Considering cautious markets, we find it encouraging that Seafire’s various initiatives in its separate subsidiaries are starting to bear fruit, resulting in 17% adj. EBITA growth during Q3/25. In the short term, management expects stable markets but points to solid operating leverage when demand returns. We leave our estimates largely intact. The shares trade at 9x 2026E EV/EBITA while offering a 9-11% FCF yield for 2026E-27E.
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