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Ogunsen

Ogunsen

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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.

Financials

SEKm 2024 2025e 2026e
Sales 465 476 506
Sales growth (%) -9,3 2,4 6,4
EBITDA 36 46 57
EBITDA margin (%) 7,8 9,7 11,2
EBIT adj. 27 37 47
EBIT adj. margin (%) 5,7 7,7 9,2
Pretax profit 27 37 47
EPS 1,92 2,65 3,37
EPS growth (%) -44,7 37,8 27,4
EPS adj. 1,92 2,65 3,37
DPS 1,9 2,6 3,3
EV/EBITDA (x) 8,4 6,4 5,1
EV/EBIT adj. (x) 11,4 8,1 6,2
P/E (x) 15,6 11,3 8,9
P/E adj. (x) 15,6 11,3 8,9
EV/sales (x) 0,65 0,62 0,57
FCF yield (%) 6,7 10,8 13,5
Le. adj. FCF yld. (%) 4,3 8,3 10,9
Dividend yield (%) 6,3 8,7 11
Net IB debt/EBITDA (x) -0,5 -0,6 -0,6
Le. adj. ND/EBITDA (x) -1 -0,9 -0,9
SEKm 2024 2025e 2026e
Sales 465 476 506
COGS 0 0 0
Gross profit 465 476 506
Other operating items -429 -430 -450
EBITDA 36 46 57
Depreciation and amortisation -10 -10 -10
of which leasing depreciation 0 0 0
EBITA 27 37 47
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 27 37 47
Net financial items 0 0 0
Pretax profit 27 37 47
Tax -6 -8 -10
Net profit 21 28 36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 28 36
EPS 1,92 2,65 3,37
EPS adj. 1,92 2,65 3,37
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 (%) 7,8 9,7 11,2
EBITA margin (%) 5,7 7,7 9,2
EBIT margin (%) 5,7 7,7 9,2
Pre-tax margin (%) 5,7 7,7 9,2
Net margin (%) 4,4 6 7,2
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -9,3 2,4 6,4
EBITDA growth (%) -36,4 27,9 22,5
EBITA growth (%) -43,7 37,8 27,4
EBIT growth (%) -43,7 37,8 27,4
Net profit growth (%) -44,6 37,8 27,4
EPS growth (%) -44,7 37,8 27,4
Profitability N/A N/A N/A
ROE (%) 26,4 38,3 43,9
ROE adj. (%) 26,4 38,3 43,9
ROCE (%) 26,9 40,2 47
ROCE adj. (%) 26,9 40,2 47
ROIC (%) 40,5 55,3 68,7
ROIC adj. (%) 40,5 55,3 68,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 36 46 57
EBITDA adj. margin (%) 7,8 9,7 11,2
EBITDA lease adj. 36 46 57
EBITDA lease adj. margin (%) 7,8 9,7 11,2
EBITA adj. 27 37 47
EBITA adj. margin (%) 5,7 7,7 9,2
EBIT adj. 27 37 47
EBIT adj. margin (%) 5,7 7,7 9,2
Pretax profit Adj. 27 37 47
Net profit Adj. 21 28 36
Net profit to shareholders adj. 21 28 36
Net adj. margin (%) 4,4 6 7,2
SEKm 2024 2025e 2026e
EBITDA 36 46 57
Goodwill 10 10 10
Net financial items 0 0 0
Other intangible assets 0 0 0
Paid tax -6 -8 -10
Tangible fixed assets 7 6 6
Non-cash items 0 0 0
Right-of-use asset 16 16 16
Cash flow before change in WC 30 38 46
Total other fixed assets 1 1 1
Change in working capital -7 -2 -1
Fixed assets 34 33 33
Operating cash flow 23 37 45
Inventories 0 0 0
Capex tangible fixed assets -2 -2 -2
Receivables 74 76 81
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 36 43 50
Free cash flow 22 35 43
Total assets 144 152 164
Dividend paid -37 -20 -28
Shareholders equity 70 78 87
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -8 -8 -8
Total equity 70 78 87
Other non-cash items 8 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 16 16 16
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 57 57 61
Total liabilities and equity 144 152 164
Net IB debt -20 -26 -33
Net IB debt excl. pension debt -20 -26 -33
Net IB debt excl. leasing -36 -43 -50
Capital employed 87 95 103
Capital invested 51 52 53
Working capital 17 19 20
EV breakdown N/A N/A N/A
Market cap. diluted (m) 323 323 323
Net IB debt adj. -20 -26 -33
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 303 297 289
Total assets turnover (%) 288,3 321,7 320,2
Working capital/sales (%) 3 3,8 3,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -28 -33,3 -38,6
Net debt / market cap (%) -6,1 -8,1 -10,4
Equity ratio (%) 49 51,5 52,9
Net IB debt adj. / equity (%) -28 -33,3 -38,6
Current ratio 1,94 2,08 2,15
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) -0,5 -0,6 -0,6
Net IB debt/EBITDA lease adj. (x) -1 -0,9 -0,9
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 1,92 2,65 3,37
Dividend per share 1,9 2,6 3,3
EPS adj. 1,92 2,65 3,37
BVPS 6,54 7,29 8,06
BVPS adj. 5,6 6,34 7,12
Net IB debt/share -1,83 -2,43 -3,11
Share price 30 30 30
Market cap. (m) 323 323 323
Valuation N/A N/A N/A
P/E (x) 15,6 11,3 8,9
EV/sales (x) 0,65 0,62 0,57
EV/EBITDA (x) 8,4 6,4 5,1
EV/EBITA (x) 11,4 8,1 6,2
EV/EBIT (x) 11,4 8,1 6,2
Dividend yield (%) 6,3 8,7 11
FCF yield (%) 6,7 10,8 13,5
Le. adj. FCF yld. (%) 4,3 8,3 10,9
P/BVPS (x) 4,58 4,11 3,72
P/BVPS adj. (x) 5,36 4,73 4,22
P/E adj. (x) 15,6 11,3 8,9
EV/EBITDA adj. (x) 8,4 6,4 5,1
EV/EBITA adj. (x) 11,4 8,1 6,2
EV/EBIT adj. (x) 11,4 8,1 6,2
EV/CE (x) 3,5 3,1 2,8
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 27,7 28,6 29,8
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 29,85 30,83 33,11

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 - Ogunsen

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 16.6 % 52.4 % 31 Dec 2024
Avanza Pension 12.8 % 7.3 % 27 Mar 2025
Nordea Funds 4.2 % 2.4 % 27 Mar 2025
Fredrik Lidberg 3.7 % 2.1 % 27 Mar 2025
Mikael Gunnarsson 3.1 % 1.7 % 27 Mar 2025
Henrik Jern 2.2 % 1.3 % 27 Mar 2025
Nordnet Pensionsförsäkring 2.0 % 1.2 % 27 Mar 2025
Agneta Läckström 1.4 % 0.8 % 27 Mar 2025
Kjell Arvidsson (P&CS Invest AB) 1.1 % 0.6 % 27 Mar 2025
Gustav Lindskog 1.1 % 0.6 % 27 Mar 2025
Source: Holdings by Modular Finance AB