Seafire delivered strong sales in Q4’21 at SEK 138m (16% vs. ABGSCe 119m), up 186% y-o-y, whereof 33% organically (ABGSCe 5%). The strong organic growth was driven by all companies included in the comparable period, except for Nordbutiker (-10% organically y-o-y). Adj. EBITA was slightly below expectations at SEK 8.4m (-18% vs. ABGSCe 10.3m), corresponding to an adj. EBITA margin of 6.1% (-2.3%) vs. ABGSCe 8.6%. The lower-than-expected margin was driven by the Retail & Services segment, impacted by increasing freight and component costs. All in all, cost inflation and supply chain issues still affect Seafire negatively, however, management expect gradual improvement in ’22.
Conclusion and outlook
Management sees continued positive development for 2022 and highlights the strong balance sheet, enabling contiued high acquisition pace.
Final thoughts
The share is up 3% YTD vs. OMXSPI -19%, and trades at 12.5x and 10.5x on ‘22e and ‘23e EV/EBITA on our pre-report estimates and yesterday’s closing price.
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