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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 16076 17438 18963
Sales growth (%) 21,9 8,5 8,7
EBITDA 214 219 255
EBITDA margin (%) 1,3 1,3 1,3
EBIT adj. 174 180 217
EBIT adj. margin (%) 1,1 1 1,1
Pretax profit 176 178 211
EPS 8,07 8,12 9,71
EPS growth (%) 42 0,6 19,5
EPS adj. 7,65 8,12 9,71
DPS 6,5 7,5 8,5
EV/EBITDA (x) 11,1 10,6 9
EV/EBIT adj. (x) 13,7 12,9 10,6
P/E (x) 16,2 16,1 13,5
P/E adj. (x) 17,1 16,1 13,5
EV/sales (x) 0,15 0,13 0,12
FCF yield (%) 3,6 7,9 7,1
Le. adj. FCF yld. (%) 2,8 7 6,3
Dividend yield (%) 5 5,7 6,5
Net IB debt/EBITDA (x) 0,6 0,3 0,2
Le. adj. ND/EBITDA (x) 0,4 0,1 0,1
SEKm 2022 2023e 2024e
Sales 16076 17438 18963
COGS -15477 -16775 -18239
Gross profit 599 663 724
Other operating items -385 -444 -470
EBITDA 214 219 255
Depreciation and amortisation -31 -39 -38
of which leasing depreciation -18 -20 -20
EBITA 183 180 217
EO Items 9 0 0
Impairment and PPA amortisation 0 0 0
EBIT 183 180 217
Net financial items -7 -2 -6
Pretax profit 176 178 211
Tax -36 -38 -44
Net profit 139 140 167
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 139 140 167
EPS 8,07 8,12 9,71
EPS adj. 7,65 8,12 9,71
Total extraordinary items after tax 7 0 0
Leasing payments -18 -20 -20
Tax rate (%) 20,7 21,2 20,7
Gross margin (%) 3,7 3,8 3,8
EBITDA margin (%) 1,3 1,3 1,3
EBITA margin (%) 1,1 1 1,1
EBIT margin (%) 1,1 1 1,1
Pre-tax margin (%) 1,1 1 1,1
Net margin (%) 0,9 0,8 0,9
Sales growth (%) 21,9 8,5 8,7
EBITDA growth (%) 32,4 2,4 16,4
EBITA growth (%) 44,4 -1,6 20,5
EBIT growth (%) 44,4 -1,6 20,5
Net profit growth (%) 42 0,6 19,5
EPS growth (%) 42 0,6 19,5
Profitability N/A N/A N/A
ROE (%) 60,5 50,6 53,8
ROE adj. (%) 57,4 50,6 53,8
ROCE (%) 30,4 24,5 28,2
ROCE adj. (%) 28,8 24,5 28,2
ROIC (%) 44,4 38,9 47,5
ROIC adj. (%) 42,1 38,9 47,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 204 219 255
EBITDA adj. margin (%) 1,3 1,3 1,3
EBITDA lease adj. 187 199 235
EBITDA lease adj. margin (%) 1,2 1,1 1,2
EBITA adj. 174 180 217
EBITA adj. margin (%) 1,1 1 1,1
EBIT adj. 174 180 217
EBIT adj. margin (%) 1,1 1 1,1
Pretax profit Adj. 166 178 211
Net profit Adj. 132 140 167
Net profit to shareholders adj. 132 140 167
Net adj. margin (%) 0,8 0,8 0,9
SEKm 2022 2023e 2024e
EBITDA 214 219 255
Goodwill 0 0 0
Net financial items -7 -2 -6
Other intangible assets 68 62 63
Paid tax -36 -38 -44
Tangible fixed assets 9 9 10
Non-cash items 22 -4 0
Right-of-use asset 42 32 32
Cash flow before change in WC 192 175 205
Total other fixed assets 10 11 11
Change in working capital -81 16 -23
Fixed assets 129 113 116
Operating cash flow 110 191 182
Inventories 0 0 0
Capex tangible fixed assets -10 -3 -5
Receivables 4314 4621 5025
Capex intangible fixed assets -19 -9 -16
Other current assets 24 42 42
Acquisitions and Disposals 0 0 0
Cash and liquid assets 332 368 381
Free cash flow 82 179 161
Total assets 4800 5145 5565
Dividend paid -86 -112 -129
Shareholders equity 261 292 330
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -18 -20 -20
Total equity 261 292 330
Other non-cash items -22 15 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 38 28 28
Total other long-term liabilities 0 0 0
Short-term debt 424 409 409
Accounts payable 3948 4272 4646
Other current liabilities 130 144 151
Total liabilities and equity 4800 5145 5565
Net IB debt 119 57 45
Net IB debt excl. pension debt 119 57 45
Net IB debt excl. leasing 81 29 17
Capital employed 722 729 767
Capital invested 380 350 376
Working capital 261 247 270
Market cap. diluted (m) 2258 2258 2258
Net IB debt adj. 119 57 45
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 2377 2316 2304
Total assets turnover (%) 377,2 350,7 354,1
Working capital/sales (%) 1,4 1,5 1,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 45,6 19,6 13,7
Net debt / market cap (%) 5,3 2,5 2
Equity ratio (%) 5,4 5,7 5,9
Net IB debt adj. / equity (%) 45,6 19,6 13,7
Current ratio 1,04 1,04 1,05
EBITDA/net interest 28,6 88,9 42,5
Net IB debt/EBITDA (x) 0,6 0,3 0,2
Net IB debt/EBITDA lease adj. (x) 0,4 0,1 0,1
Interest coverage N/A N/A N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 17 17 17
Diluted shares adj. 17 17 17
EPS 8,07 8,12 9,71
Dividend per share 6,5 7,5 8,5
EPS adj. 7,65 8,12 9,71
BVPS 15,13 16,96 19,16
BVPS adj. 11,2 13,37 15,49
Net IB debt/share 6,9 3,33 2,62
Share price 131 131 131
Market cap. (m) 2258 2258 2258
P/E (x) 16,2 16,1 13,5
EV/sales (x) 0,15 0,13 0,12
EV/EBITDA (x) 11,1 10,6 9
EV/EBITA (x) 13 12,9 10,6
EV/EBIT (x) 13 12,9 10,6
Dividend yield (%) 5 5,7 6,5
FCF yield (%) 3,6 7,9 7,1
Le. adj. FCF yld. (%) 2,8 7 6,3
P/BVPS (x) 8,66 7,73 6,84
P/BVPS adj. (x) 8,66 7,73 6,84
P/E adj. (x) 17,1 16,1 13,5
EV/EBITDA adj. (x) 11,6 10,6 9
EV/EBITA adj. (x) 13,7 12,9 10,6
EV/EBIT adj. (x) 13,7 12,9 10,6
EV/CE (x) 3,3 3,2 3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,1 0,1
Capex/depreciation 2,2 0,7 1,2
Capex tangibles / tangible fixed assets 102,7 35,4 51,1
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 20,67 32,49 26,28

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 39.4 % 39.4 % 28 Jun 2023
Magnus Berglind 16.5 % 16.5 % 7 Nov 2022
Protector Forsikring ASA 4.4 % 4.4 % 28 Jun 2023
Futur Pension 3.5 % 3.5 % 28 Jun 2023
Katarina Salén 2.7 % 2.7 % 28 Jun 2023
Avanza Pension 2.5 % 2.5 % 28 Jun 2023
Patrik Salén 2.3 % 2.3 % 28 Jun 2023
Investment AB Curacau 1.5 % 1.5 % 28 Jun 2023
Fondsfinans Kapitalforvaltning 1.4 % 1.4 % 31 Aug 2023
Handelsbanken Liv Försäkring AB 1.1 % 1.1 % 28 Jun 2023
Source: Holdings by Modular Finance AB