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PION Group

PION Group

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PION Group is a growth company that creates synergy effects between the portfolio companies in the sphere. Today, PION Group consists of Poolia, QRIOS Life Scicence, QRIOS IT, QRIOS Management Consulting, Uniflex, Workspace Recruit, Roi Rekrytering and Student Node. PION Group is present in Sweden, Norway and Finland. PION Group works to increase the competitiveness of society by accelerating change, raising and developing competence and optimizing it by matching needs with demanded abilities and providing the market with digital tools and insights. The main owner is the tech group Danir Resources.

Staffing companies are in general contracted as a flexible part of a company’s workforce. Their services are therefore attractive when the economy is expanding and the quick addition of labour is needed for businesses to meet customer demand. Therefore, PION Group is naturally sensitive to changes in the business cycle, and with the inclusion of blue-collar staff through Uniflex increases this sensitivity. The addition of the QRIOS brand is aimed at reducing the cyclicality via a consultancy offering with a longer business cycle.

Financials

SEKm 2025 2026e 2027e
Sales 1875 1950 N/A
Sales growth (%) 6,1 4 -100
EBITDA 69 91 N/A
EBITDA margin (%) 3,7 4,6 N/A
EBIT adj. 29 49 0
EBIT adj. margin (%) 1,5 2,5 N/A
Pretax profit 29 49 0
EPS 0,48 0,81 N/A
EPS growth (%) -219,6 69,4 -100
EPS adj. 0,64 0,97 N/A
DPS 0,4 0,5 N/A
EV/EBITDA (x) 4,6 3,4 N/A
EV/EBIT adj. (x) 11 6,2 N/A
P/E (x) 13,1 7,7 N/A
P/E adj. (x) 9,7 6,4 N/A
EV/sales (x) 0,17 0,16 N/A
FCF yield (%) 18,8 24,7 0
Le. adj. FCF yld. (%) 8,9 14,8 0
Dividend yield (%) 6,4 8 0
Net IB debt/EBITDA (x) 0,3 0,1 N/A
Le. adj. ND/EBITDA (x) -0,6 -0,6 N/A
SEKm 2025 2026e 2027e
Sales 1875 1950 N/A
COGS 0 0 N/A
Gross profit 1875 1950 0
Other operating items -1805 -1860 0
EBITDA 69 91 N/A
Depreciation and amortisation -30 -31 0
of which leasing depreciation -27 -28 N/A
EBITA 39 59 N/A
EO Items 0 0 N/A
Impairment and PPA amortisation -10 -10 0
EBIT 29 49 N/A
Net financial items 0 0 N/A
Pretax profit 29 49 0
Tax -6 -10 N/A
Net profit 23 39 0
Minority interest 0 0 N/A
Net profit discontinued 0 0 N/A
Net profit to shareholders 23 39 0
EPS 0,48 0,81 N/A
EPS adj. 0,64 0,97 N/A
Total extraordinary items after tax 0 0 0
Leasing payments -31 -31 N/A
Tax rate (%) 21 21 N/A
Gross margin (%) 100 100 N/A
EBITDA margin (%) 3,7 4,6 N/A
EBITA margin (%) 2,1 3 N/A
EBIT margin (%) 1,5 2,5 N/A
Pre-tax margin (%) 1,5 2,5 N/A
Net margin (%) 1,2 2 N/A
Sales growth (%) 6,1 4 -100
EBITDA growth (%) 344,8 30,3 -100
EBITA growth (%) -379,1 51,6 -100
EBIT growth (%) -221,5 69,4 -100
Net profit growth (%) -219,6 69,4 -100
EPS growth (%) -219,6 69,4 -100
Profitability N/A N/A N/A
ROE (%) 12,7 20 0
ROE adj. (%) 18,2 25,1 0
ROCE (%) 13,1 20,7 0
ROCE adj. (%) 17,6 24,9 0
ROIC (%) 15,3 22,6 N/A
ROIC adj. (%) 15,3 22,6 N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 69 91 0
EBITDA adj. margin (%) 3,7 4,6 N/A
EBITDA lease adj. 39 60 N/A
EBITDA lease adj. margin (%) 2,1 3,1 N/A
EBITA adj. 39 59 0
EBITA adj. margin (%) 2,1 3 N/A
EBIT adj. 29 49 0
EBIT adj. margin (%) 1,5 2,5 N/A
Pretax profit Adj. 39 59 0
Net profit Adj. 33 49 0
Net profit to shareholders adj. 33 49 0
Net adj. margin (%) 1,8 2,5 N/A
SEKm 2025 2026e 2027e
EBITDA 69 91 N/A
Goodwill 57 57 N/A
Net financial items 0 0 N/A
Other intangible assets 0 0 0
Paid tax -6 -10 N/A
Tangible fixed assets 36 37 N/A
Non-cash items 0 0 N/A
Right-of-use asset 49 50 N/A
Cash flow before change in WC 63 80 0
Total other fixed assets 10 10 0
Change in working capital -3 -2 0
Fixed assets 153 155 0
Operating cash flow 60 78 N/A
Inventories 0 0 N/A
Capex tangible fixed assets -4 -4 N/A
Receivables 450 468 N/A
Capex intangible fixed assets 0 0 N/A
Other current assets 0 0 N/A
Acquisitions and Disposals 0 0 0
Cash and liquid assets 18 35 N/A
Free cash flow 56 74 0
Total assets 621 657 0
Dividend paid -14 -19 N/A
Shareholders equity 185 204 0
Minority 0 0 N/A
Share issues and buybacks 0 0 0
Total equity 185 204 0
Leasing liability amortisation -30 -30 N/A
Long-term debt 0 0 N/A
Other non-cash items -10 -10 5
Pension debt 0 0 N/A
Convertible debt 0 0 N/A
Leasing liability 43 44 0
Total other long-term liabilities 0 0 0
Short-term debt 0 0 N/A
Accounts payable 394 410 N/A
Other current liabilities 0 0 0
Total liabilities and equity 621 657 0
Net IB debt 20 5 0
Net IB debt excl. pension debt 20 5 0
Net IB debt excl. leasing -22 -39 0
Capital employed 227 248 0
Capital invested 205 209 0
Working capital 56 59 0
Market cap. diluted (m) 299 299 0
Net IB debt adj. 20 5 N/A
Market value of minority 0 0 N/A
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 320 305 0
Total assets turnover (%) 310,2 305,2 0
Working capital/sales (%) 2,9 2,9 N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 11 2,5 N/A
Net debt / market cap (%) 6,8 1,7 N/A
Equity ratio (%) 29,7 31,1 N/A
Net IB debt adj. / equity (%) 11 2,5 N/A
Current ratio 1,19 1,23 N/A
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 0,3 0,1 N/A
Net IB debt/EBITDA lease adj. (x) -0,6 -0,6 N/A
Interest coverage N/A N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 48 48 N/A
Diluted shares adj. 48 48 0
EPS 0,48 0,81 N/A
Dividend per share 0,4 0,5 N/A
EPS adj. 0,64 0,97 N/A
BVPS 3,83 4,24 N/A
BVPS adj. 2,64 3,05 N/A
Net IB debt/share 0,42 0,11 N/A
Share price 6,22 6,22 6,22
Market cap. (m) 299 299 0
P/E (x) 13,1 7,7 N/A
EV/sales (x) 0,17 0,16 N/A
EV/EBITDA (x) 4,6 3,4 N/A
EV/EBITA (x) 8,2 5,1 N/A
EV/EBIT (x) 11 6,2 N/A
Dividend yield (%) 6,4 8 0
FCF yield (%) 18,8 24,7 0
Le. adj. FCF yld. (%) 8,9 14,8 0
P/BVPS (x) 1,62 1,47 N/A
P/BVPS adj. (x) 2,35 2,04 6,22
P/E adj. (x) 9,7 6,4 N/A
EV/EBITDA adj. (x) 4,6 3,4 N/A
EV/EBITA adj. (x) 8,2 5,1 N/A
EV/EBIT adj. (x) 11 6,2 N/A
EV/CE (x) 1,4 1,2 N/A
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,2 N/A
Capex/depreciation 1,3 1,3 N/A
Capex tangibles / tangible fixed assets 11 10,7 N/A
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 8,38 8,43 N/A

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Media

PION Group - Company presentation with CEO Jan Bengtsson (in Swedish)
Poolia - Company presentation with CEO Jan Bengtsson (in Swedish)

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Main shareholders - PION Group

Main shareholders Share capital % Voting shares % Verified
Björn Örås 42.5 % 70.4 %
Traction 8.2 % 4.2 %
Fredrik Stig Gustaf Palmstierna 5.2 % 2.7 %
Kungliga Konstakademien 4.0 % 2.1 %
Thord Wilkne 3.5 % 1.8 %
Nordea Fonder 3.1 % 1.6 %
Morten Werner 2.3 % 1.2 %
Sara Örås 1.7 % 0.9 %
Jenny Pizzignacco 1.5 % 0.8 %
Peter Lindell 1.5 % 0.8 %