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SENASTE
We initiate coverage of Seafire, a serial acquirer consisting of 13 companies. On a pro-forma basis, the group has grown its adj. EBITA organically at a 2015-22 CAGR of 13%. Due to lower interest expenses, we foresee a 40% 2022-25E EPS CAGR and significantly improved cash conversion. 2024E EV/EBITA is currently 7.5x. Our mid-point DCF-based equity value of SEK 14 per share would imply a 2024E EV/EBITA of 11x, broadly in line with peers.
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