Seafire: Q4 a stable quarter - ABG

Sales -3% and adj. EBITA -8% vs. ABGSC
SolidEngineer and earn-out revaluations affect reported results
New financial targets


Q4 results

Sales came in at SEK 224m (-3% vs. ABGSC 231m), +62% y-o-y (+1% organic). EBITA was 22m (+98% vs. ABGSC 11m), and ABGSC adj. EBITA was 16m (-8% vs. ABGSC 17m) for a margin of +7% (ABGSC +7%). Adj. net income was -15m (-10% vs. ABGSC -14m) for a margin of -7% (ABGSC -6%). The company produced lease adj. FCF of -2m. The revenue recognition change in SolidEngineer continued to affect EBITA negatively (we estimate by SEK 7m), while earn-out revaluations affected EBITA positively by SEK 13m, and financial items by 4.5m. We have adjusted for these effects in our adjusted figures. Management stated that Seafire's markets remained stable during the quarter, but that the Products segment (formerly Trade & Services) was still suffering from the strong US dollar and high shipping costs.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Seafire/Equity-research/2023/2/seafire---q4-a-stable-quarter/