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Ogunsen

Ogunsen

Ogunsen is a consulting and recruitment company focused on providing mainly specialists and managers to companies in Finance, IT, HR and Supply Chain. It was founded by Per Ogunro in 1993 with the aim of finding employment for bankers in the Swedish bank crisis. Many of Ogunsen’s recruiters and sales personnel have experience in their respective focus areas.

Sustainability information (in Swedish)

Consulting/Staffing companies are in general contracted as a flexible part of a company’s workforce. Their services are therefore attractive when the economy is expanding and the quick addition of labour is needed for businesses to meet customer demand. Therefore, Ogunsen is naturally sensitive to changes in the business cycle.

SEKm 2025 2026e 2027e
Sales 440 452 481
Sales growth (%) -5,1 2,8 6,4
EBITDA 25 39 46
EBITDA margin (%) 5,7 8,5 9,6
EBIT adj. 18 29 36
EBIT adj. margin (%) 4,2 6,4 7,5
Pretax profit 15 28 36
EPS 1,13 2,44 3,13
EPS growth (%) -42,2 N/A 28,3
EPS adj. 1,33 2,44 3,13
DPS 2 3,1 3,5
EV/EBITDA (x) 11,7 7,7 6,5
EV/EBIT adj. (x) 16,1 10,3 8,3
P/E (x) 25,9 12 9,3
P/E adj. (x) 21,9 12 9,3
EV/sales (x) 0,67 0,66 0,62
FCF yield (%) 7,5 10,9 13,4
Le. adj. FCF yld. (%) 4,9 8,4 10,8
Dividend yield (%) 6,8 10,6 12
Net IB debt/EBITDA (x) -0,7 -0,5 -0,3
Le. adj. ND/EBITDA (x) -1,5 -0,9 -0,7
SEKm 2025 2026e 2027e
Sales 440 452 481
COGS 0 0 0
Gross profit 440 452 481
Other operating items -415 -414 -435
EBITDA 25 39 46
Depreciation and amortisation -10 -10 -10
of which leasing depreciation -8 -8 -8
EBITA 16 29 36
EO Items -3 0 0
Impairment and PPA amortisation 0 0 0
EBIT 16 29 36
Net financial items 0 -1 -1
Pretax profit 15 28 36
Tax -3 -2 -2
Net profit 12 26 34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 12 26 34
EPS 1,13 2,44 3,13
EPS adj. 1,33 2,44 3,13
Total extraordinary items after tax -2 0 0
Leasing payments -8 -8 -8
Tax rate (%) 19,9 7,1 5,6
Gross margin (%) 100 100 100
EBITDA margin (%) 5,7 8,5 9,6
EBITA margin (%) 3,5 6,4 7,5
EBIT margin (%) 3,5 6,4 7,5
Pre-tax margin (%) 3,4 6,2 7,4
Net margin (%) 2,7 5,8 7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -5,1 2,8 6,4
EBITDA growth (%) -30,4 52,9 20,3
EBITA growth (%) -41,1 84,8 25,7
EBIT growth (%) -41,1 84,8 25,7
Net profit growth (%) -42,2 116,8 28,3
EPS growth (%) -42,2 N/A 28,3
Profitability N/A N/A N/A
ROE (%) 18,3 42 52,6
ROE adj. (%) 21,7 42 52,6
ROCE (%) 19,6 39,3 48
ROCE adj. (%) 23,1 39,3 48
ROIC (%) 26,8 60,6 70,9
ROIC adj. (%) 31,6 60,6 70,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 28 39 46
EBITDA adj. margin (%) 6,4 8,5 9,6
EBITDA lease adj. 20 31 38
EBITDA lease adj. margin (%) 4,6 6,8 7,9
EBITA adj. 18 29 36
EBITA adj. margin (%) 4,2 6,4 7,5
EBIT adj. 18 29 36
EBIT adj. margin (%) 4,2 6,4 7,5
Pretax profit Adj. 18 28 36
Net profit Adj. 14 26 34
Net profit to shareholders adj. 14 26 34
Net adj. margin (%) 3,3 5,8 7
SEKm 2025 2026e 2027e
EBITDA 25 39 46
Goodwill 10 10 10
Net financial items 0 -1 -1
Other intangible assets 0 0 0
Paid tax -3 -2 -2
Tangible fixed assets 5 5 5
Non-cash items 2 2 5
Right-of-use asset 11 11 12
Cash flow before change in WC 24 38 49
Total other fixed assets 0 0 0
Change in working capital 0 -2 -5
Fixed assets 26 27 27
Operating cash flow 24 36 44
Inventories 0 0 0
Capex tangible fixed assets 0 -2 -2
Receivables 77 79 84
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 29 28 25
Free cash flow 24 34 42
Total assets 133 134 137
Dividend paid -20 -25 -32
Shareholders equity 62 63 65
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -8 -8 -8
Total equity 62 63 65
Other non-cash items 4 -3 -6
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 11 11 12
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 60 60 60
Other current liabilities 0 0 0
Total liabilities and equity 133 134 137
Net IB debt -19 -18 -14
Net IB debt excl. pension debt -19 -18 -14
Net IB debt excl. leasing -29 -29 -26
Capital employed 72 74 77
Capital invested 43 45 51
Working capital 17 19 24
EV breakdown N/A N/A N/A
Market cap. diluted (m) 314 314 314
Net IB debt adj. -19 -18 -14
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 295 296 300
Total assets turnover (%) 318,5 338,7 354,7
Working capital/sales (%) 3,9 4 4,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -30,6 -28 -21,3
Net debt / market cap (%) -6 -5,6 -4,4
Equity ratio (%) 46,6 47 47,3
Net IB debt adj. / equity (%) -30,6 -28 -21,3
Current ratio 1,77 1,79 1,82
EBITDA/net interest 52,6 68,9 82,9
Net IB debt/EBITDA (x) -0,7 -0,5 -0,3
Net IB debt/EBITDA lease adj. (x) -1,5 -0,9 -0,7
Interest coverage 32,5 51,4 64,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 1,13 2,44 3,13
Dividend per share 2 3,1 3,5
EPS adj. 1,33 2,44 3,13
BVPS 5,75 5,87 6,03
BVPS adj. 4,8 4,92 5,08
Net IB debt/share -1,76 -1,65 -1,28
Share price 29,2 29,2 29,2
Market cap. (m) 314 314 314
Valuation N/A N/A N/A
P/E (x) 25,9 12 9,3
EV/sales (x) 0,7 0,7 0,6
EV/EBITDA (x) 11,7 7,7 6,5
EV/EBITA (x) 18,9 10,3 8,3
EV/EBIT (x) 18,9 10,3 8,3
Dividend yield (%) 6,8 10,6 12
FCF yield (%) 7,5 10,9 13,4
Le. adj. FCF yld. (%) 4,9 8,4 10,8
P/BVPS (x) 5,08 4,97 4,84
P/BVPS adj. (x) 6,08 5,93 5,75
P/E adj. (x) 21,9 12 9,3
EV/EBITDA adj. (x) 10,5 7,7 6,5
EV/EBITA adj. (x) 16,1 10,3 8,3
EV/EBIT adj. (x) 16,1 10,3 8,3
EV/CE (x) 4,1 4 3,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,4 0,4
Capex/depreciation 0,1 1 1
Capex tangibles / tangible fixed assets 4,7 34,8 36,2
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 35,1 34,6 34,7

Equity research

Read earlier research

Media

SJR - Company presentation with Chairman Per Ogunro
SJR - Interview with CEO Per Ogunro (in Swedish)

Main shareholders - Ogunsen

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 16.6 % 52.4 % 12 Sep 2025
Avanza Pension 14.1 % 8.0 % 23 Dec 2025
Nordea Funds 4.2 % 2.4 % 23 Dec 2025
Fredrik Lidberg 3.7 % 2.1 % 23 Dec 2025
Mikael Gunnarsson 3.1 % 1.8 % 23 Dec 2025
Henrik Jern 2.3 % 1.3 % 23 Dec 2025
Nordnet Pensionsförsäkring 2.2 % 1.2 % 23 Dec 2025
Agneta Läckström 1.4 % 0.8 % 23 Dec 2025
Kjell Arvidsson (P&CS Invest AB) 1.1 % 0.7 % 23 Dec 2025
Gustav Lindskog 1.1 % 0.6 % 23 Dec 2025
Source: Holdings by Modular Finance AB