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Ogunsen

Ogunsen

Staffing and recruitment agency

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.

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 2021 2022e 2023e
Sales 421 500 534
Sales growth (%) 16,8 18,8 6,8
EBITDA 48 62 59
EBITDA margin (%) 11,3 12,3 11,1
EBIT adj 46 59 57
EBIT adj margin (%) 10,8 11,9 10,7
Pretax profit 46 59 57
EPS rep 3,29 4,31 4,13
EPS growth (%) 214,9 30,7 -4,1
EPS adj 3,29 4,31 4,13
DPS 3,3 3,6 3,6
EV/EBITDA (x) 8,9 6,8 7,1
EV/EBIT adj (x) 9,4 7,1 7,4
P/E (x) 13,4 10,2 10,6
P/E adj (x) 13,4 10,2 10,6
EV/sales (x) 1 0,8 0,8
FCF yield (%) 4,6 7,9 8,5
Dividend yield (%) 7,5 8,2 8,2
Net IB debt/EBITDA -0,9 -0,8 -0,8
Lease adj. FCF yield (%) 4,6 7,9 8,5
Lease adj. ND/EBITDA -0,9 -0,8 -0,8
SEKm 2021 2022e 2023e
Depreciation and amortisation -2 -2 -2
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 48 62 59
EBITDA lease Adj margin (%) 11,3 12,3 11,1
Sales 421 500 534
COGS 0 0 0
Gross profit 421 500 534
Other operating items -374 -439 -475
EBITDA 48 62 59
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 46 59 57
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 46 59 57
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 46 59 57
Tax -10 -13 -13
Net profit 35 46 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 46 44
EPS 3,29 4,31 4,13
EPS Adj 3,29 4,31 4,13
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 11,3 12,3 11,1
EBITA margin (%) 10,8 11,9 10,7
EBIT margin (%) 10,8 11,9 10,7
Pretax margin (%) 10,8 11,9 10,7
Net margin (%) 8,4 9,3 8,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,8 18,8 6,8
EBITDA growth (%) 174,7 28,9 -3,8
EBIT growth (%) 205,4 30,6 -4,1
Net profit growth (%) 216,9 30,6 -4,1
EPS growth (%) 214,9 30,7 -4,1
Profitability 2021 2022 2023
ROE (%) 48,5 54 47,2
ROE Adj (%) 48,5 54 47,2
ROCE (%) 62,1 69,3 60,5
ROCE Adj(%) 62,1 69,3 60,5
ROIC (%) 125,1 116,7 95,8
ROIC Adj (%) 125,1 116,7 95,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 48 62 59
EBITDA Adj margin (%) 11,3 12,3 11,1
EBITA Adj 46 59 57
EBITA Adj margin (%) 10,8 11,9 10,7
EBIT Adj 46 59 57
EBIT Adj margin (%) 10,8 11,9 10,7
Pretax profit Adj 46 59 57
Net profit Adj 35 46 44
Net profit to shareholders Adj 35 46 44
Net Adj margin (%) 8,4 9,3 8,3
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 48 62 59
Net financial items 0 0 0
Paid tax -10 -13 -13
Non-cash items 0 0 0
Cash flow before change in WC 38 49 47
Change in WC -11 -6 -2
Operating cash flow 27 42 45
CAPEX tangible fixed assets -5 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 22 37 40
Dividend paid -21 -35 -39
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 21 -14 5
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 10 10 10
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 5 8 11
Other fixed assets 1 1 1
Fixed assets 16 19 22
Inventories 0 0 0
Receivables 78 90 96
Other current assets 0 0 0
Cash and liquid assets 45 47 49
Total assets 139 156 167
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -45 -47 -49
Net IB debt / EBITDA lease Adj (%) -94,2 -76,5 -82
Shareholders equity 80 91 97
Minority 0 0 0
Total equity 80 91 97
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 59 65 69
Total liabilities and equity 139 156 167
Net IB debt -45 -47 -49
Net IB debt excl. pension debt -45 -47 -49
Capital invested 35 44 49
Working capital 19 25 27
EV breakdown 2021 2022 2023
Market cap. diluted (m) 471 469 472
Net IB debt Adj -45 -47 -49
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 426 422 423
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 324,5 338,5 330,7
Capital invested turnover (%) 1361,1 1429,8 1159,9
Capital employed turnover (%) 589,4 602 601,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 16,1 13,9 13,1
Payables / sales (%) 0 0 0
Working capital / sales (%) 3,2 4,4 4,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -56,1 -51,6 -50
Net debt / market cap (%) -12,2 -10,1 -10,3
Equity ratio (%) 57,6 58,4 58,3
Net IB debt adj. / equity (%) -56,1 -51,6 -50
Current ratio (%) 208,5 211 208,4
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -94,2 -76,5 -82
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 4,6 7,9 8,5
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 3,29 4,31 4,13
Dividend per share Adj 3,3 3,6 3,6
EPS Adj 3,29 4,31 4,13
BVPS 7,5 8,54 9,04
BVPS Adj 6,52 7,56 8,06
Net IB debt / share -4,2 -4,4 -4,5
Share price 34,5 43,85 43,85
Market cap. (m) 369 469 472
Valuation 2021 2022 2023
P/E 13,4 10,2 10,6
EV/sales 1,01 0,84 0,79
EV/EBITDA 8,9 6,8 7,1
EV/EBITA 9,4 7,1 7,4
EV/EBIT 9,4 7,1 7,4
Dividend yield (%) 7,5 8,2 8,2
FCF yield (%) 4,6 7,9 8,5
P/BVPS 5,86 5,14 4,85
P/BVPS Adj 6,75 5,8 5,44
P/E Adj 13,4 10,2 10,6
EV/EBITDA Adj 8,9 6,8 7,1
EV/EBITA Adj 9,4 7,1 7,4
EV/EBIT Adj 9,4 7,1 7,4
EV/cap. employed 5,3 4,6 4,4
Investment ratios 2021 2022 2023
Capex / sales 1,2 1 1
Capex / depreciation 217,4 229,5 222,9
Capex tangibles / tangible fixed assets 96,2 62,7 47
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 44,2 27,3 21,1

Equity research

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Media

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

Main shareholders - SJR

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 18.3 % 53.5 % 16 Nov 2022
Avanza Pension 12.9 % 7.3 % 28 Sep 2022
Fredrik Lidberg 4.7 % 2.7 % 28 Sep 2022
Nordea Fonder 4.2 % 2.4 % 31 Oct 2022
Mikael Gunnarsson 3.0 % 1.7 % 28 Sep 2022
Jurek Rekrytering & Bemanning AB 2.1 % 1.2 % 28 Sep 2022
Nordnet Pensionsförsäkring 1.8 % 1.0 % 28 Sep 2022
Henrik Jern 1.5 % 0.8 % 28 Sep 2022
Agneta Läckström 1.3 % 0.7 % 28 Sep 2022
Gustav Lindskog 1.1 % 0.6 % 28 Sep 2022
Source: Holdings by Modular Finance AB

Insider list - SJR

Name Quantity Code Date
Rebecca Dellborg + 3 000 BUY 12 Jul 2021
Fredrik Lidberg + 10 000 BUY 10 Jun 2021
Kent Sangler + 5 500 BUY 4 Dec 2020
Clas Ruthberg + 5 000 BUY 26 Nov 2020
Rickard Karl Gustav Hellekant + 1 000 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 2 500 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 626 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 274 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 2 500 BUY 18 Nov 2020
Per Ogunro + 7 500 BUY 16 Mar 2020

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