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Ework Group

Ework Group

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.

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 2023 2024e 2025e
Sales 17245 16564 17886
Sales growth (%) 7,3 -3,9 8
EBITDA 236 263 301
EBITDA margin (%) 1,4 1,6 1,7
EBIT adj. 195 227 255
EBIT adj. margin (%) 1,1 1,4 1,4
Pretax profit 167 201 238
EPS 7,49 9,26 10,95
EPS growth (%) -7,2 23,6 18,3
EPS adj. 7,49 9,75 10,95
DPS 7 7,5 8,5
EV/EBITDA (x) 10,6 9,3 7,9
EV/EBIT adj. (x) 12,9 10,8 9,3
P/E (x) 18,5 15 12,7
P/E adj. (x) 18,5 14,2 12,7
EV/sales (x) 0,15 0,15 0,13
FCF yield (%) 6,1 8,2 9,5
Le. adj. FCF yld. (%) 5,3 7,3 8,6
Dividend yield (%) 5 5,4 6,1
Net IB debt/EBITDA (x) 0,5 0,2 0
Le. adj. ND/EBITDA (x) 0,3 0,1 -0,2
SEKm 2023 2024e 2025e
Sales 17245 16564 17886
COGS -16587 -15928 -17194
Gross profit 658 636 692
Other operating items -422 -372 -391
EBITDA 236 263 301
Depreciation and amortisation -41 -47 -46
of which leasing depreciation -20 -21 -21
EBITA 195 216 255
EO Items 0 -11 0
Impairment and PPA amortisation 0 0 0
EBIT 195 216 255
Net financial items -28 -15 -17
Pretax profit 167 201 238
Tax -38 -41 -49
Net profit 129 160 189
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 129 160 189
EPS 7,49 9,26 10,95
EPS adj. 7,49 9,75 10,95
Total extraordinary items after tax 0 -9 0
Leasing payments -20 -21 -21
Tax rate (%) 22,6 20,6 20,7
Gross margin (%) 3,8 3,8 3,9
EBITDA margin (%) 1,4 1,6 1,7
EBITA margin (%) 1,1 1,3 1,4
EBIT margin (%) 1,1 1,3 1,4
Pre-tax margin (%) 1 1,2 1,3
Net margin (%) 0,7 1 1,1
Sales growth (%) 7,3 -3,9 8
EBITDA growth (%) 10,5 11,6 14,4
EBITA growth (%) 6,4 10,8 18,2
EBIT growth (%) 6,4 10,8 18,2
Net profit growth (%) -7,2 23,6 18,3
EPS growth (%) -7,2 23,6 18,3
Profitability N/A N/A N/A
ROE (%) 47,7 53,1 54
ROE adj. (%) 47,7 56 54
ROCE (%) 26,4 35,8 39
ROCE adj. (%) 26,4 37,7 39
ROIC (%) 38,7 43,7 53,8
ROIC adj. (%) 38,7 45,9 53,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 236 274 301
EBITDA adj. margin (%) 1,4 1,7 1,7
EBITDA lease adj. 216 253 280
EBITDA lease adj. margin (%) 1,3 1,5 1,6
EBITA adj. 195 227 255
EBITA adj. margin (%) 1,1 1,4 1,4
EBIT adj. 195 227 255
EBIT adj. margin (%) 1,1 1,4 1,4
Pretax profit Adj. 167 212 238
Net profit Adj. 129 168 189
Net profit to shareholders adj. 129 168 189
Net adj. margin (%) 0,7 1 1,1
SEKm 2023 2024e 2025e
EBITDA 236 263 301
Goodwill 0 0 0
Net financial items -28 -15 -17
Other intangible assets 67 63 58
Paid tax -37 -41 -49
Tangible fixed assets 7 8 8
Non-cash items 0 0 0
Right-of-use asset 51 51 51
Cash flow before change in WC 171 207 235
Total other fixed assets 11 11 11
Change in working capital -7 12 13
Fixed assets 135 133 128
Operating cash flow 164 219 248
Inventories 0 0 0
Capex tangible fixed assets -2 -4 -3
Receivables 3857 3702 4055
Capex intangible fixed assets -14 -20 -17
Other current assets 13 13 13
Acquisitions and Disposals 0 0 0
Cash and liquid assets 131 185 262
Free cash flow 147 195 228
Total assets 4137 4032 4458
Dividend paid -112 -121 -129
Shareholders equity 281 320 379
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -20 -21 -21
Total equity 281 320 379
Other non-cash items -14 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 47 47 47
Total other long-term liabilities 0 0 0
Short-term debt 214 214 214
Accounts payable 3500 3359 3720
Other current liabilities 95 93 97
Total liabilities and equity 4137 4032 4458
Net IB debt 118 65 -12
Net IB debt excl. pension debt 118 65 -12
Net IB debt excl. leasing 71 18 -59
Capital employed 542 581 640
Capital invested 399 385 367
Working capital 275 263 250
Market cap. diluted (m) 2393 2393 2393
Net IB debt adj. 118 65 -12
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 2511 2458 2381
Total assets turnover (%) 385,9 405,5 421,3
Working capital/sales (%) 1,6 1,6 1,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 42,1 20,4 -3,2
Net debt / market cap (%) 4,9 2,7 -0,5
Equity ratio (%) 6,8 7,9 8,5
Net IB debt adj. / equity (%) 42,1 20,4 -3,2
Current ratio 1,05 1,06 1,07
EBITDA/net interest 8,5 17,6 17,7
Net IB debt/EBITDA (x) 0,5 0,2 0
Net IB debt/EBITDA lease adj. (x) 0,3 0,1 -0,2
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 17 17 17
Diluted shares adj. 17 17 17
EPS 7,49 9,26 10,95
Dividend per share 7 7,5 8,5
EPS adj. 7,49 9,75 10,95
BVPS 16,29 18,55 22
BVPS adj. 12,43 14,87 18,63
Net IB debt/share 6,86 3,78 -0,71
Share price 138,8 138,8 138,8
Market cap. (m) 2393 2393 2393
P/E (x) 18,5 15 12,7
EV/sales (x) 0,15 0,15 0,13
EV/EBITDA (x) 10,6 9,3 7,9
EV/EBITA (x) 12,9 11,4 9,3
EV/EBIT (x) 12,9 11,4 9,3
Dividend yield (%) 5 5,4 6,1
FCF yield (%) 6,1 8,2 9,5
Le. adj. FCF yld. (%) 5,3 7,3 8,6
P/BVPS (x) 8,52 7,48 6,31
P/BVPS adj. (x) 8,52 7,48 6,31
P/E adj. (x) 18,5 14,2 12,7
EV/EBITDA adj. (x) 10,6 9 7,9
EV/EBITA adj. (x) 12,9 10,8 9,3
EV/EBIT adj. (x) 12,9 10,8 9,3
EV/CE (x) 4,6 4,2 3,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,1 0,1
Capex/depreciation 0,8 0,9 0,8
Capex tangibles / tangible fixed assets 34,8 44,5 36,3
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 44,6 49,51 45,41

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 39.4 % 39.4 % 26 Mar 2024
Magnus Berglind 15.3 % 15.3 % 27 Mar 2024
Protector Forsikring ASA 5.0 % 5.0 % 26 Mar 2024
Avanza Pension 3.1 % 3.1 % 26 Mar 2024
Katarina Salén 2.7 % 2.7 % 26 Mar 2024
Patrik Salén 2.3 % 2.3 % 26 Mar 2024
Investment AB Curacau 1.5 % 1.5 % 26 Mar 2024
Fondsfinans Kapitalforvaltning 1.4 % 1.4 % 30 Apr 2024
Handelsbanken Liv Försäkring AB 1.1 % 1.1 % 26 Mar 2024
Nordnet Pensionsförsäkring 1.1 % 1.1 % 26 Mar 2024
Source: Holdings by Modular Finance AB