olivLaw · European equity research
Seafire AB (publ) SEAF.ST
Sweden · Nasdaq Stockholm · ISIN SE0009779796 · Vertical: Listed companies from Sweden
Seafire AB is a Swedish industrial group that acquires profitable companies and develops them as decentralised subsidiaries. Organic sales grew modestly in 2025, and in 2026 the group announced the acquisition of Splendor Plant AB and a rights issue, putting its acquisition strategy in focus.
At the close of 05 Nov 2026, Seafire AB (publ) (SEAF.ST) stock was 7.24 SEK (−4.99% on the day), with market capitalisation 321.8 m SEK, beta 0.46, 52-week range 5.74–9.98 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.4
- weak (30–45)
- Bollinger (20, 2)
- 7.25 – 7.89
- below the lower band · %B -0.01 · band width 8.6%
- SMA 50 / 200
- 7.74 / 7.52
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.4% | −0.6% | −9.7 pp | — |
| 3 months | −9.0% | −4.2% | −4.9 pp | — |
| 6 months | +2.5% | +4.3% | −1.8 pp | — |
| Year to date | −3.5% | +7.5% | −11.0 pp | — |
| 1 year | +10.0% | +9.9% | +0.1 pp | −8.5% |
| 3 years | +6.8% | +49.8% | −43.1 pp | +12.3% |
| 5 years | −76.2% | +42.8% | −119.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.0 bn | 905.0 m | 929.0 m |
| Revenue YoY | unavailable | −9.5% | +2.7% |
| Net income | -73.0 m | -134.0 m | -4.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.72 | -3.12 | -0.09 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -7.3% | -14.8% | -0.4% |
| Free cash flow | 71.0 m | 31.0 m | 21.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.0 m SEK
- Financial debt
- 121.0 m SEK
- Net debt
- 103.0 m SEK
- Equity
- 580.0 m SEK
- Total assets
- 1.1 bn SEK
- Debt / equity
- 0.21x
- Current ratio
- 1.23x
- ROE
- -0.7%
- ROA
- -0.4%
- FCF margin
- 2.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 bn | 905.0 m | 929.0 m | esef· 26 Oct 2026verified |
| Operating income | 13.0 m | -105.0 m | 5.0 m | esef· 26 Oct 2026verified |
| Interest expense | 71.0 m | 32.0 m | 25.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -46.0 m | -130.0 m | -17.0 m | esef· 26 Oct 2026verified |
| Income tax | 4.0 m | 4.0 m | -13.0 m | esef· 26 Oct 2026verified |
| Net income | -73.0 m | -134.0 m | -4.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | -1.72 | -3.12 | -0.09 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 46.0 m | 57.0 m | 18.0 m | esef· 26 Oct 2026verified |
| Inventories | 230.0 m | 198.0 m | 177.0 m | esef· 26 Oct 2026verified |
| Current assets | 431.0 m | 392.0 m | 350.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 141.0 m | 138.0 m | 107.0 m | esef· 26 Oct 2026verified |
| Goodwill | 658.0 m | 536.0 m | 536.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 67.0 m | 47.0 m | 27.0 m | esef· 26 Oct 2026verified |
| Total assets | 1.3 bn | 1.2 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Accounts payable | 61.0 m | 50.0 m | — | esef· 08 May 2025verified |
| Short-term debt | 0 | 40.0 m | 10.0 m | esef· 26 Oct 2026verified |
| Long-term debt | — | 152.0 m | 111.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 337.0 m | 298.0 m | 285.0 m | esef· 26 Oct 2026verified |
| Total liabilities | 622.0 m | 571.0 m | 495.0 m | esef· 26 Oct 2026verified |
| Equity | 717.0 m | 583.0 m | 580.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 42.4 m | 42.9 m | 44.4 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 80.0 m | 45.0 m | 22.0 m | esef· 26 Oct 2026verified |
| Capex | 9.0 m | 14.0 m | 1.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 71.0 m ≈ | 31.0 m ≈ | 21.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -92.0 m | -16.0 m | 27.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -410.0 m | -18.0 m | -88.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 321.8 m SEK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.6% | 17 (vs peers) | 29% |
| Net margin · Quality | -0.4% | 22 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.5% | 82 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial82/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Seafire AB (publ) (SEAF.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 929.0 m SEK in 2025; YoY growth 2.7%; net margin -0.4%; ROE -0.7%.
The estimated value range is 8.10–12.47 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.88 SEK, the price of 7.24 SEK leaves a potential of 36.4% (value / price − 1) and a margin of safety of 26.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 6.5%
- The price is below the estimated value range
What contradicts it
- ROIC: 0.6%
- Net margin: -0.4%
- Interest coverage: 0.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for SEAF.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Seafire AB is a Swedish industrial group that acquires profitable companies and develops them as decentralised subsidiaries. Organic sales grew modestly in 2025, and in 2026 the group announced the acquisition of Splendor Plant AB and a rights issue, putting its acquisition strategy in focus. 1
SWOT
Strengths
- A decentralised business model with autonomous subsidiaries and clear responsibility for results, allowing quick adaptation to each market's conditions. 1
- Improved gross margin and solvency in 2025, with higher operating cash flow. 1
- A portfolio diversified across several industries, which reduces dependence on one market or economic cycle. 1
Weaknesses
- Net result remained negative in 2025, and organic growth was modest, below the at-least-10% target set by management. 1
- Net debt remains high, and a significant part of financing depends on repayments and refinancing agreements. 1
- Reliance on acquisitions for growth makes results sensitive to purchase prices and the integration of new companies. 1
Opportunities
- Rising demand for energy-efficient heating and construction solutions could support subsidiaries linked to heat pumps and sandwich panels. 1
- The Splendor Plant AB acquisition, if completed, could extend the portfolio and bring new cash flows. 1
- Consolidating the Borö-Pannan factories could reduce costs and improve production efficiency over the medium term. 1
Threats
- A further slowdown in the Swedish or European economy could reduce demand for products of consumer-facing subsidiaries. 1
- Geopolitical conflicts could disrupt supply chains and raise the cost of inputs. 1
- The rights issue could dilute existing shareholders if it is not fully subscribed or if the subscription price is low. 1
Risks
- Acquisition riskhigh
The group could fail to identify suitable targets or acquire them on acceptable terms, and the resulting goodwill could be impaired if acquired companies' results deteriorate. 1
- Refinancing and debthigh
Net debt and planned repayments create pressure on liquidity, and the group depends on access to external financing. 1
- Economic conditionsmedium
A weaker economy could particularly affect subsidiaries with consumer-facing activity and consolidated results. 1
- Currency and importsmedium
Part of revenue comes from exports, and purchasing components from outside Sweden exposes the group to exchange rate movements. 1
- Product liabilitylow
Some subsidiaries manufacture products that, if misused, can cause damage, and insurance coverage could be limited by caps. 1
Investment thesis
What would need to be true (bull case)
- Organic growth returned to positive territory in 2025, and several subsidiaries showed positive development, suggesting a firmer operating base. 1
- Improved gross margin and lower leverage, combined with higher operating cash flow, could support further acquisitions. 1
- The new financing agreement with lower repayments and margins could ease liquidity pressure in the coming period. 1
What would break the thesis
- Net result remained negative in 2025, and EBITA declined from the prior year, showing that profitability has not yet consolidated. 1
- Net debt remains significant, and the acquisition plan and rights issue could dilute existing shareholders. 1
- Dependence on a favourable economy and on successful acquisitions makes results vulnerable to an economic slowdown. 1
What to watch
- Completion of the Splendor Plant AB acquisition and use of the rights issue proceeds2026
- Development of organic growth and adjusted EBITA margin against growth and profitability targetsQ1 2026 report
- Level of net debt to adjusted EBITDA after the new financing agreement2026
- Results of the consolidated Kalix factory and effects on Borö-Pannan costs2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Seafire is a holding company founded in 2016 that creates value by acquiring majority stakes in profitable companies and developing them as autonomous subsidiaries with decentralised decision-making. Consolidated net sales for 2025 were 929 MSEK, and the parent has been listed on Nasdaq Stockholm since May 2024. 1
The business model focuses on niche markets with stable positions and predictable cash flows, supported by strategic help in marketing, sales and product development. The group aims for organic growth and an adjusted EBITA margin above 10% over the economic cycle. 1
The group aims to stay diversified across several industries with its main market in Sweden, so that its performance largely follows the Swedish economy. As the report notes, this diversification spreads risk across sectors. 1
Segments
Industry and manufacturing
Subsidiaries such as Borö-Pannan and Pexymek run industrial operations in Sweden. Borö-Pannan decided to consolidate its two factories in Kalix, and its heat pump components are linked to the energy transition. 1
Retail and mobility
The subsidiary Nordbutiker is described in the report as a leading player in manufacturing and retail of light electric vehicles, a consumer-facing area. 1
Agritech and building materials
The portfolio includes Luda.Farm, which offers digital monitoring for farmers, Kenpo Sandwich with lightweight sandwich panels, and Bara Mineraler with solutions for urban planting. 1
Market context
Seafire operates mainly in Sweden across several industries, so demand depends on macroeconomic conditions and the effects of the war in Ukraine on input prices. The report notes that a further weakening of the economy could negatively affect results, especially at subsidiaries with consumer-facing activity. 1
The market for acquiring small and medium-sized companies is a source of growth but also of risk, as the group cannot guarantee it will find suitable targets on acceptable terms. Rising sustainability reporting requirements and the green transition are other relevant factors that could favour certain subsidiaries. 1
Trends
- Weaker economic conditionsheadwind
The report states that the weak economy and geopolitical uncertainty affected results in 2025, and a further deterioration could have significant negative effects on the group. 1
- Green transitiontailwind
Subsidiaries Borö-Pannan and Kenpo Sandwich are linked to heat pumps, low-emission transport and more energy-efficient construction, which could create growth opportunities if demand for these products rises. 1
- Material and transition costsheadwind
Higher prices for raw materials and components, as well as costs of moving to greener technologies, could affect margins at subsidiaries that depend on these inputs. 1
- Refinancing and financial flexibilitymixed
The new financing agreement and the rights issue announced in 2026 could ease repayment pressure and support acquisitions, although dilution of existing shareholders remains a factor to consider. 1
Competitive position
The annual report does not describe direct competitors of the Seafire group at holding level, as each subsidiary operates in different niches. Competition is felt mainly at the level of each subsidiary, depending on its sector, technology and distribution channels. 1
For investors, the relevant comparison is with other industrial groups and acquisition holdings operating in the Nordics that look for small, profitable companies. The report does not provide a list of competitors, so no named companies can be drawn from the analysed sources. 1
- Other Nordic industrial holding companies
The report does not name direct competitors; the comparison refers to groups acquiring small, profitable companies in the same region.
- Heat pump and component manufacturers
Subsidiary Borö-Pannan sells heat pump components, so competition comes from specialised manufacturers in this segment.
- Light electric vehicle manufacturers
Nordbutiker competes with other manufacturers and distributors of light electric vehicles, a market with many players.
- Agricultural digital systems providers
Luda.Farm offers digital monitoring for farmers and competes with existing agritech solutions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Seafire AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.