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Nyhetsflöde Tempest Security

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2/23/2024 6:17:25 AM - Tempest Security: Focus on the future - SEB - The Q4 report was satisfactory in our view. Sales grew 10% y/y but the adj. EBITDA margin was 1.7pp lower than our forecast. The outlook was strong with c. SEK 80m of new contracts going live in 2024, securing stable growth and de-risking our 2024E sales growth of 11% y/y (assuming contract starts are spread out during H1/24). We keep our estimates mostly unchanged, lower adj. EBITDA by 3% for 2024E and reiterate our DCF mid-point of SEK 27.
2/22/2024 8:15:59 AM - Tempest Security Q4: Going strong into 2024 - SEB - Tempest reported a solid growth in Q4 with sales of sales SEK 118.6m (2.2% vs SEB 116.0m) corresponding to a y/y growth of 10.4%. Adj. EBITDA of SEK 3.7m was SEK 1.8m weaker-than-expected which according to the company is due to tougher competition in the market. Tempest reported SEK 80m in new contracts going live in 2024, adding c. 15% on topline all else equal. Tempest sees good demand continue in 2024. We reiterate our mid-point of SEK 27.
1/29/2024 6:13:23 AM - Tempest Security: Busy newsflow bodes well for 2024 - SEB - We raise 2024E-25E adj. EBITDA by 1.3-6.1%, driven by several recent new contracts with a total annual value of c. SEK 70m. Security Services is experiencing a surge in demand, especially in Sweden, and Tempest is clearly benefitting. We believe 2024 could be a year of robust growth and margin expansion: we forecast organic growth of 11% and a 40bp adj. EBITDA margin improvement, to 5.8%. DCF-based value mid-point up to SEK 27 (24).
11/24/2023 6:12:50 AM - Tempest Security: Solid performance and positive trajectory - SEB - Tempest Security's Q3/23 report underscored its resilience, with sales of SEK 125.9m (2.4% above our SEK 122.9m estimate) and robust growth of 13% y/y. The overall earnings trajectory looks encouraging, aligning with this and last year's pattern. Tempest's focus on Security Solutions and planned improvements in Risk Solutions contribute to a favourable outlook in our view. We reiterate our DCF-based mid-point value of SEK 24 per share.
11/23/2023 7:54:36 AM - Tempest Q3: Sales in-line, strong earnings driven by Risk Solutions - SEB - Tempest reported a solid Q3 report with sales 2% above us and adjusted EBITDA 65% above expectations, and a strong margin of 10%. The stronger-than-expected earnings were driven by the Risk Solutions segment which had a very strong margin of 21%, thanks to good performance in Denmark and the UK. Outlook was positive: the company states that the geopolitical tensions in the world has increased demand for security services. We reiterate our mid-point of SEK 24.
11/7/2023 6:14:48 AM - Tempest Security: Sweden falling behind - SEB - We forecast sales of SEK 123m, up 10% y/y, driven by stable performance from the Security Solutions segment and a seasonally strong quarter from Risk Solutions. We believe price indexation in Security Solutions combined with slightly higher sales will result in 1pp better margin y/y. We expect total adj. EBITDA of SEK 7.4m (-3% y/y), with margins in Risk Solutions pressured by increased competition. We lower our DCF-based mid-point to SEK 24 (34).
8/25/2023 5:33:14 AM - Tempest Security: Weak margins but head over water - SEB - Tempest reported sales of SEK 117.1m (-0.7% vs SEB 118.0m) corresponding to a 7% growth y/y mostly driven by its core business segment Security Solutions which grew by 12% y/y. Earnings on the other hand was a bit below expectations, Adj. EBITDA was SEK 5m (-13% vs SEB 5.8m) as Tempest continues to struggle with profitability. While this year has started slow, the overall direction of the company is looking good, compared to 2020-21. We lower our mid-point to SEK 34 (36).
8/24/2023 6:57:52 AM - Tempest Security Q2: sales in line but still struggling with profitability - SEB - Tempest Security's Q2 was OK in our view. Risk Solutions fell short of our sales estimate by 9% and the CEO highlighted the segment as a slight disappointment. The company said that the staffing problems continued in the quarter and were the main reason for the weaker earnings (EBITDA fell 23% y/y). Th CEO mentioned fierce competition in the Swedish market as another reason for the weak Risk Solutions performance. Reiterate our mid-point equity value of SEK 36/share.
8/22/2023 5:34:03 AM - Tempest Security: Short-term challenge, long-term opportunity - SEB - We forecast Q2 sales of SEK 118m and adjusted EBITDA of SEK 5.8m, corresponding to a margin of 5%. We have made small downward revisions on both sales and adjusted EBITDA, mainly on the back of a subdued short-term outlook for the Risk Solutions segment. We have lowered our DCF-based mid-point value to SEK 36 (38). We highlight our M&A scenario, which implies an attractive valuation of 3-4x 2025E EV/Adj. EBITDA.
5/26/2023 5:31:41 AM - Tempest Security: Headwinds are easing - SEB - Tempest Security is trending in the right direction with substantial margin improvement y/y for its risk solutions segment of 10pp. Results were in-line with our expectations, and we make only minor adjustments to our estimates, raising 2023E EBITD by 3% and keeping sales relatively unchanged. We believe we will see a continuation of the turnaround as we move further into 2023. We reiterate our DCF-based mid-point of SEK 38 per share.
5/25/2023 7:50:27 AM - Tempest security Q1: Overall in line with expectations, starting to see improvements - SEB - Tempest security reported a solid Q1 with results much in line with our estimates. Sales were SEK 107.8m (SEB: 108.8m) and EBITDA was SEK 3.3m (SEB: 3.4m), but adjusting for one-off integration costs adj. EBITDA was SEK 4.2m. The Security Solutions segment was better than expected, with sales of SEK 81m, 4% above our estimate, driven by new business units in the north of Sweden and a couple of new contract wins in the Stockholm region. We reiterate our mid-point of SEK 38.
5/10/2023 5:36:16 AM - Tempest Security: Clawing its way back - SEB - We forecast sales of SEK 109m and EBITDA of SEK 3.4m for the quarter, corresponding to 6% y/y organic sales growth and 3.2% (2%) margin. Q1 is a seasonally weaker quarter and staffing shortages from H2 2022 will likely continue to burden profitability. DSS in the US had a strong 2022, delivering a 16% EBITDA margin, and its contribution will likely continue to grow in 2023. We reiterate our DCF-based mid-point of SEK 38.
4/3/2023 4:50:59 AM - Börsveckan ger köpråd för Norditek och Instalco, säljråd för Formpipe - Börsveckan ger köpråd för Norditek och Instalco i den senaste utgåvan. Tidningen lämnar rådet avvakta för Physitrack, Tempest Security, Kjell & Company och Dustin samt lämnar säljråd för Formpipe.
3/3/2023 12:04:51 PM - Tempest Security: Se igenom de kortsiktiga utmaningarna - Penser - Arbetsbrist och höga sjukskrivningstal tynger kvartalet… Drivet av förvärv ökade omsättningen med 14% i Q4 (2% organisk tillväxt) och omsättningen i årstakt fortsatte växa. Bevakning såg en generell förbättring på marknaden då hotell och restaurang samt event-näringarna fortsatte återhämta sig från pandemin. Resultatet tyngdes av post-pandemisk arbetsbrist, vilket i kombination med fortsatt höga sjukskrivningsnivåer resulterade i höga kostnader för övertid. Nya rutiner och arbetssätt har plockats fram för att hantera utmaningarna, men det finns en risk för att utmaningarna kommer att påverka även det första kvartalet.
3/2/2023 10:34:33 AM - Tempest Security: Se igenom de kortsiktiga utmaningarna - Penser - Arbetsbrist och höga sjukskrivningstal tynger kvartalet… Drivet av förvärv ökade omsättningen med 14% i Q4 (2% organisk tillväxt) och omsättningen i årstakt fortsatte växa. Bevakning såg en generell förbättring på marknaden då hotell och restaurang samt event-näringarna fortsatte återhämta sig från pandemin. Resultatet tyngdes av post-pandemisk arbetsbrist, vilket i kombination med fortsatt höga sjukskrivningsnivåer resulterade i höga kostnader för övertid. Nya rutiner och arbetssätt har plockats fram för att hantera utmaningarna, men det finns en risk för att utmaningarna kommer att påverka även det första kvartalet.
2/24/2023 7:14:10 AM - Tempest: Weak Q4 but a strong year - SEB - Tempest ended 2022 slightly disappointingly with Q4 sales and EBITDA below our expectations, but we believe investors should look at the bigger picture and see the clear improvements Tempest has made. The FY22 EBITDA margin of 5% is the strongest in recent years, which we find impressive given that the company underwent some important structural changes in 2022. We cut our earnings estimates and lower our mid-point equity value to SEK 38 (41).
2/23/2023 8:42:27 AM - Tempest Q4: High sick-leave and overtime hurt margins - SEB - Tempest reported sales of SEK 108m, which was 5% below our expectation, with an adj. EBITDA margin of 2.4%. The quarter was heavily burdened by high sick leave and overtime pay. The way back after the pandemic has been tough, but the company guides for a brighter 2023, with the total turnaround in the second half of 2023. The Security Solutions segment performed well, but its EBITDA margin was a bit weak. We reiterate our mid-point value of SEK 44.
2/10/2023 6:19:58 PM - Tempest Security: Look past near-term issues - SEB - We expect margins to be burdened by elevated personnel costs. We believe demand for security services will be stable and expect organic growth of 9%. The road has been bumpy over the last two years and the way back to “normal” is as always: longer and tougher than expected. We do not doubt growth will return, our concerns are on the cost side with sick-leave and staff shortages being the two main drivers. We maintain our mid-point at SEK 41.
1/11/2023 1:55:45 PM - Tempest Security: A convincing story of growth and margin expansion - SEB - At SEB's Nordic Seminar, board chairman Andrew Spry made a convincing presentation of Tempest Security, reiterating its 2025 target of reaching SEK 1bn in sales. Given the expected mix and contribution from selected M&A, focusing on higher margin segments, this should translate into an EBITDA margin of about 10% (9M/22: 6.5%). Here, we reckon the US market will represent an increasingly important contribution. We reiterate our SEK 41 mid-point equity value.
11/29/2022 12:37:09 PM - Tempest Security: Fortsatt förbättrad lönsamhet - Penser - Omsättningen och vinsten fortsätter att öka Både omsättning och EBITDA fortsatte att öka i Q3, framför allt drivet av förvärv och Särskilda Tjänsters acceleration i USA. Den underliggande efterfrågan är fortsatt god och det ändrade säkerhetsläget ökar villigheten att köpa säkerhetstjänster. Marginalen i Bevakning pressades av svårigheter att nyrekrytera kompetent personal, vilket ökade kostnader för övertid medan förbättringar i Danmark och USA drev marginalen i Särskilda Tjänster.
11/25/2022 7:07:55 AM - Tempest Security: Temporary problems should be resolved soon - SEB - Tempest Security reported sales and EBITDA margins below our expectations. The Security Solutions segment experienced elevated personnel expenses due to difficulties in recruiting new employees and high levels of overtime. The Risk Solutions segment reported strong earnings with an EBITDA margin of 19.1%. We believe Tempest’s future looks stable, but we lower our assumptions and our mid-point to SEK 41.
11/24/2022 11:09:46 AM - Tempest Security: Sales and EBITDA margins below expectations - SEB - Tempest Security reported sales of SEK 111.8m, 6% below our expectations and EBITDA of SEK 7.6m. The EBITDA margin of 6.8% was 1.6pp below our estimate of 8.4%, due to a significant decrease in EBITDA for the Security Solutions segment. This was explained by staff shortages in the aftermath of the pandemic which resulted in more overtime and higher personnel expenses.
11/9/2022 6:31:16 AM - Tempest: Growth and margins in place - SEB - Ahead of Tempest’s Q3 report (due 24 November), we raise 2023E-24E EBITDA by 1-2%, based on a more positive outlook on demand for tech-enabled security services, which has better margins than traditional guarding services. We expect the recent acquisition of DSS to be a major contributor to profits in Q3, together with cost savings. We reiterate our DCF-based mid-point of SEK 44 per share, corresponding to 10.5x 2023E EV/adj. EBITDA.
8/30/2022 10:38:34 AM - Tempest Security: Stor order i USA indikerar acceleration - Penser - Accelererande organisk tillväxt Den organiska tillväxten var 14% i Q2, vilket var upp från 10% i Q1 trots svårare jämförelsetal. Efter kvartalet har bolaget tecknat avtal med Stena Fastigheter för 2,2 mkr per år, Moderna Museet för 6,5-7 mkr per år samt för personskyddstjänster i USA för över 10 mkr per år. Detta indikerar att efterfrågan för bolagets tjänster accelererar. Vi ser 17% organisk tillväxt för 2022e och 20% per år i snitt 2022-2025e.
8/25/2022 3:13:48 PM - Tempest Security: Margins recovering strongly - SEB - We increase 2022E-24E EBITDA by 3-10% following better-than-expected margins in Q2. Overall, we continue to see a favourable outlook for the year, with growth accelerating through a combination of organic growth and an increased M&A focus, while margins should also continue to improve throughout the remainder of 2022. We increase our DCF-based fair value range to SEK 37-51 (36-50) with a mid-point of SEK 44 (43) per share.
8/24/2022 7:12:05 AM - Tempest Security Q2: Strong earnings recovery - SEB - Tempest Security reported Q2 net sales of SEK 109.4m (SEB was at SEK 110.3m) and reported EBITDA of SEK 7.6m (SEB was at SEK 4.8m) for an EBITDA margin of 6.9% (our estimate 4.4%). Adjusted for acquisition and restructuring costs, adj. EBITDA was SEK 8.2m (adj. EBITDA margin of 7.5%). Overall, the Q2 results implyup to double-digit upgrades to our 2022-24 earnings forecasts and confirms the investment case.
6/29/2022 9:17:22 AM - Tempest Security: Insiders accumulating further shares - SEB - We note that senior management increased its shareholdings during June through the purchase of 45,314 shares, including 23,104 shares by new CEO Helene Skarle, which we view as a positive signal. Our estimates imply a favourable outlook for a clear earnings recovery throughout 2022 for Tempest Security, supported by the streamlining of operations, recent M&A and improved market conditions. We reiterate our mid-point DCF value of SEK 43 per share.
6/15/2022 9:45:48 AM - Tempest Security: Vi räknar med acceleration under H2 - Penser - Säkerhetsmedvetenheten har ökat Företags inköp av säkerhetstjänster ökade med 6% per år 2016-2020, och 2020 köptes tjänster motsvarandehalva polisens budget. Med den nuvarande geopolitiska osäkerheten anser vi att säkerhetsmedvetandet har accentuerats ytterligare, och att benägenheten att köpa säkerhetstjänster har ökat. Från diverse diskussioner har vi dessutom dragit slutsatsen att proaktiviteten hos köparna har ökat.
5/27/2022 5:56:38 AM - Tempest Security: Positive outlook for 2022 - SEB - We make minor adjustments to our 2022-24E EBITDA following the Q1 report. Overall, we continue to see a favourable outlook for the year with accelerating growth through a combination of organic growth and increased M&A focus, while margins should also gradually improve throughout 2022, particularly during H2. We reiterate our DCF-based value range of SEK 36-50 with a mid-point of SEK 43 per share.
5/25/2022 8:59:12 AM - Tempest Security Q1: Slightly above our expectations - SEB - Tempest Security reported Q1 net sales of SEK 95.7m (our estimate SEK 91.9m) and reported EBITDA of SEK 2.2m (our estimate SEK 1.7m) for an EBITDA margin of 2.3% (our estimate 1.9%). Adjusted for acquisition costs, adj. EBITDA was SEK 3.8m (adj. EBITDA margin of 4%). Overall, the Q1 results implies limited changes to our 2022-24 earnings forecasts and investment case.
5/24/2022 5:54:17 AM - Tempest Security: Growth has returned, margins will come - SEB - Ahead of Tempest’s Q1 report, due on 25 May, we revise our 2022-24E EBITDA by 6-9%, accounting for recent M&A and subsequent share issue. For Q1, we expect continued recovery with 21% revenue growth y/y. Extraordinary costs related to M&A, establishment in the US and the group transformation initiative will weigh on earnings, but we still expect slight positive Q1 EBITDA. Our updated mid-point DCF value is SEK 43 (SEK 42).
3/10/2022 10:13:37 AM - Tempest Security: Förvärvet av DSS täcker upp för senarelagda uppdragsstarter - Penser - Omsättningen fortsätter förbättras men EBITDA laggar Q4 såg 9% organisk tillväxt med 12% tillskott från M&A. Ett antal uppdragsstarter i USA har blivit senarelagda vilket har lett till tillfälligt högre kostnader vilket pressar resultatet och EBITDA-marginalen föll från strax under 5% i Q3 till strax under noll i Q4. Tempest kommer framöver fokusera på att förbättra matchningen mellan intäkter och kostnader.
3/9/2022 7:55:35 AM - Tempest Security: Securing a strong foothold in the US - SEB - Tempest Security has announced the acquisition of US-based Dynamic Security Solutions for a price of USD 2.9m (USD 3.275m inc. earn-outs), of which USD 2.15m paid in cash and USD 0.75m in new shares. In 2021, the company reported revenue and adj. profit of USD 2.3m and USD 0.725m, respectively. Hence, the price corresponds to a 2021 multiple of c. 4x profits (4.5x inc. earn-outs). We expect the acquisition to add c. 6% and >20% to our 2022 revenue and EBITDA forecasts.
2/25/2022 6:52:10 AM - Tempest Security: Investments look set to pay off in 2022 - SEB - We lower our 2022-23 EBITDA forecasts by 4-7% after the Q4 report, driven by a slightly more cautious view on near-term margins, due to various growth initiatives. Overall, we believe our case of accelerating growth through a combination of organic growth (supported by establishing operations in the US and Denmark recently) and an increased M&A focus remains intact. Our new DCF value range is SEK 35-49 with a mid-point of SEK 42 per share.
2/24/2022 8:42:25 AM - Tempest Security Q4: Revenue in line, EBITDA burdened by investments - SEB - Tempest Security reported Q4 net sales of SEK 94m (SEBe: 95m) and reported EBITDA of SEK -9m (SEBe: -7.8m). Adj. EBITDA came in at SEK -0,7m (SEBe: 3.7m), resulting in an adj. EBITDA margin of -1% (SEBe: 3.9%). The lower underlying result seems to be driven by upstart costs in the US and Denmark of SEK 2.7m and continued pandemic headwinds. Overall, the Q4 results imply mid-single digit earnings downgrades, but limited changes to our investment case.
2/16/2022 7:38:38 AM - Tempest Security: Investing for the future - SEB - For Q4 2021, we expect continued stable underlying development with 22% revenue growth (of which 9% is organic). Extraordinary costs related to M&A activities and recently announced group transformation will weigh on Q4 earnings, but enable a more agile organisation and medium-term savings potential ahead. Our updated mid-point DCF value is set at SEK 44 (49) per share.
1/11/2022 6:50:31 AM - Tempest Security: Focus on regaining growth momentum - SEB - At SEB’s Nordic Seminar, CEO Andrew Spry presented the company’s ambition to return to historical growth rates of >30% pa and reach its 2025 revenue target of SEK 1bn. He also touched upon how its new decentralised operating model will support a more active acquisition agenda. Overall, we think there will be an eventful 2022 with clear scope for accelerating growth, both organically as restrictions are being lifted, but also through selective M&A.
11/30/2021 7:23:14 AM - Tempest Security: On the right path - SEB - We have made minor upward revisions to our 2021-23 EBITDA forecasts after Q3, driven by higher margin expectations for the Risk Solutions and Other segments. Looking ahead, we expect growth to continue to accelerate through a combination of organic growth (support by recent establishment in the US and Denmark) and an increased focus on further acquisitions. We reiterate our investment case with new mid-point DCF value of SEK 49 (48).
11/25/2021 10:14:28 AM - Tempest Security: Återhämtningen fortsätter - Penser - Accelererande tillväxt<br>Q3 såg 24% omsättningstillväxt då återhämtningen efter pandemin fortsatte. Bevakning, vilket är det största affärsområdet, växte bara med 5% men nykundsförsäljningen under kvartalet var god och då flera kunder ännu inte har nått samma nivå som före pandemin finns ytterligare potential för återhämtning. Två förvärv stängdes under kvartalet och ambitionsnivån för förvärv har höjts under kvartalet.
11/24/2021 6:47:15 AM - Tempest Security Q3: 24% revenue growth y/y supported by Risk Solutions - SEB - Tempest Security reported Q3 net sales of SEK 86.7m (vs SEB SEK 86.2m), implying sales growth of 24% y/y. Adj. EBITDA came in at SEK 4.2m (vs SEB SEK 3.9m), resulting in an adj. EBITDA margin of 4.9% (vs SEB 4.5%). The positive deviation was mainly driven by strong growth (+171% y/y) within Risk Solutions. Management also comment that they are actively searching for additional M&amp;A. Overall, the Q3 results imply limited changes to our earnings estimates and investment case.
10/25/2021 7:27:19 AM - Tempest Security: Third acquisition in the books - SEB - Ahead of the Q3 report, due on 23 November, we make positive single-digit revisions to our 2021-23 EBITDA estimates following the closing of the acquisition of Örestad Industribevakning. Entering the second half of 2021, we see accelerating revenue growth, both organic and through recent M&amp;A. Our updated mid-point DCF value is set at SEK 48 per share.
10/5/2021 9:10:37 AM - USA-etablering kan bli transformativ för Tempest Security - Penser - Planerar att mer än tredubbla omsättningen till 2025
9/30/2021 9:03:30 AM - Expanding its geographical presence through M&A - SEB - Tempest Security just announced the acquisition of Örestads Industribevakning AB (letter of intent signed in June), adding annual revenues of around SEK 34m (+8% to our revenue forecasts) with good profitability (EBITDA margin of 15% in 2020/21). The acquisition expands Tempest Security’s geographical presence and provides an attractive platform in the south of Sweden. The acquisition price of SEK 24m is paid in cash and the four sellers will remain active in the company.
8/27/2021 5:41:32 AM - Tempest Security: Growth set to accelerate further in H2 - SEB - The Q2 results were broadly in line with our expectations in terms of revenue, but below on EBITDA. This was mainly driven by growth investments and the establishment of new platforms in Denmark and the US, which burdened EBITDA by around SEK 2m in Q2. These investments will support Tempest’s growth agenda and we expect accelerating growth in H2 2021. We reiterate our investment case with a new mid-point DCF value of SEK 47 (49).
6/9/2021 8:54:59 AM - Tempest Security: Acquiring attractive platform in the South of Sweden - SEB - Tempest Security just announced that it has signed a LOI to acquire Örestads Industribevakning. The company reported 2020 revenue and EBIT of SEK 29.8m (2019: SEK 25.6m) and SEK 3.1m (2019: SEK 0.5m), respectively. Following a due diligence process, Tempest expects to complete the acquisition by 1 October. The acquistion expands its geographical presence and will add around 9% to our revenue forecasts, while creating an attractive platform in the expansive Öresund region.
5/26/2021 5:41:49 AM - Tempest Security: Putting the pedal to the metal - SEB - The Q1 results were in line with our expectations with encouraging signs of improved commercial activity by the end of the quarter. Growth has clearly been impacted by the pandemic over the past year, but we now expect conditions to improve. We forecast double-digit revenue growth in Q2, supported by recent M&amp;A activity, with further acceleration during autumn. Our mid-point DCF value is intact at SEK 49 per share after the report.
5/25/2021 12:19:20 PM - Tempest Security Q1: Improved margins and signs of increased commercial activity - SEB - Tempest Security reported Q1 sales of SEK 76.3m (SEB SEK 78.8m) and EBITDA of SEK 1.6m (SEB SEK 1.0m), yielding an EBITDA margin of 2.1% (SEB 1.3%). The pandemic continues to burden sales but commercial activity had increased by end-Q1. Group EBITDA fell y/y but was burdened by growth initiatives (M&amp;A, IT and strategic recruitments) and all operational segments improved margins y/y. The Q1 results imply limited changes to our earnings estimates and investment case.
5/4/2021 9:56:58 AM - Tempest Security: Going west to the world's largest security services market - SEB - Tempest just announced an expansion to the US due to increasing customer demand for qualified close protection services, which seems to have been accelerated by recent industry consolidation. The ambition is that the US will constitute a meaningful part of its 2025 revenue target of SEK 1bn and first assignments are expected to be signed in 2021. Although its difficult to assess the financial impact at this stage, we find it to be a very interesting move.
4/27/2021 5:47:43 PM - Tempest Security: Ready to reach the next level - SEB - Tempest Security will publish its Q1 results on 25 May. We think that the pandemic will continue to be a burden on growth and there will likely be some extra costs related to recent M&amp;A activity. However, following the capital raise of SEK 34m, we think the company has ample firepower to regain its growth momentum during the coming quarters, both organically and through selective acquisitions, supporting its international expansion.
2/25/2021 6:49:43 AM - Tempest Security: Doubling its firepower - SEB - Yesterday evening, Tempest announced that it had raised SEK 34m (before transaction costs) in a directed issue of 0.88m new shares. The transaction was done at SEK 38.60, corresponding to a 6.8% discount to yesterday’s close. The company intends to use the funds to accelerate growth and will now have firepower of around SEK 60m (including current cash position of SEK 29m) for potential M&amp;A.
2/24/2021 6:11:10 AM - Tempest Security: Expanding its international footprint - SEB - Tempest’s Q4 results were broadly in line with our expectations and showed improvements compared with Q3. Growth remains slightly muted due to the pandemic, but the company has now resumed investments and M&amp;A activities, with a letter of intent signed to acquire two companies in the UK. We make limited changes to our forecasts and reiterate our DCF valuation range of SEK 43-60 per share with a mid-point of SEK 51.
2/23/2021 8:10:10 AM - Tempest Security: Q4, off to a good start in Denmark - Tempest reported Q4 sales of SEK 77.6m (vs SEB 74.1m) and sales growth of -7% y/y. Adj. EBITDA was SEK 2.1m (vs SEB 1.8m) for an adj. EBITDA margin of 2.7%. Net sales continues to be burdened by the pandemic, but the company is ramping-up investments and seems off to a good start in Denmark (established in January). M&amp;A has also been resumed with intention to acquire two UK companies. The result implies limited changes to our earnings estimates and investment case.
2/5/2021 8:16:35 AM - Tempest Security: Announces the intention to acquire two British companies - SEB - Tempest just announced the intention to acquire FUSION 85 and SCiSCO. Tempest sees synergies between Fusion 85 and its UK based company i-CRC to create a leading company within intellectual property rights, while the acquisition of SCiSCO broadens Tempest existing footprint in investigation services. In total, the two companies had annual sales of GBP 1.15m in 2020, which should add about +4% to our revenue forecasts. Deal is expected to close in February 2021.
1/20/2021 9:02:03 AM - Tempest Security: In every crisis, there is great opportunity - SEB - Tempest Security will publish its Q4 results on 23 February. The pandemic clearly creates short-term turbulence for the security services market, but we argue that Tempest has successfully navigated through the storm and will enter the recovery from a position of strength. We lower our estimates due to prolonged effects from the pandemic, but believe M&amp;A is high on the agenda and could potentially support growth during the first half of 2021.
12/1/2020 2:59:02 PM - Tempest Security: Kortsiktiga utmaningar – bibehållen potential - Analysguiden - Utmanande affärsklimat under Covid-19-pandemin
11/3/2020 8:13:10 AM - Tempest Security: Earnings to remain resilient - SEB - Tempest Security will publish its Q3 results on 24 November. While revenue growth will be below historical levels due to the pandemic, we expect earnings to remain resilient. Furthermore, we see encouraging signs that the strategic shift and broadening of the portfolio towards more advanced security solutions is starting to yield results. We have made slightly positive earnings estimate revisions and derive a new mid-point DCF value of SEK 55 (54) per share.
9/2/2020 6:02:55 AM - Tempest Security: Stark intjäning och förbättrad lönsamhet - Analysguiden - Imponerande tillväxt trots Covid-19
8/26/2020 7:03:29 AM - Tempest Security: Further growth on the horizon - SEB - Growing, despite the challenging circumstances<br>As expected, Tempest has not been unaffected by COVID-19 and the impact differs quite substantially between the different service offerings. Risk solutions faced most challenges, mainly attributable to its UK exposure, the divestment of NPA, and reduced activity in GPG, resulting in a sales decline of 37% y/y. Security Solutions was better than we had expected with sales growth of 23% y/y, supported by recent large contract assignments, and the high-margin services within the Other segment also developed favourably.
6/1/2020 6:43:19 AM - Börsveckan ger köpråd för BHG, finska Musti och Sedana Medical - Börsveckan ger köpråd för BHG, finska Musti och Sedana Medical
5/28/2020 9:33:19 AM - Tempest Security: Vänder till vinst i utmanande tider – Analysguiden - Tempest Security: Vänder till vinst i utmanande tider – Analysguiden
5/20/2020 1:59:18 PM - Tempest Security: Vänder till vinst – Analysguiden - Tempest Security: Vänder till vinst – Analysguiden