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Ogunsen

Ogunsen

Ogunsen is a staffing and recruitment company focused on providing mainly specialists and managers to companies in Finance, IT, HR and Supply Chain. In general, Ogunsen has a larger share of recruitment than traditional staffing companies. 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)

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 2024 2025e 2026e
Sales 475 501 523
Sales growth (%) -7,4 5,5 4,4
EBITDA 44 57 62
EBITDA margin (%) 9,3 11,3 11,9
EBIT adj. 35 47 52
EBIT adj. margin (%) 7,3 9,3 9,9
Pretax profit 35 47 52
EPS 2,53 3,39 3,77
EPS growth (%) -27,2 34 11,2
EPS adj. 2,53 3,39 3,77
DPS 2,6 3,4 3,7
EV/EBITDA (x) 7,1 5,4 4,9
EV/EBIT adj. (x) 9 6,6 5,8
P/E (x) 12,2 9,1 8,2
P/E adj. (x) 12,2 9,1 8,2
EV/sales (x) 0,66 0,61 0,58
FCF yield (%) 7,9 13,1 14,5
Le. adj. FCF yld. (%) 5,6 10,7 12
Dividend yield (%) 8,5 11,1 12
Net IB debt/EBITDA (x) -0,4 -0,4 -0,4
Le. adj. ND/EBITDA (x) -0,9 -0,9 -0,8
SEKm 2024 2025e 2026e
Sales 475 501 523
COGS 0 0 0
Gross profit 475 501 523
Other operating items -431 -444 -461
EBITDA 44 57 62
Depreciation and amortisation -10 -10 -10
of which leasing depreciation 0 0 0
EBITA 35 47 52
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 35 47 52
Net financial items 0 0 0
Pretax profit 35 47 52
Tax -8 -10 -11
Net profit 27 36 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 27 36 41
EPS 2,53 3,39 3,77
EPS adj. 2,53 3,39 3,77
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 22 22 22
Gross margin (%) 100 100 100
EBITDA margin (%) 9,3 11,3 11,9
EBITA margin (%) 7,3 9,3 9,9
EBIT margin (%) 7,3 9,3 9,9
Pre-tax margin (%) 7,3 9,3 9,9
Net margin (%) 5,7 7,3 7,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -7,4 5,5 4,4
EBITDA growth (%) -22 27,6 10
EBITA growth (%) -25,9 34 11,2
EBIT growth (%) -25,9 34 11,2
Net profit growth (%) -27,1 34 11,2
EPS growth (%) -27,2 34 11,2
Profitability N/A N/A N/A
ROE (%) 33,4 45 46,5
ROE adj. (%) 33,4 45 46,5
ROCE (%) 33 44,5 46,7
ROCE adj. (%) 33 44,5 46,7
ROIC (%) 48,9 60,4 66,2
ROIC adj. (%) 48,9 60,4 66,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 44 57 62
EBITDA adj. margin (%) 9,3 11,3 11,9
EBITDA lease adj. 44 57 62
EBITDA lease adj. margin (%) 9,3 11,3 11,9
EBITA adj. 35 47 52
EBITA adj. margin (%) 7,3 9,3 9,9
EBIT adj. 35 47 52
EBIT adj. margin (%) 7,3 9,3 9,9
Pretax profit Adj. 35 47 52
Net profit Adj. 27 36 41
Net profit to shareholders adj. 27 36 41
Net adj. margin (%) 5,7 7,3 7,8
SEKm 2024 2025e 2026e
EBITDA 44 57 62
Goodwill 10 10 10
Net financial items 0 0 0
Other intangible assets 0 0 0
Paid tax -8 -10 -11
Tangible fixed assets 6 6 6
Non-cash items 0 0 0
Right-of-use asset 24 24 24
Cash flow before change in WC 37 46 51
Total other fixed assets 0 0 0
Change in working capital -9 -1 -1
Fixed assets 41 41 41
Operating cash flow 28 45 50
Inventories 0 0 0
Capex tangible fixed assets -2 -2 -2
Receivables 76 80 84
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 41 49 52
Free cash flow 26 43 48
Total assets 158 170 176
Dividend paid -37 -28 -37
Shareholders equity 77 85 89
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -8 -8 -8
Total equity 77 85 89
Other non-cash items 0 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 24 24 24
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 57 60 63
Total liabilities and equity 158 170 176
Net IB debt -17 -24 -28
Net IB debt excl. pension debt -17 -24 -28
Net IB debt excl. leasing -41 -49 -52
Capital employed 101 109 113
Capital invested 60 61 62
Working capital 19 20 21
EV breakdown N/A N/A N/A
Market cap. diluted (m) 331 331 331
Net IB debt adj. -17 -24 -28
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 314 306 303
Total assets turnover (%) 281,8 305,5 302,2
Working capital/sales (%) 3,1 3,9 3,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -21,9 -28,6 -31
Net debt / market cap (%) -5,1 -7,4 -8,3
Equity ratio (%) 48,5 50,2 50,5
Net IB debt adj. / equity (%) -21,9 -28,6 -31
Current ratio 2,05 2,14 2,16
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) -0,4 -0,4 -0,4
Net IB debt/EBITDA lease adj. (x) -0,9 -0,9 -0,8
Interest coverage N/A N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 2,53 3,39 3,77
Dividend per share 2,6 3,4 3,7
EPS adj. 2,53 3,39 3,77
BVPS 7,13 7,92 8,29
BVPS adj. 6,18 6,97 7,34
Net IB debt/share -1,56 -2,26 -2,57
Share price 30,75 30,75 30,75
Market cap. (m) 331 331 331
Valuation N/A N/A N/A
P/E (x) 12,2 9,1 8,2
EV/sales (x) 0,66 0,61 0,58
EV/EBITDA (x) 7,1 5,4 4,9
EV/EBITA (x) 9 6,6 5,8
EV/EBIT (x) 9 6,6 5,8
Dividend yield (%) 8,5 11,1 12
FCF yield (%) 7,9 13,1 14,5
Le. adj. FCF yld. (%) 5,6 10,7 12
P/BVPS (x) 4,31 3,88 3,71
P/BVPS adj. (x) 4,97 4,41 4,19
P/E adj. (x) 12,2 9,1 8,2
EV/EBITDA adj. (x) 7,1 5,4 4,9
EV/EBITA adj. (x) 9 6,6 5,8
EV/EBIT adj. (x) 9 6,6 5,8
EV/CE (x) 3,1 2,8 2,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 0,4 0,4
Capex/depreciation 0,2 0,2 0,2
Capex tangibles / tangible fixed assets 29 29,8 31
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 29,99 31,8 34,06

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 % 23 Dec 2024
Avanza Pension 13.8 % 7.9 % 23 Dec 2024
Nordea Funds 4.2 % 2.4 % 23 Dec 2024
Fredrik Lidberg 3.7 % 2.1 % 23 Dec 2024
Mikael Gunnarsson 3.1 % 1.7 % 23 Dec 2024
Henrik Jern 2.1 % 1.2 % 23 Dec 2024
Nordnet Pensionsförsäkring 2.0 % 1.1 % 23 Dec 2024
Jurek Rekrytering & Bemanning AB 1.6 % 0.9 % 23 Dec 2024
Agneta Läckström 1.4 % 0.8 % 23 Dec 2024
Kjell Arvidsson (P&CS Invest AB) 1.1 % 0.6 % 23 Dec 2024
Source: Holdings by Modular Finance AB