Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Ework Group

Ework Group

Send subscription Close

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 12048,33 12678,54
Sales growth (%) -12,8 -12,6 5,2
EBITDA 187 130 158
EBITDA margin (%) 1,4 1,1 1,2
EBIT adj. 149 112 128
EBIT adj. margin (%) 1,1 0,9 1
Pretax profit 95 85 113
EPS 4,43 3,89 5,2
EPS growth (%) -44,9 -12,1 33,6
EPS adj. 5,65 4,3 5,2
DPS N/A N/A N/A
Dividend per share 4 3,5 4,5
EV/EBITDA (x) 6,2 8,8 7,2
EV/EBIT adj. (x) 7,7 10,3 8,8
P/E (x) 13,62 15,5 11,6
P/E adj. (x) 10,7 14 11,6
EV/sales (x) 0,08 0,1 0,09
FCF yield (%) 10,8 8 9,2
Le. adj. FCF yld. (%) 8,5 6,4 7,6
Dividend yield (%) 6,6 5,8 7,5
Net IB debt/EBITDA (x) 0,6 0,9 0,6
Le. adj. ND/EBITDA (x) 0,4 0,7 0,4
SEKm 2025 2026e 2027e
Sales 13782 12048,33 12678,54
COGS -13215 -11552 -12165
Gross profit 567 496 513
Other operating items -381 -366 -355
EBITDA 187 130 158
Depreciation and amortisation -64 -28 -30
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -23 -16 -16
EBITA 122,93 102,64 128,01
EO Items N/A N/A N/A
Operating EO items -26 -9 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 122,93 102,64 128,01
Net financial items -28 -18 -15
Pretax profit 95 85 113
Tax -19 -18 -23
Net profit 76 67 90
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 67 90
EPS 4,43 3,89 5,2
EPS adj. 5,65 4,3 5,2
Total extraordinary items after tax -21 -7 0
Leasing payments -23 -17 -16
Tax rate (%) 19,8 20,7 20,7
Gross margin (%) 4,1 4,1 4,1
EBITDA margin (%) 1,4 1,1 1,2
EBITA margin (%) 0,9 0,9 1
EBIT margin (%) 0,9 0,9 1
Pre-tax margin (%) 0,7 0,7 0,9
Net margin (%) 0,6 0,6 0,7
Sales growth (%) -12,8 -12,6 5,2
EBITDA growth (%) -20,3 -30,2 21,2
EBITA growth (%) -35,3 -16,5 24,7
EBIT growth (%) -35,3 -16,5 24,7
Net profit growth (%) -44,9 -12,1 33,6
EPS growth (%) -44,9 -12,1 33,6
Profitability N/A N/A N/A
ROE (%) 27,7 26,9 34
ROE adj. (%) 35,3 29,7 34
ROCE (%) 19,8 18,2 22,4
ROCE adj. (%) 25,2 20,1 22,4
ROIC (%) 26,5 22,5 27,7
ROIC adj. (%) 32,2 24,4 27,7
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 213 139 158
EBITDA adj. margin (%) 1,5 1,2 1,2
EBITDA lease adj. 190 122 142
EBITDA lease adj. margin (%) 1,4 1 1,1
EBITA adj. 149 112 128
EBITA adj. margin (%) 1,1 0,9 1
EBIT adj. 149 112 128
EBIT adj. margin (%) 1,1 0,9 1
Pretax profit Adj. 121 94 113
Net profit Adj. 97 74 90
Net profit to shareholders adj. 97 74 90
Net adj. margin (%) 0,7 0,6 0,7
SEKm 2025 2026e 2027e
EBITDA 187 130 158
Goodwill 0 0 0
Net financial items -28 -18 -15
Other intangible assets 31 28 23
Paid tax -19 -18 -23
Tangible fixed assets 1 1 2
Non-cash items -23 -10 0
Right-of-use asset 36 32 32
Cash flow before change in WC 117 84 120
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 16 16 16
Change in working capital 6 7 -14
Fixed assets 84 78 74
Operating cash flow 123 91 105
Inventories 0 0 0
Capex tangible fixed assets -2 -1 -2
Receivables 3023 2613 2749
Capex intangible fixed assets -9 -6 -9
Other current assets 56 65 65
Acquisitions and Disposals 0 0 0
Cash and liquid assets 61 112 131
Free cash flow 112 84 95
Total assets 3224 2867 3019
Dividend paid -121 -69 -60
Shareholders equity 250 249 279
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -23 -17 -16
Total equity 250 249 279
Other non-cash items N/A N/A N/A
Other changes in net debt -2 4 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 33 30 30
Total other long-term liabilities 0 0 0
Short-term debt 156 211 211
Accounts payable 2677 2287 2407
Other current liabilities 107 90 93
Total liabilities and equity 3224 2867 3019
Net IB debt 113 112 93
Net IB debt excl. pension debt 113 112 93
Net IB debt excl. leasing 80 82 63
Capital employed 440 490 519
Capital invested 363 361 372
Working capital 295 300 314
Market cap. diluted (m) 1040 1040 1040
Net IB debt adj. 113 112 93
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 1153 1152 1133
Total assets turnover (%) 397,7 395,6 430,8
Working capital/sales (%) 2,1 2,5 2,4
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 45,3 44,9 33,4
Net debt / market cap (%) 10,9 10,8 8,9
Equity ratio (%) 7,7 8,7 9,2
Net IB debt adj. / equity (%) 45,3 44,9 33,4
Current ratio 1,07 1,08 1,09
EBITDA/net interest 6,7 7,2 10,5
Net IB debt/EBITDA (x) 0,6 0,9 0,6
Net IB debt/EBITDA lease adj. (x) 0,4 0,7 0,4
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 3,89 5,2
Dividend per share 4 3,5 4,5
EPS adj. 5,65 4,3 5,2
BVPS 14,49 14,46 16,16
BVPS adj. 12,7 12,84 14,8
Net IB debt/share 6,56 6,49 5,39
Share price 60,3 60,3 60,3
Market cap. (m) 1040 1040 1040
P/E (x) 13,62 15,5 11,6
EV/sales (x) 0,08 0,1 0,09
EV/EBITDA (x) 6,2 8,8 7,2
EV/EBITA (x) 9,4 11,2 8,8
EV/EBIT (x) 9,4 11,2 8,8
Dividend yield (%) 6,6 5,8 7,5
FCF yield (%) 10,8 8 9,2
Le. adj. FCF yld. (%) 8,5 6,4 7,6
P/BVPS (x) 4,16 4,17 3,73
P/BVPS adj. (x) 4,16 4,17 3,73
P/E adj. (x) 10,7 14 11,6
EV/EBITDA adj. (x) 5,4 8,3 7,2
EV/EBITA adj. (x) 7,7 10,3 8,8
EV/EBIT adj. (x) 7,7 10,3 8,8
EV/CE (x) 2,6 2,4 2,2
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,1 -0,1 -0,1
Capex/depreciation 0,3 0,6 0,7
Capex tangibles / tangible fixed assets 135,2 83,8 76,2
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 516,33 85,98 71,16

Equity research

Read earlier research

Main shareholders - Ework Group

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 43.3 % 43.3 % 29 Apr 2026
Magnus Berglind 13.2 % 13.2 % 18 Sep 2024
Avanza Pension 3.6 % 3.6 % 27 Mar 2026
Patrik Salén 2.3 % 2.3 % 27 Mar 2026
Katarina Salén 1.6 % 1.6 % 27 Mar 2026
Decland AB 1.3 % 1.3 % 27 Mar 2026
Livförsäkringsbolaget Skandia 1.3 % 1.3 % 27 Mar 2026
Mikael Gunnarsson 1.3 % 1.3 % 27 Mar 2026
Handelsbanken Liv Försäkring AB 1.2 % 1.2 % 27 Mar 2026
Nordnet Pensionsförsäkring 1.1 % 1.1 % 27 Mar 2026
Source: Holdings by Modular Finance AB