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Ework Group

Ework Group

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.

SEKm 2024 2025e 2026e
Sales 15811 14115 15132
Sales growth (%) -8,3 -10,7 7,2
EBITDA 234 213 246
EBITDA margin (%) 1,5 1,5 1,6
EBIT adj. 201 168 202
EBIT adj. margin (%) 1,3 1,2 1,3
Pretax profit 175 144 189
EPS 8,03 6,62 8,68
EPS growth (%) 7,3 -17,6 31,2
EPS adj. 8,53 6,62 8,68
DPS 7 7 7,5
EV/EBITDA (x) 8,3 9,2 7,8
EV/EBIT adj. (x) 9,7 11,6 9,6
P/E (x) 13,4 16,3 12,4
P/E adj. (x) 12,7 16,3 12,4
EV/sales (x) 0,12 0,14 0,13
FCF yield (%) 8,5 9,1 8,8
Le. adj. FCF yld. (%) 7,4 7,9 7,6
Dividend yield (%) 6,5 6,5 6,9
Net IB debt/EBITDA (x) 0,3 0,4 0,3
Le. adj. ND/EBITDA (x) 0,2 0,1 0
SEKm 2024 2025e 2026e
Sales 15811 14115 15132
COGS -15200 -13537 -14496
Gross profit 611 578 636
Other operating items -377 -365 -389
EBITDA 234 213 246
Depreciation and amortisation -44 -45 -45
of which leasing depreciation -21 -23 -23
EBITA 190 168 202
EO Items -11 0 0
Impairment and PPA amortisation 0 0 0
EBIT 190 168 202
Net financial items -15 -24 -13
Pretax profit 175 144 189
Tax -37 -30 -39
Net profit 139 114 150
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 139 114 150
EPS 8,03 6,62 8,68
EPS adj. 8,53 6,62 8,68
Total extraordinary items after tax -9 0 0
Leasing payments -21 -23 -23
Tax rate (%) 20,9 20,6 20,7
Gross margin (%) 3,9 4,1 4,2
EBITDA margin (%) 1,5 1,5 1,6
EBITA margin (%) 1,2 1,2 1,3
EBIT margin (%) 1,2 1,2 1,3
Pre-tax margin (%) 1,1 1 1,2
Net margin (%) 0,9 0,8 1
Sales growth (%) -8,3 -10,7 7,2
EBITDA growth (%) -0,7 -9,1 15,7
EBITA growth (%) -2,4 -11,8 20,4
EBIT growth (%) -2,4 -11,8 20,4
Net profit growth (%) 7,3 -17,6 31,2
EPS growth (%) 7,3 -17,6 31,2
Profitability N/A N/A N/A
ROE (%) 47,6 38,5 49
ROE adj. (%) 50,5 38,5 49
ROCE (%) 32,9 26,6 33,1
ROCE adj. (%) 34,9 26,6 33,1
ROIC (%) 38,6 35,1 41,8
ROIC adj. (%) 40,7 35,1 41,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 245 213 246
EBITDA adj. margin (%) 1,5 1,5 1,6
EBITDA lease adj. 224 190 224
EBITDA lease adj. margin (%) 1,4 1,3 1,5
EBITA adj. 201 168 202
EBITA adj. margin (%) 1,3 1,2 1,3
EBIT adj. 201 168 202
EBIT adj. margin (%) 1,3 1,2 1,3
Pretax profit Adj. 186 144 189
Net profit Adj. 147 114 150
Net profit to shareholders adj. 147 114 150
Net adj. margin (%) 0,9 0,8 1
SEKm 2024 2025e 2026e
EBITDA 234 213 246
Goodwill 0 0 0
Net financial items -15 -24 -13
Other intangible assets 59 54 48
Paid tax -37 -30 -39
Tangible fixed assets 3 2 2
Non-cash items -3 -14 0
Right-of-use asset 30 67 67
Cash flow before change in WC 180 146 194
Total other fixed assets 16 16 16
Change in working capital -4 41 -14
Fixed assets 108 139 133
Operating cash flow 176 186 180
Inventories 0 0 0
Capex tangible fixed assets -1 -2 -2
Receivables 3409 2988 3203
Capex intangible fixed assets -16 -14 -14
Other current assets 63 46 46
Acquisitions and Disposals 0 0 0
Cash and liquid assets 127 161 182
Free cash flow 159 170 164
Total assets 3708 3333 3563
Dividend paid -121 -121 -121
Shareholders equity 301 291 320
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -21 -23 -23
Total equity 301 291 320
Other non-cash items 22 -35 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 28 65 65
Total other long-term liabilities 0 0 0
Short-term debt 195 199 199
Accounts payable 3078 2678 2875
Other current liabilities 106 100 104
Total liabilities and equity 3708 3333 3563
Net IB debt 79 88 67
Net IB debt excl. pension debt 79 88 67
Net IB debt excl. leasing 51 23 2
Capital employed 524 555 584
Capital invested 381 379 387
Working capital 288 256 270
Market cap. diluted (m) 1862 1862 1862
Net IB debt adj. 79 88 67
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 1941 1950 1929
Total assets turnover (%) 403,1 400,9 438,8
Working capital/sales (%) 1,8 1,9 1,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 26,3 30,1 20,9
Net debt / market cap (%) 4,3 4,7 3,6
Equity ratio (%) 8,1 8,7 9
Net IB debt adj. / equity (%) 26,3 30,1 20,9
Current ratio 1,07 1,07 1,08
EBITDA/net interest 15,7 8,9 19
Net IB debt/EBITDA (x) 0,3 0,4 0,3
Net IB debt/EBITDA lease adj. (x) 0,2 0,1 0
Interest coverage N/A N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 17 17 17
Diluted shares adj. 17 17 17
EPS 8,03 6,62 8,68
Dividend per share 7 7 7,5
EPS adj. 8,53 6,62 8,68
BVPS 17,48 16,88 18,56
BVPS adj. 14,04 13,75 15,78
Net IB debt/share 4,59 5,08 3,88
Share price 108 108 108
Market cap. (m) 1862 1862 1862
P/E (x) 13,4 16,3 12,4
EV/sales (x) 0,1 0,1 0,1
EV/EBITDA (x) 8,3 9,2 7,8
EV/EBITA (x) 10,2 11,6 9,6
EV/EBIT (x) 10,2 11,6 9,6
Dividend yield (%) 6,5 6,5 6,9
FCF yield (%) 8,5 9,1 8,8
Le. adj. FCF yld. (%) 7,4 7,9 7,6
P/BVPS (x) 6,18 6,4 5,82
P/BVPS adj. (x) 6,18 6,4 5,82
P/E adj. (x) 12,7 16,3 12,4
EV/EBITDA adj. (x) 7,9 9,2 7,8
EV/EBITA adj. (x) 9,7 11,6 9,6
EV/EBIT adj. (x) 9,7 11,6 9,6
EV/CE (x) 3,7 3,5 3,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,1 0,1
Capex/depreciation 0,7 0,7 0,7
Capex tangibles / tangible fixed assets 26,1 109,1 111,1
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 104,9 150,9 152,8

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Main shareholders - Ework Group

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 40.6 % 40.6 % 26 Jun 2025
Magnus Berglind 13.2 % 13.2 % 18 Sep 2024
Avanza Pension 3.2 % 3.2 % 26 Jun 2025
Patrik Salén 2.3 % 2.3 % 26 Jun 2025
Nordnet Pensionsförsäkring 2.2 % 2.2 % 26 Jun 2025
Katarina Salén 1.6 % 1.6 % 26 Jun 2025
Investment AB Curacau 1.5 % 1.5 % 26 Jun 2025
Fondsfinans Kapitalforvaltning 1.4 % 1.4 % 30 Jun 2025
Livförsäkringsbolaget Skandia 1.3 % 1.3 % 26 Jun 2025
Handelsbanken Liv Försäkring AB 1.2 % 1.2 % 26 Jun 2025
Source: Holdings by Modular Finance AB