Seafire: One quiet quarter ahead of the big push - SEB
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Seafire: One quiet quarter ahead of the big push - SEB

While we expect improved earnings and cash flow in 2025, driven by both external and internal factors, Q1E is likely to remain subdued due to seasonality. We anticipate that 2025 will primarily focus on restoring profitability and reducing leverage, with M&A activity expected to be more prominent in 2026. We maintain our fair value range of SEK 8-11. The shares are trading at 2025E EV/EBITA of 8x (9x including tax deferral).

While we expect improved earnings and cash flow in 2025, driven by both external and internal factors, Q1E is likely to remain subdued due to seasonality. We anticipate that 2025 will primarily focus on restoring profitability and reducing leverage, with M&A activity expected to be more prominent in 2026. We maintain our fair value range of SEK 8-11. The shares are trading at 2025E EV/EBITA of 8x (9x including tax deferral).
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