Seafire: Domestic exposure to support 2025 recovery - SEB
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Seafire: Domestic exposure to support 2025 recovery - SEB

Demand moving sideways combined with softer seasonality leads us to expect a sequential earnings decline; we estimate Q4/24 adj. EBITA of SEK 4m. We expect 2024 to show trough earnings and then a recovery from strengthened end-markets and operational improvements, which should support improved volumes and earnings in 2025. The shares currently trade at a 2025E EV/EBITA of 8x and 2026E EV/EBITA of 7x.

Demand moving sideways combined with softer seasonality leads us to expect a sequential earnings decline; we estimate Q4/24 adj. EBITA of SEK 4m. We expect 2024 to show trough earnings and then a recovery from strengthened end-markets and operational improvements, which should support improved volumes and earnings in 2025. The shares currently trade at a 2025E EV/EBITA of 8x and 2026E EV/EBITA of 7x.
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