Seafire: The tide is turning - SEB
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Seafire: The tide is turning - SEB

Seafire saw increasing stability during 2025, driven by internal efficiency measures and recovering demand, a trend we expect to have continued in Q4/25. Looking into 2026, improving demand, supported by the company’s market exposure, should underpin an acceleration in earnings growth. The shares currently trade at an EV/EBITA of 9-10.5x for 2026E-27E.

Seafire saw increasing stability during 2025, driven by internal efficiency measures and recovering demand, a trend we expect to have continued in Q4/25. Looking into 2026, improving demand, supported by the company’s market exposure, should underpin an acceleration in earnings growth. The shares currently trade at an EV/EBITA of 9-10.5x for 2026E-27E.
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