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Niche staffing company

Uniflex is an authorised staffing company in the fields of industry, warehousing, construction, electricity, administration, sales and customer service. The company provides its services in three Nordic countries: Sweden, Norway and Finland. On 1 January 2018, Uniflex divested its German operations. Uniflex’s financial targets are growth above market with operating margins of 5%. For 2017, Uniflex blue collar constituted over 2/3 of the company’s sales.

The business model is capital-light and growth can be generated without the need for larger investments. For the same reason, the model results in strong cash flows and high payout ratios, meaning room for great dividends. With the divestment of the troublesome German business area, Uniflex can focus on the Nordic countries. We consider Uniflex to be a well-established brand and it should therefore be able to grow faster than it previously has, especially within the blue-collar segment. With higher growth, Uniflex should through economies of scale be able to come closer to its financial target of a 5% profit margin.

Staffing companies in general are contracted as a flexible part of a company’s work force. Their services are therefore attractive when the economy is expanding and a quick addition of labour is needed in order to meet customer demand. Uniflex is therefore naturally sensitive to changes in the business cycle, and its high share of blue-collar staff is a factor that enhances this sensitivity. Moreover, the sector has low barriers to entry, which means that competition can increase quickly when profitability in the sector increases.

Equity research

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Uniflex: Intervju med VD Jan Bengtsson (Q1 2018)
Uniflex: Intervju med VD Jan Bengtsson (Q4 2017)