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eWork

eWork

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.

The fast growing technological development generates more and more consultants. This also creates a demand among companies and organizations for specialists in niche areas under time specific periods. Furthermore, there is an increased interest for independent consultancy. The option to choose projects and when and where they should take place creates an incentive. Ework acts on this demand and supply by bringing the two parts together. The company is also trying to exploit this need outside the Nordics (in Poland) and this could pay off in the future.

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 2021 2022e 2023e
Sales 13189 15498 16660
Sales growth (%) 7,8 17,5 7,5
EBITDA 161 201 214
EBITDA margin (%) 1,2 1,3 1,3
EBIT adj 130 165 178
EBIT adj margin (%) 1 1,1 1,1
Pretax profit 124 157 172
EPS rep 5,68 7,12 7,76
EPS growth (%) 41,4 25,2 9
EPS adj 5,86 7,12 7,76
DPS 5 5,5 6
EV/EBITDA (x) 14,7 10,5 9,7
EV/EBIT adj (x) 18,2 12,8 11,7
P/E (x) 23,4 17,1 15,7
P/E adj (x) 22,6 17,1 15,7
EV/sales (x) 0,2 0,1 0,1
FCF yield (%) 2,3 8,2 6,5
Dividend yield (%) 3,8 4,5 4,9
Net IB debt/EBITDA 0,5 0 -0,1
Lease adj. FCF yield (%) 1,3 7,1 5,5
Lease adj. ND/EBITDA 0,4 -0,1 -0,2
SEKm 2021 2022e 2023e
Sales 13189 15498 16660
COGS -12705 -14929 -16051
Gross profit 483 569 608
Other operating items -322 -367 -394
EBITDA 161 201 214
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -7 -8
EBITA 127 165 178
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 127 165 178
Other financial items 0 0 0
Net financial items -2 -8 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 124 157 172
Tax -26 -34 -38
Net profit 98 123 134
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 123 134
EPS 5,68 7,12 7,76
EPS Adj 5,86 7,12 7,76
Total extraordinary items after tax -3,1 0 0
Tax rate (%) -21,2 -21,9 -22
Gross margin (%) 3,7 3,7 3,7
EBITDA margin (%) 1,2 1,3 1,3
EBITA margin (%) 1 1,1 1,1
EBIT margin (%) 1 1,1 1,1
Pretax margin (%) 0,9 1 1
Net margin (%) 0,7 0,8 0,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 7,8 17,5 7,5
EBITDA growth (%) 28,4 24,9 6,4
EBIT growth (%) 34,4 30,2 7,6
Net profit growth (%) 41,4 25,2 9
EPS growth (%) 41,4 25,2 9
Profitability 2021 2022 2023
ROE (%) 47,7 56,2 52
ROE Adj (%) 49,2 56,2 52
ROCE (%) 27,6 36,5 38,4
ROCE Adj(%) 28,3 36,5 38,4
ROIC (%) 40,2 50,1 55,4
ROIC Adj (%) 41,2 50,1 55,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 164 201 214
EBITDA Adj margin (%) 1,2 1,3 1,3
EBITA Adj 130 165 178
EBITA Adj margin (%) 1 1,1 1,1
EBIT Adj 130 165 178
EBIT Adj margin (%) 1 1,1 1,1
Pretax profit Adj 127 157 172
Net profit Adj 101 123 134
Net profit to shareholders Adj 101 123 134
Net Adj margin (%) 0,8 0,8 0,8
Depreciation and amortisation -35 -36 -37
Of which leasing depreciation -22 -22 -22
EO items -3 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 142 180 193
EBITDA lease Adj margin (%) 1,1 1,2 1,2
Leasing payments -22 -22 -22
SEKm 2021 2022e 2023e
EBITDA 161 201 214
Net financial items -2 -8 -6
Paid tax -16 -34 -38
Non-cash items 1 -1 0
Cash flow before change in WC 143 158 171
Change in WC -75 34 -14
Operating cash flow 68 192 157
CAPEX tangible fixed assets 0 -2 -2
CAPEX intangible fixed assets -15 -17 -18
Acquisitions and disposals 0 0 0
Free cash flow 53 173 137
Dividend paid -112 -86 -95
Share issues and buybacks 0 0 0
Other non cash items 7 -19 0
Decrease in net IB debt 345 -142 -13
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 57 66 72
Definite intangible assets 0 0 0
Tangible fixed assets 3 6 8
Other fixed assets 4 4 4
Fixed assets 98 96 101
Inventories 0 0 0
Receivables 3453 4153 4465
Other current assets 19 23 23
Cash and liquid assets 154 181 201
Total assets 3724 4454 4790
Shareholders equity 199 238 277
Minority 0 0 0
Total equity 199 238 277
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 211 171 171
Accounts payable 3173 3859 4148
Other current liabilities 117 168 176
Total liabilities and equity 3724 4454 4790
Net IB debt 75 3 -18
Net IB debt excl. pension debt 75 3 -18
Capital invested 274 241 259
Working capital 182 149 163
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2289 2103 2103
Net IB debt Adj 75 3 -18
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 2365 2106 2086
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 372,2 379 360,4
Capital invested turnover (%) 3318,9 4729,1 4107,2
Capital employed turnover (%) 2000,7 2924 3227
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,5 23,7 24,5
Working capital / sales (%) 1,1 1,1 0,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 37,8 1,3 -6,3
Net debt / market cap (%) 4,2 0,1 -0,8
Equity ratio (%) 5,3 5,3 5,8
Net IB debt adj. / equity (%) 37,8 1,3 -6,3
Current ratio (%) 103,2 103,6 104,1
EBITDA / net interest (%) 6524,2 2519,6 3572,6
Net IB debt / EBITDA (%) 46,6 1,5 -8,2
Interest cover (%) 0 0 0
Lease liability amortisation -22 -23 -22
Other intangible assets 62 62 65
Right-of-use asset 28 23 23
Total other fixed assets 5 5 5
Leasing liability 24 18 18
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 51 -15 -36
Net IB debt / EBITDA lease Adj (%) 36,1 -8,5 -18,6
SEKm 2021 2022e 2023e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 5,68 7,12 7,76
Dividend per share Adj 5 5,5 6
EPS Adj 5,86 7,12 7,76
BVPS 11,54 13,78 16,04
BVPS Adj 11,54 13,78 16,04
Net IB debt / share 4,4 0,2 -1
Share price 105,05 122 122
Market cap. (m) 1811 2103 2103
Valuation 2021 2022 2023
P/E 23,4 17,1 15,7
EV/sales 0,18 0,14 0,13
EV/EBITDA 14,7 10,5 9,7
EV/EBITA 18,7 12,8 11,7
EV/EBIT 18,7 12,8 11,7
Dividend yield (%) 3,8 4,5 4,9
FCF yield (%) 2,3 8,2 6,5
P/BVPS 11,51 8,85 7,6
P/BVPS Adj 11,51 8,85 7,6
P/E Adj 22,6 17,1 15,7
EV/EBITDA Adj 14,4 10,5 9,7
EV/EBITA Adj 18,2 12,8 11,7
EV/EBIT Adj 18,2 12,8 11,7
EV/cap. employed 5,4 4,9 4,5
Investment ratios 2021 2022 2023
Capex / sales 0,1 0,1 0,1
Capex / depreciation 123,9 129,8 129,3
Capex tangibles / tangible fixed assets 16,4 30 24,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 60,6 34,7 28,3
Lease adj. FCF yield (%) 1,3 7,1 5,5

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 39.2 % 39.2 % 31 Mar 2022
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Protector Forsikring ASA 10.1 % 10.1 % 31 Mar 2022
Katarina Salén 2.7 % 2.7 % 31 Mar 2022
Patrik Salén 2.3 % 2.3 % 31 Mar 2022
Avanza Pension 2.0 % 2.0 % 31 Mar 2022
Investment AB Curacau 1.5 % 1.5 % 31 Mar 2022
Thomas Wernhoff 1.1 % 1.1 % 31 Mar 2022
Handelsbanken Liv Försäkring AB 1.1 % 1.1 % 31 Mar 2022
Nordnet Pensionsförsäkring 0.9 % 0.9 % 31 Mar 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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