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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 2023 2024e 2025e
Sales 513 475 501
Sales growth (%) 1,3 -7,4 5,5
EBITDA 57 44 57
EBITDA margin (%) 11,1 9,3 11,3
EBIT adj. 47 35 47
EBIT adj. margin (%) 9,2 7,3 9,3
Pretax profit 47 35 47
EPS 3,47 2,53 3,39
EPS growth (%) -24 -27,2 34
EPS adj. 3,47 2,53 3,39
DPS 3,4 2,6 3,4
EV/EBITDA (x) 5,2 7,1 5,4
EV/EBIT adj. (x) 6,3 9 6,6
P/E (x) 8,9 12,2 9,1
P/E adj. (x) 8,9 12,2 9,1
EV/sales (x) 0,58 0,66 0,61
FCF yield (%) 11,7 7,9 13,1
Le. adj. FCF yld. (%) 9,3 5,6 10,7
Dividend yield (%) 11,1 8,5 11,1
Net IB debt/EBITDA (x) -0,6 -0,4 -0,4
Le. adj. ND/EBITDA (x) -1 -0,9 -0,9
SEKm 2023 2024e 2025e
Sales 513 475 501
COGS 0 0 0
Gross profit 513 475 501
Other operating items -456 -431 -444
EBITDA 57 44 57
Depreciation and amortisation -10 -10 -10
of which leasing depreciation 0 0 0
EBITA 47 35 47
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 47 35 47
Net financial items 0 0 0
Pretax profit 47 35 47
Tax -10 -8 -10
Net profit 37 27 36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 27 36
EPS 3,47 2,53 3,39
EPS adj. 3,47 2,53 3,39
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 21,3 22 22
Gross margin (%) 100 100 100
EBITDA margin (%) 11,1 9,3 11,3
EBITA margin (%) 9,2 7,3 9,3
EBIT margin (%) 9,2 7,3 9,3
Pre-tax margin (%) 9,2 7,3 9,3
Net margin (%) 7,3 5,7 7,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 1,3 -7,4 5,5
EBITDA growth (%) -21,1 -22 27,6
EBITA growth (%) -24,8 -25,9 34
EBIT growth (%) -24,8 -25,9 34
Net profit growth (%) -23,7 -27,1 34
EPS growth (%) -24 -27,2 34
Profitability N/A N/A N/A
ROE (%) 41 33,4 45
ROE adj. (%) 41 33,4 45
ROCE (%) 41,3 33 44,5
ROCE adj. (%) 41,3 33 44,5
ROIC (%) 80 48,9 60,4
ROIC adj. (%) 80 48,9 60,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 57 44 57
EBITDA adj. margin (%) 11,1 9,3 11,3
EBITDA lease adj. 57 44 57
EBITDA lease adj. margin (%) 11,1 9,3 11,3
EBITA adj. 47 35 47
EBITA adj. margin (%) 9,2 7,3 9,3
EBIT adj. 47 35 47
EBIT adj. margin (%) 9,2 7,3 9,3
Pretax profit Adj. 47 35 47
Net profit Adj. 37 27 36
Net profit to shareholders adj. 37 27 36
Net adj. margin (%) 7,3 5,7 7,3
SEKm 2023 2024e 2025e
EBITDA 57 44 57
Goodwill 10 10 10
Net financial items 0 0 0
Other intangible assets 0 0 0
Paid tax -10 -8 -10
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 47 37 46
Total other fixed assets 0 0 0
Change in working capital -7 -9 -1
Fixed assets 41 41 41
Operating cash flow 40 28 45
Inventories 0 0 0
Capex tangible fixed assets -2 -2 -2
Receivables 79 76 80
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 59 41 49
Free cash flow 38 26 43
Total assets 179 158 170
Dividend paid -48 -37 -28
Shareholders equity 86 77 85
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -8 -8 -8
Total equity 86 77 85
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 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 69 57 60
Total liabilities and equity 179 158 170
Net IB debt -35 -17 -24
Net IB debt excl. pension debt -35 -17 -24
Net IB debt excl. leasing -59 -41 -49
Capital employed 110 101 109
Capital invested 51 60 61
Working capital 10 19 20
EV breakdown N/A N/A N/A
Market cap. diluted (m) 330 331 331
Net IB debt adj. -35 -17 -24
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 296 314 306
Total assets turnover (%) 266,9 281,8 305,5
Working capital/sales (%) 1,3 3,1 3,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -40,2 -21,9 -28,6
Net debt / market cap (%) -10,5 -5,1 -7,4
Equity ratio (%) 48,1 48,5 50,2
Net IB debt adj. / equity (%) -40,2 -21,9 -28,6
Current ratio 2,01 2,05 2,14
EBITDA/net interest 189,7 N/A N/A
Net IB debt/EBITDA (x) -0,6 -0,4 -0,4
Net IB debt/EBITDA lease adj. (x) -1 -0,9 -0,9
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 3,47 2,53 3,39
Dividend per share 3,4 2,6 3,4
EPS adj. 3,47 2,53 3,39
BVPS 8,01 7,13 7,92
BVPS adj. 7,06 6,18 6,97
Net IB debt/share -3,22 -1,56 -2,26
Share price 30,75 30,75 30,75
Market cap. (m) 330 331 331
Valuation N/A N/A N/A
P/E (x) 8,9 12,2 9,1
EV/sales (x) 0,58 0,66 0,61
EV/EBITDA (x) 5,2 7,1 5,4
EV/EBITA (x) 6,3 9 6,6
EV/EBIT (x) 6,3 9 6,6
Dividend yield (%) 11,1 8,5 11,1
FCF yield (%) 11,7 7,9 13,1
Le. adj. FCF yld. (%) 9,3 5,6 10,7
P/BVPS (x) 3,84 4,31 3,88
P/BVPS adj. (x) 4,36 4,97 4,41
P/E adj. (x) 8,9 12,2 9,1
EV/EBITDA adj. (x) 5,2 7,1 5,4
EV/EBITA adj. (x) 6,3 9 6,6
EV/EBIT adj. (x) 6,3 9 6,6
EV/CE (x) 2,7 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 28,4 29 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 30,63 29,99 31,8

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 16.9 % 52.6 % 26 Sep 2024
Avanza Pension 13.9 % 7.9 % 26 Sep 2024
Nordea Funds 4.2 % 2.4 % 26 Sep 2024
Fredrik Lidberg 3.7 % 2.1 % 26 Sep 2024
Mikael Gunnarsson 2.9 % 1.7 % 26 Sep 2024
Jurek Rekrytering & Bemanning AB 2.2 % 1.2 % 26 Sep 2024
Nordnet Pensionsförsäkring 2.0 % 1.1 % 26 Sep 2024
Henrik Jern 1.9 % 1.1 % 26 Sep 2024
Agneta Läckström 1.4 % 0.8 % 26 Sep 2024
Kjell Arvidsson (P&CS Invest AB) 1.1 % 0.6 % 26 Sep 2024
Source: Holdings by Modular Finance AB