Solid outlook for H2’22e Following the strong report we raise our ’22e-’24e adj. EBITA estimates by 6%. Management says that the solid demand has continued in Q3 and sees no slowdown in activity. For H2’22e, we expect the group margin to improve, both y-o-y (+9.3pp vs. H2’21) and sequentially (+3pp vs. H1’22) driven by: 1) recent acquisitions being margin accretive, 2) seasonal effect in recently-acquired companies, and 3) additional price increases offsetting cost inflation. Management highlights that the strong cash position of SEK 247m combined with ND / pro forma EBITDA 2.8x (target 3.0x) gives headroom for further acquisitions, something that could add to our estimates.
44% ’21-’24e EBITA per share CAGR The share trades at 7x ’23e EV/EBITA on our updated estimates, 18% below its peer group. We forecast a 44% ’21-’24e EBITA per share CAGR for Seafire, and for EPS to grow from SEK -0.95 to SEK 2.1 during the same period.
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