Today, Seafire announced two acquisitions: Kenpo Sandwich and its sister company Novasip. Kenpo is a family company that develops and produces tailor-made sandwich panels according to customer specifications, whereas Novasip distributes energy-efficient modular houses, sheds and building components such as walls and roofs with a clear sustainability profile. The two firms have grown sales by 12% p.a. L5Y and saw combined sales and EBITDA of SEK 85 and SEK 25m in ’21, respectively, corresponding to an EBITDA margin of ~29%. Seafire pays an EV of SEK 170m, corresponding to an EV/EBITDA of ~7x (including potential earn-outs). Additionally, Seafire acquired DOFAB in January, which was not previously included in our estimates. DOFAB produces bespoke windows, doors and gates for real estate companies and the private market. The company has grown sales by 17% p.a. L5Y and had sales and EBITDA of SEK 69m and 12.8m, respectively, in its last FY, corresponding to an EBITDA margin of ~19%. Seafire paid an EV of SEK 95m (including potential earn-outs) for the company, corresponding to ~7x EV/EBITDA. After the acquisitions, Seafire has pro forma sales and adj. EBITDA of SEK >700m and 110m, respectively.
…acquiring high-quality companies, with room for more
We consider the margin-accretive acquisitions to be of a high quality and the multiplies paid to be reasonable. In addition to adding volume, the new companies also decrease Seafire’s dependency on Nordbutiker, creating better diversification in the group. Following the directed share issue of SEK 300m, we estimate a ‘22e ND/EBITDA of ~1.3x (including leasing and earn-outs). Thus, Seafire still have room to add SEK ~20m to our ‘22e EBITDA estimates (or ~17%), given max ND/EBITDA of 2.5x.
Trading at 14x ‘22e EV/EBITA
Following the three acquisitions, we raise our ’22-‘23e sales and EBITA
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