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Ogunsen

Ogunsen

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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.

Financials

SEKm 2022 2023e 2024e
Sales 506 541 560
Sales growth (%) 20,2 6,9 3,4
EBITDA 72 72 73
EBITDA margin (%) 14,2 13,3 13,1
EBIT adj. 63 62 63
EBIT adj. margin (%) 12,4 11,4 11,2
Pretax profit 62 62 63
EPS 4,57 4,51 4,56
EPS growth (%) 33,2 -1,3 1,3
EPS adj. 4,57 4,51 4,56
DPS 4,5 4,5 4,5
EV/EBITDA (x) 6,6 6,8 6,7
EV/EBIT adj. (x) 7,6 7,9 7,8
P/E (x) 10,8 11 10,8
P/E adj. (x) 10,8 11 10,8
EV/sales (x) 0,94 0,9 0,87
FCF yield (%) 10,2 8,3 10,7
Le. adj. FCF yld. (%) 8,8 6,7 9,2
Dividend yield (%) 9,1 9,1 9,1
Net IB debt/EBITDA (x) -0,8 -0,6 -0,6
Le. adj. ND/EBITDA (x) 1,1 0,9 0,9
SEKm 2022 2023e 2024e
Sales 506 541 560
COGS 0 0 0
Gross profit 506 541 560
Other operating items -434 -470 -486
EBITDA 72 72 73
Depreciation and amortisation -10 -10 -10
of which leasing depreciation 0 0 0
EBITA 63 62 63
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 63 62 63
Net financial items -1 0 0
Pretax profit 62 62 63
Tax -13 -14 -14
Net profit 49 48 49
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 48 49
EPS 4,57 4,51 4,56
EPS adj. 4,57 4,51 4,56
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 21,1 22 22
Gross margin (%) 100 100 100
EBITDA margin (%) 14,2 13,3 13,1
EBITA margin (%) 12,4 11,4 11,2
EBIT margin (%) 12,4 11,4 11,2
Pre-tax margin (%) 12,2 11,4 11,2
Net margin (%) 9,7 8,9 8,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 20,2 6,9 3,4
EBITDA growth (%) 41,7 -0,3 2
EBITA growth (%) 33,8 -1,2 1,7
EBIT growth (%) 33,8 -1,2 1,7
Net profit growth (%) 33,2 -1,3 1,7
EPS growth (%) 33,2 -1,3 1,3
Profitability N/A N/A N/A
ROE (%) 55,5 50,2 50,8
ROE adj. (%) 55,5 50,2 50,8
ROCE (%) 62,2 51,9 52,5
ROCE adj. (%) 62,2 51,9 52,5
ROIC (%) 128,7 101,2 90,7
ROIC adj. (%) 128,7 101,2 90,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 72 72 73
EBITDA adj. margin (%) 14,2 13,3 13,1
EBITDA lease adj. 72 72 73
EBITDA lease adj. margin (%) 14,2 13,3 13,1
EBITA adj. 63 62 63
EBITA adj. margin (%) 12,4 11,4 11,2
EBIT adj. 63 62 63
EBIT adj. margin (%) 12,4 11,4 11,2
Pretax profit Adj. 62 62 63
Net profit Adj. 49 48 49
Net profit to shareholders adj. 49 48 49
Net adj. margin (%) 9,7 8,9 8,8
SEKm 2022 2023e 2024e
EBITDA 72 72 73
Goodwill 10 10 10
Net financial items -1 0 0
Other intangible assets 0 0 0
Paid tax -13 -14 -14
Tangible fixed assets 3 3 3
Non-cash items -18 0 0
Right-of-use asset 24 24 24
Cash flow before change in WC 41 58 59
Total other fixed assets 1 1 1
Change in working capital 15 -13 -1
Fixed assets 38 38 38
Operating cash flow 56 46 59
Inventories 0 0 0
Capex tangible fixed assets -2 -2 -2
Receivables 89 97 101
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 78 65 66
Free cash flow 54 44 57
Total assets 205 201 204
Dividend paid -35 -48 -48
Shareholders equity 96 96 97
Share issues and buybacks 1 0 0
Minority 0 0 0
Leasing liability amortisation -7 -8 -8
Total equity 96 96 97
Other non-cash items -3 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 23 23 23
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 86 81 84
Total liabilities and equity 205 201 204
Net IB debt -55 -42 -43
Net IB debt excl. pension debt -55 -42 -43
Net IB debt excl. leasing -78 -65 -66
Capital employed 119 119 120
Capital invested 41 54 54
Working capital 4 16 17
EV breakdown N/A N/A N/A
Market cap. diluted (m) 529 529 532
Net IB debt adj. -55 -42 -43
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 475 487 489
Total assets turnover (%) 293,8 266,6 276,2
Working capital/sales (%) 2,2 1,8 3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -57 -43,8 -44,1
Net debt / market cap (%) -10,3 -8 -8
Equity ratio (%) 46,7 47,8 47,4
Net IB debt adj. / equity (%) -57 -43,8 -44,1
Current ratio 1,95 2 1,99
EBITDA/net interest 120,2 N/A N/A
Net IB debt/EBITDA (x) -0,8 -0,6 -0,6
Net IB debt/EBITDA lease adj. (x) -1,1 -0,9 -0,9
Interest coverage N/A N/A N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 4,57 4,51 4,56
Dividend per share 4,5 4,5 4,5
EPS adj. 4,57 4,51 4,56
BVPS 8,97 8,98 9,02
BVPS adj. 8 8,01 8,06
Net IB debt/share -5,11 -3,94 -3,98
Share price 49,5 49,5 49,5
Market cap. (m) 529 529 532
Valuation N/A N/A N/A
P/E (x) 10,8 11 10,8
EV/sales (x) 0,94 0,9 0,87
EV/EBITDA (x) 6,6 6,8 6,7
EV/EBITA (x) 7,6 7,9 7,8
EV/EBIT (x) 7,6 7,9 7,8
Dividend yield (%) 9,1 9,1 9,1
FCF yield (%) 10,2 8,3 10,7
Le. adj. FCF yld. (%) 8,8 6,7 9,2
P/BVPS (x) 5,51 5,51 5,48
P/BVPS adj. (x) 6,18 6,18 6,14
P/E adj. (x) 10,8 11 10,8
EV/EBITDA adj. (x) 6,6 6,8 6,7
EV/EBITA adj. (x) 7,6 7,9 7,8
EV/EBIT adj. (x) 7,6 7,9 7,8
EV/CE (x) 4 4,1 4,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 0,3 0,3
Capex/depreciation 0,2 0,2 0,2
Capex tangibles / tangible fixed assets 60 64,5 71,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 3800 4000 4160
Depreciation on tangibles / tangibles 63,33 70,97 80,8

Equity research

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Media

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

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Main shareholders - SJR

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 17.4 % 53.0 % 21 Mar 2023
Avanza Pension 12.8 % 7.3 % 28 Dec 2022
Nordea Fonder 4.2 % 2.4 % 31 Jan 2023
Fredrik Lidberg 3.7 % 2.1 % 6 Mar 2023
Mikael Gunnarsson 2.6 % 1.5 % 28 Dec 2022
Jurek Rekrytering & Bemanning AB 2.1 % 1.2 % 28 Dec 2022
Nordnet Pensionsförsäkring 2.0 % 1.1 % 28 Dec 2022
Henrik Jern 1.6 % 0.9 % 28 Dec 2022
Agneta Läckström 1.3 % 0.7 % 28 Dec 2022
Kjell Arvidsson (P&CS Invest AB) 1.1 % 0.6 % 28 Dec 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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