Safeture
Safeture - Investor presentation reveals financial targets (ABG Sundal Collier)
2019-12-04 14:02
Presentation at Introduce Investor Days…
…brought new financial targets and KPI’s
Expectations are high at current valuation
‘22e target: net sales SEK 100m, EBIT margin 20%Safeture’s new CEO and CFO – Magnus Hultman and Linda Canivé – presented their future plans for Safeture today at Introduce Investor Days in Stockholm, which offered new information in regards to transitioning the company to a SaaS-based model, financial targets and new KPI’s. Safeture has previously been a very R&D heavy and engineering focused corporation, and the new management aims to transition the corporation to a SaaS-based model by increasing focus on online and offline sales, enhanced account management and by standardizing the packaging of Safeture Enterprise. Furthermore, management has established new financial targets for ‘22e, with a target of achieving monthly recurring revenues of SEK 10m, SEK 100m in net sales, a gross margin of 90.0% and EBIT margin of 20.0%. We look with favour on Safeture communicating official financial targets, but note that management will have their work cut out for them if they are to be reached, given the current financials of Safeture. Nonetheless, we have faith in the new management, which brings a new level of energy and experience to the company.
SaaS metrics to be tracked and published by Safeture
In turning Safeture into SaaS company, the new management announced that it would start tracking and publishing appropriate SaaS KPI’s: MRR, ARPU, WAU, CAC and LTV. We welcome these additional KPI’s, which have been lacking in Safeture’s historical financials, as they offer new and more efficient ways of tracking the operating performance of Safeture.
EV/Sales of 10.8x-5.8x for ‘19e-‘21e
As we noted in our previous research note, Safeture is currently trading at an EV/Sales multiple of 10.8x-5.8x for ‘19e-‘21e following the takeover offer from Adma Förvaltning AB. The valuation constitutes a premium of approximately 40% compared to our SaaS peer group, based
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