Highlighted development potential in extant businesses. …and high deal flow

Max Bacco
  • Max Bacco

Seafire - More to come

M&A headroom to add 15-35% to ‘22e est. High activity in Linguacom driving org. growth Fair value range of SEK 37-57 reiterated

Max Bacco
  • Max Bacco

Seafire - Sales growth of 186% in Q4

Organic growth of 33% in Q4’21 Strong balance sheet… …enabling high M&A pace going forward

Max Bacco
  • Max Bacco

Seafire - A busy start to 2022

Three acquisitions completed YTD… …adding 48-54% to ‘22e-‘23e EBITA estimates Fair value range raised to SEK 37-57 (31-46)

Max Bacco
  • Max Bacco

Seafire - High growth and improving margins

Q4 report due Thursday 24 February Solid M&A pipeline going into ’22 12.9x ’22e EV/EBITA, 20% ’21e-’23e adj. EBITA CAGR

Max Bacco
  • Max Bacco

Seafire - Firing up the M&A engine

Small serial acquirer with ample acquisition headroom ’20-’23e adj. EBITA CAGR of 45% Fair valuation range of SEK 31-46, 12x-17x ’22e EV/EBITA

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