Seafire: Eat big to get big - SEB
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Seafire: Eat big to get big - SEB

We think Splendor Plant’s first contribution to group earnings, combined with continued operational improvements by the legacy business, should drive a marked step up in earnings and profitability in Q2/26. We make minor estimate revisions to reflect earlier consolidation and seasonality. The shares continue to trade at a 2026E-27E EV/EBITA of 6-9x with double-digit free cash flow yields.

We think Splendor Plant’s first contribution to group earnings, combined with continued operational improvements by the legacy business, should drive a marked step up in earnings and profitability in Q2/26. We make minor estimate revisions to reflect earlier consolidation and seasonality. The shares continue to trade at a 2026E-27E EV/EBITA of 6-9x with double-digit free cash flow yields.
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