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Ework Group

Ework Group

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Ework is a global provider of talent solutions, with a network of over 160,000 professionals specialising in IT/digital, R&D, engineering and business development. The company is a market leader in Northern Europe, helping public and private sector clients with a wide range of talent acquisition needs. Ework’s shares are listed on Nasdaq Stockholm. It operates in Sweden, Denmark, Norway, Finland and Poland.

Sustainability Information

Consultancy is generally a cyclical sector. Hence, the demand for Ework’s services could decrease in worse times. Since the company does not employ the consultants, the profitability should have a somewhat limited downside, but the revenue growth could be affected. There is also a risk that more consultants may seek employment in a recession, thereby having a safety net, which could also have a negative effect on revenues.

Financials

SEKm 2025 2026e 2027e
Sales 13782 11947 12543
Sales growth (%) -12,8 -13,3 5
EBITDA 187 137 161
EBITDA margin (%) 1,4 1,1 1,3
EBIT adj. 149 108 124
EBIT adj. margin (%) 1,1 0,9 1
Pretax profit 95 81 109
EPS 4,43 3,72 5,02
EPS growth (%) -44,9 -16 34,9
EPS adj. 5,65 4,13 5,02
DPS 4 3,5 4,5
EV/EBITDA (x) 7,1 9,5 8
EV/EBIT adj. (x) 8,8 12,1 10,3
P/E (x) 15,8 18,8 14
P/E adj. (x) 12,4 16,9 14
EV/sales (x) 0,1 0,11 0,1
FCF yield (%) 9,3 9,2 8,3
Le. adj. FCF yld. (%) 7,4 7,4 6,5
Dividend yield (%) 5,7 5 6,4
Net IB debt/EBITDA (x) 0,6 0,7 0,5
Le. adj. ND/EBITDA (x) 0,4 0,5 0,3
SEKm 2025 2026e 2027e
Sales 13782 11947 12543
COGS -13215 -11454 -12035
Gross profit 567 493 508
Other operating items -381 -356 -347
EBITDA 187 137 161
Depreciation and amortisation -64 -38 -37
of which leasing depreciation -23 -22 -21
EBITA 123 99 124
EO Items -26 -9 0
Impairment and PPA amortisation 0 0 0
EBIT 123 99 124
Net financial items -28 -18 -15
Pretax profit 95 81 109
Tax -19 -17 -23
Net profit 76 64 86
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 64 86
EPS 4,43 3,72 5,02
EPS adj. 5,65 4,13 5,02
Total extraordinary items after tax -21 -7 0
Leasing payments -23 -22 -21
Tax rate (%) 19,8 20,7 20,7
Gross margin (%) 4,1 4,1 4,1
EBITDA margin (%) 1,4 1,1 1,3
EBITA margin (%) 0,9 0,8 1
EBIT margin (%) 0,9 0,8 1
Pre-tax margin (%) 0,7 0,7 0,9
Net margin (%) 0,6 0,5 0,7
Sales growth (%) -12,8 -13,3 5
EBITDA growth (%) -20,3 -26,7 17,7
EBITA growth (%) -35,3 -19,6 25,5
EBIT growth (%) -35,3 -19,6 25,5
Net profit growth (%) -44,9 -16 34,9
EPS growth (%) -44,9 -16 34,9
Profitability N/A N/A N/A
ROE (%) 27,7 25,9 33,5
ROE adj. (%) 35,3 28,8 33,5
ROCE (%) 19,8 18,5 24,4
ROCE adj. (%) 25,2 20,6 24,4
ROIC (%) 26,5 22,4 28,8
ROIC adj. (%) 32,2 24,4 28,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 213 146 161
EBITDA adj. margin (%) 1,5 1,2 1,3
EBITDA lease adj. 190 124 140
EBITDA lease adj. margin (%) 1,4 1 1,1
EBITA adj. 149 108 124
EBITA adj. margin (%) 1,1 0,9 1
EBIT adj. 149 108 124
EBIT adj. margin (%) 1,1 0,9 1
Pretax profit Adj. 121 90 109
Net profit Adj. 97 71 86
Net profit to shareholders adj. 97 71 86
Net adj. margin (%) 0,7 0,6 0,7
SEKm 2025 2026e 2027e
EBITDA 187 137 161
Goodwill 0 0 0
Net financial items -28 -18 -15
Other intangible assets 31 22 16
Paid tax -19 -17 -23
Tangible fixed assets 1 1 1
Non-cash items -23 0 0
Right-of-use asset 36 36 36
Cash flow before change in WC 117 102 123
Total other fixed assets 16 16 16
Change in working capital 6 16 -14
Fixed assets 84 75 69
Operating cash flow 123 118 110
Inventories 0 0 0
Capex tangible fixed assets -2 -1 -2
Receivables 3023 2592 2722
Capex intangible fixed assets -9 -6 -9
Other current assets 56 56 56
Acquisitions and Disposals 0 0 0
Cash and liquid assets 61 81 99
Free cash flow 112 111 100
Total assets 3224 2804 2946
Dividend paid -121 -69 -60
Shareholders equity 250 245 271
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -23 -22 -21
Total equity 250 245 271
Other non-cash items -2 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 33 33 33
Total other long-term liabilities 0 0 0
Short-term debt 156 156 156
Accounts payable 2677 2270 2383
Other current liabilities 107 100 102
Total liabilities and equity 3224 2804 2946
Net IB debt 113 93 75
Net IB debt excl. pension debt 113 93 75
Net IB debt excl. leasing 80 60 41
Capital employed 440 435 461
Capital invested 363 338 346
Working capital 295 279 293
Market cap. diluted (m) 1207 1207 1207
Net IB debt adj. 113 93 75
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 1320 1300 1281
Total assets turnover (%) 397,7 396,4 436,2
Working capital/sales (%) 2,1 2,4 2,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 45,3 38,1 27,6
Net debt / market cap (%) 9,4 7,7 6,2
Equity ratio (%) 7,7 8,7 9,2
Net IB debt adj. / equity (%) 45,3 38,1 27,6
Current ratio 1,07 1,08 1,09
EBITDA/net interest 6,7 7,6 10,7
Net IB debt/EBITDA (x) 0,6 0,7 0,5
Net IB debt/EBITDA lease adj. (x) 0,4 0,5 0,3
Interest coverage N/A N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 17 17 17
Diluted shares adj. 17 17 17
EPS 4,43 3,72 5,02
Dividend per share 4 3,5 4,5
EPS adj. 5,65 4,13 5,02
BVPS 14,49 14,21 15,73
BVPS adj. 12,7 12,93 14,82
Net IB debt/share 6,56 5,41 4,33
Share price 70 70 70
Market cap. (m) 1207 1207 1207
P/E (x) 15,8 18,8 14
EV/sales (x) 0,1 0,1 0,1
EV/EBITDA (x) 7,1 9,5 8
EV/EBITA (x) 10,7 13,2 10,3
EV/EBIT (x) 10,7 13,2 10,3
Dividend yield (%) 5,7 5 6,4
FCF yield (%) 9,3 9,2 8,3
Le. adj. FCF yld. (%) 7,4 7,4 6,5
P/BVPS (x) 4,83 4,93 4,45
P/BVPS adj. (x) 4,83 4,93 4,45
P/E adj. (x) 12,4 16,9 14
EV/EBITDA adj. (x) 6,2 8,9 8
EV/EBITA adj. (x) 8,8 12,1 10,3
EV/EBIT adj. (x) 8,8 12,1 10,3
EV/CE (x) 3 3 2,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,1 0,1
Capex/depreciation 0,3 0,4 0,6
Capex tangibles / tangible fixed assets 135,2 105,1 107,2
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 516,3 160,2 114,4

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Main shareholders - Ework Group

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 39.7 % 39.7 % 23 Feb 2026
Magnus Berglind 13.2 % 13.2 % 18 Sep 2024
Avanza Pension 3.6 % 3.6 % 23 Dec 2025
Nordnet Pensionsförsäkring 3.3 % 3.3 % 23 Dec 2025
Patrik Salén 2.3 % 2.3 % 23 Dec 2025
Katarina Salén 1.6 % 1.6 % 23 Dec 2025
Investment AB Curacau 1.5 % 1.5 % 23 Dec 2025
Decland AB 1.3 % 1.3 % 23 Dec 2025
Livförsäkringsbolaget Skandia 1.3 % 1.3 % 23 Dec 2025
Mikael Gunnarsson 1.2 % 1.2 % 23 Dec 2025
Source: Holdings by Modular Finance AB