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Ework Group

Ework Group

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Consultancy broker

Ework is a consultancy broker that aims to help companies find the right person for the right project. The company’s core is its database, consisting of more than 100,000 consultants. These consultants are not employed by Ework, instead, the company’s objective is to link them to the optimal project. This saves administration, increases effectiveness and saves time for both partners. Ework generates its revenues by taking a cut of the contract’s total sum. The business is conducted in five different countries, whereas the primary market is Sweden.

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 2022 2023e 2024e
Sales 15980 17141 18390
Sales growth (%) 21,2 7,3 7,3
EBITDA 212 206 219
EBITDA margin (%) 1,3 1,2 1,2
EBIT adj 179 182 188
EBIT adj margin (%) 1,1 1,1 1
Pretax profit 179 173 181
EPS rep 8,12 7,81 8,18
EPS growth (%) 42,8 -3,8 4,8
EPS adj 7,58 7,81 8,18
DPS 5,5 6,25 7
EV/EBITDA (x) 10 10,2 9,6
EV/EBIT adj (x) 11,9 11,6 11,1
P/E (x) 15 15,6 14,9
P/E adj (x) 16 15,6 14,9
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 7,8 6,1 6,6
Dividend yield (%) 4,5 5,1 5,8
Net IB debt/EBITDA 0,1 0,1 0
Lease adj. FCF yield (%) 7,1 5,3 5,9
Lease adj. ND/EBITDA -0,1 -0,1 -0,2
SEKm 2022 2023e 2024e
Sales 15980 17141 18390
COGS -15383 -16504 -17713
Gross profit 597 637 678
Other operating items -385 -431 -459
EBITDA 212 206 219
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -8 -8
EBITA 188 182 188
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 188 182 188
Other financial items 0 0 0
Net financial items -9 -9 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 179 173 181
Tax -39 -38 -40
Net profit 140 135 141
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 140 135 141
EPS 8,12 7,81 8,18
EPS Adj 7,58 7,81 8,18
Total extraordinary items after tax 9,2 0 0
Tax rate (%) -21,6 -22 -22
Gross margin (%) 3,7 3,7 3,7
EBITDA margin (%) 1,3 1,2 1,2
EBITA margin (%) 1,2 1,1 1
EBIT margin (%) 1,2 1,1 1
Pretax margin (%) 1,1 1 1
Net margin (%) 0,9 0,8 0,8
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 21,2 7,3 7,3
EBITDA growth (%) 31,3 -2,7 6,2
EBIT growth (%) 48,1 -3,3 3,5
Net profit growth (%) 42,8 -3,8 4,8
EPS growth (%) 42,8 -3,8 4,8
Profitability 2022 2023 2024
ROE (%) 61,9 49,3 45,6
ROE Adj (%) 57,9 49,3 45,6
ROCE (%) 35,6 29,3 28,9
ROCE Adj(%) 33,7 29,3 28,9
ROIC (%) 52,9 48,3 46,7
ROIC Adj (%) 50,3 48,3 46,7
Adj earnings numbers 2022 2023 2024
EBITDA Adj 203 206 219
EBITDA Adj margin (%) 1,3 1,2 1,2
EBITA Adj 179 182 188
EBITA Adj margin (%) 1,1 1,1 1
EBIT Adj 179 182 188
EBIT Adj margin (%) 1,1 1,1 1
Pretax profit Adj 169 173 181
Net profit Adj 131 135 141
Net profit to shareholders Adj 131 135 141
Net Adj margin (%) 0,8 0,8 0,8
Depreciation and amortisation -24 -25 -31
Of which leasing depreciation -15 -15 -15
EO items 9 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 188 191 204
EBITDA lease Adj margin (%) 1,2 1,1 1,1
Leasing payments -15 -15 -15
SEKm 2022 2023e 2024e
EBITDA 212 206 219
Net financial items -9 -9 -7
Paid tax -39 -38 -40
Non-cash items -8 0 0
Cash flow before change in WC 156 159 172
Change in WC 32 -13 -14
Operating cash flow 188 146 158
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -22 -18 -18
Acquisitions and disposals 0 0 0
Free cash flow 164 127 139
Dividend paid -86 -95 -108
Share issues and buybacks 0 0 0
Other non cash items -26 0 0
Decrease in net IB debt -142 -13 -11
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 0 0 0
Indefinite intangible assets 66 72 81
Definite intangible assets 0 0 0
Tangible fixed assets 8 11 12
Other fixed assets 4 4 4
Fixed assets 130 140 143
Inventories 0 0 0
Receivables 4202 4508 4836
Other current assets 27 27 27
Cash and liquid assets 279 296 312
Total assets 4639 4971 5319
Shareholders equity 253 293 326
Minority 0 0 0
Total equity 253 293 326
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 277 277 277
Accounts payable 3915 4199 4505
Other current liabilities 154 162 171
Total liabilities and equity 4639 4971 5319
Net IB debt 29 12 -4
Net IB debt excl. pension debt 29 12 -4
Capital invested 282 305 322
Working capital 161 174 188
EV breakdown 2022 2023 2024
Market cap. diluted (m) 2096 2096 2096
Net IB debt Adj 29 12 -4
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2126 2109 2093
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 382,2 356,7 357,4
Capital invested turnover (%) 4729,1 4107,2 4086,4
Capital employed turnover (%) 2924 3227 3348
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,7 24,5 24,7
Working capital / sales (%) 1,1 1 1
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) 11,6 4,2 -1,2
Net debt / market cap (%) 1,4 0,6 -0,2
Equity ratio (%) 5,5 5,9 6,1
Net IB debt adj. / equity (%) 11,6 4,2 -1,2
Current ratio (%) 103,3 103,7 104,1
EBITDA / net interest (%) 2307,9 2289,6 3126,3
Net IB debt / EBITDA (%) 13,8 5,9 -1,8
Interest cover (%) 0 0 0
Lease liability amortisation -15 -15 -15
Other intangible assets 69 76 78
Right-of-use asset 44 44 44
Total other fixed assets 9 9 9
Leasing liability 40 40 40
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -11 -28 -44
Net IB debt / EBITDA lease Adj (%) -6 -14,8 -21,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 8,12 7,81 8,18
Dividend per share Adj 5,5 6,3 7
EPS Adj 7,58 7,81 8,18
BVPS 14,67 16,98 18,91
BVPS Adj 14,67 16,98 18,91
Net IB debt / share 1,7 0,7 -0,2
Share price 121,6 121,6 121,6
Market cap. (m) 2096 2096 2096
Valuation 2022 2023 2024
P/E 15 15,6 14,9
EV/sales 0,13 0,12 0,11
EV/EBITDA 10 10,2 9,6
EV/EBITA 11,3 11,6 11,1
EV/EBIT 11,3 11,6 11,1
Dividend yield (%) 4,5 5,1 5,8
FCF yield (%) 7,8 6,1 6,6
P/BVPS 8,29 7,16 6,43
P/BVPS Adj 8,29 7,16 6,43
P/E Adj 16 15,6 14,9
EV/EBITDA Adj 10,5 10,2 9,6
EV/EBITA Adj 11,9 11,6 11,1
EV/EBIT Adj 11,9 11,6 11,1
EV/cap. employed 3,7 3,5 3,3
Investment ratios 2022 2023 2024
Capex / sales 0,2 0,1 0,1
Capex / depreciation 265,6 205,3 121,9
Capex tangibles / tangible fixed assets 30,1 18,5 16,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17 13,5 19,9
Lease adj. FCF yield (%) 7,1 5,3 5,9

Equity research

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 39.5 % 39.5 % 28 Dec 2022
Magnus Berglind 16.5 % 16.5 % 7 Nov 2022
Protector Forsikring ASA 10.1 % 10.1 % 28 Dec 2022
Katarina Salén 2.7 % 2.7 % 28 Dec 2022
Patrik Salén 2.3 % 2.3 % 28 Dec 2022
Avanza Pension 2.1 % 2.1 % 28 Sep 2022
Investment AB Curacau 1.5 % 1.5 % 28 Dec 2022
Handelsbanken Liv Försäkring AB 1.1 % 1.1 % 28 Dec 2022
Nordnet Pensionsförsäkring 1.0 % 1.0 % 28 Dec 2022
Clas Ruthberg 0.9 % 0.9 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
Pernilla Nilsson - 104 SELL 18 Aug 2021
Pernilla Nilsson - 300 SELL 12 Aug 2021
Pernilla Nilsson - 500 SELL 10 Aug 2021
Pernilla Nilsson - 236 SELL 10 Aug 2021
Pernilla Nilsson - 800 SELL 30 Jul 2021
Pernilla Nilsson - 500 SELL 27 Jul 2021
Pernilla Nilsson - 160 SELL 27 Jul 2021
Pernilla Nilsson - 271 SELL 26 Jul 2021
Pernilla Nilsson - 262 SELL 26 Jul 2021
Pernilla Nilsson - 700 SELL 26 Jul 2021

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