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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 2024 2025e 2026e
Sales 1767 1875 1950
Sales growth (%) -12,6 6,1 4
EBITDA 16 69 91
EBITDA margin (%) 0,9 3,7 4,6
EBIT adj. -12 29 49
EBIT adj. margin (%) -0,7 1,5 2,5
Pretax profit -23 29 49
EPS -0,4 0,48 0,81
EPS growth (%) 29,4 -219,6 69,4
EPS adj. -0,02 0,64 0,97
DPS 0,3 0,4 0,5
EV/EBITDA (x) 20,6 4,6 3,4
EV/EBIT adj. (x) -27,1 11 6,2
P/E (x) -15,6 13,1 7,7
P/E adj. (x) -333,7 9,7 6,4
EV/sales (x) 0,18 0,17 0,16
FCF yield (%) 5,5 18,8 24,7
Le. adj. FCF yld. (%) -4,4 8,9 14,8
Dividend yield (%) 4,8 6,4 8
Net IB debt/EBITDA (x) 1,4 0,3 0,1
Le. adj. ND/EBITDA (x) 6,4 -0,6 -0,6
SEKm 2024 2025e 2026e
Sales 1767 1875 1950
COGS 0 0 0
Gross profit 1767 1875 1950
Other operating items -1751 -1805 -1860
EBITDA 16 69 91
Depreciation and amortisation -30 -30 -31
of which leasing depreciation -27 -27 -28
EBITA -14 39 59
EO Items -12 0 0
Impairment and PPA amortisation -10 -10 -10
EBIT -24 29 49
Net financial items 1 0 0
Pretax profit -23 29 49
Tax 4 -6 -10
Net profit -19 23 39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 23 39
EPS -0,4 0,48 0,81
EPS adj. -0,02 0,64 0,97
Total extraordinary items after tax -10 0 0
Leasing payments -31 -31 -31
Tax rate (%) 16,6 21 21
Gross margin (%) 100 100 100
EBITDA margin (%) 0,9 3,7 4,6
EBITA margin (%) -0,8 2,1 3
EBIT margin (%) -1,4 1,5 2,5
Pre-tax margin (%) -1,3 1,5 2,5
Net margin (%) -1,1 1,2 2
Sales growth (%) -12,6 6,1 4
EBITDA growth (%) -31,2 344,8 30,3
EBITA growth (%) 132,9 -379,1 51,6
EBIT growth (%) 51,1 -221,5 69,4
Net profit growth (%) 32,1 -219,6 69,4
EPS growth (%) 29,4 -219,6 69,4
Profitability N/A N/A N/A
ROE (%) -10 12,7 20
ROE adj. (%) 0,4 18,2 25,1
ROCE (%) -9,9 13,1 20,7
ROCE adj. (%) -0,5 17,6 24,9
ROIC (%) -5,9 15,3 22,6
ROIC adj. (%) -0,8 15,3 22,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 28 69 91
EBITDA adj. margin (%) 1,6 3,7 4,6
EBITDA lease adj. -3 39 60
EBITDA lease adj. margin (%) -0,2 2,1 3,1
EBITA adj. -2 39 59
EBITA adj. margin (%) -0,1 2,1 3
EBIT adj. -12 29 49
EBIT adj. margin (%) -0,7 1,5 2,5
Pretax profit Adj. -1 39 59
Net profit Adj. 1 33 49
Net profit to shareholders adj. 1 33 49
Net adj. margin (%) 0 1,8 2,5
SEKm 2024 2025e 2026e
EBITDA 16 69 91
Goodwill 57 57 57
Net financial items 1 0 0
Other intangible assets 0 0 0
Paid tax 4 -6 -10
Tangible fixed assets 35 36 37
Non-cash items 0 0 0
Right-of-use asset 46 49 50
Cash flow before change in WC 20 63 80
Total other fixed assets 10 10 10
Change in working capital -1 -3 -2
Fixed assets 150 153 155
Operating cash flow 20 60 78
Inventories 0 0 0
Capex tangible fixed assets -3 -4 -4
Receivables 424 450 468
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 14 18 35
Free cash flow 16 56 74
Total assets 588 621 657
Dividend paid -12 -14 -19
Shareholders equity 176 185 204
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -30 -30 -30
Total equity 176 185 204
Other non-cash items -10 -10 -10
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 41 43 44
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 371 394 410
Other current liabilities 0 0 0
Total liabilities and equity 588 621 657
Net IB debt 22 20 5
Net IB debt excl. pension debt 22 20 5
Net IB debt excl. leasing -18 -22 -39
Capital employed 217 227 248
Capital invested 199 205 209
Working capital 53 56 59
Market cap. diluted (m) 299 299 299
Net IB debt adj. 22 20 5
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 322 320 305
Total assets turnover (%) 285,2 310,2 305,2
Working capital/sales (%) 3 2,9 2,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 12,8 11 2,5
Net debt / market cap (%) 7,5 6,8 1,7
Equity ratio (%) 30 29,7 31,1
Net IB debt adj. / equity (%) 12,8 11 2,5
Current ratio 1,18 1,19 1,23
EBITDA/net interest 17,4 N/A N/A
Net IB debt/EBITDA (x) 1,4 0,3 0,1
Net IB debt/EBITDA lease adj. (x) 6,4 -0,6 -0,6
Interest coverage N/A N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 48 48 48
Diluted shares adj. 48 48 48
EPS -0,4 0,48 0,81
Dividend per share 0,3 0,4 0,5
EPS adj. -0,02 0,64 0,97
BVPS 3,66 3,83 4,24
BVPS adj. 2,47 2,64 3,05
Net IB debt/share 0,47 0,42 0,11
Share price 6,22 6,22 6,22
Market cap. (m) 299 299 299
P/E (x) -15,6 13,1 7,7
EV/sales (x) 0,18 0,17 0,16
EV/EBITDA (x) 20,6 4,6 3,4
EV/EBITA (x) -23 8,2 5,1
EV/EBIT (x) -13,5 11 6,2
Dividend yield (%) 4,8 6,4 8
FCF yield (%) 5,5 18,8 24,7
Le. adj. FCF yld. (%) -4,4 8,9 14,8
P/BVPS (x) 1,7 1,62 1,47
P/BVPS adj. (x) 2,52 2,35 2,04
P/E adj. (x) -333,7 9,7 6,4
EV/EBITDA adj. (x) 11,7 4,6 3,4
EV/EBITA adj. (x) -162,9 8,2 5,1
EV/EBIT adj. (x) -27,1 11 6,2
EV/CE (x) 1,5 1,4 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,2 0,2
Capex/depreciation 1 1,3 1,3
Capex tangibles / tangible fixed assets 8,7 11 10,7
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 8,35 8,38 8,43

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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 %