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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 2023 2024e 2025e
Sales 513 513 543
Sales growth (%) 1,3 0,1 5,8
EBITDA 57 57 63
EBITDA margin (%) 11,1 11,1 11,6
EBIT adj. 47 48 53
EBIT adj. margin (%) 9,2 9,3 9,8
Pretax profit 47 48 53
EPS 3,47 3,47 3,88
EPS growth (%) -24 0 11,6
EPS adj. 3,47 3,47 3,88
DPS 3,4 3,5 3,8
EV/EBITDA (x) 6,8 6,8 6,1
EV/EBIT adj. (x) 8,3 8,1 7,2
P/E (x) 11,4 11,4 10,2
P/E adj. (x) 11,4 11,4 10,2
EV/sales (x) 0,76 0,76 0,71
FCF yield (%) 9,1 10,5 11,5
Le. adj. FCF yld. (%) 7,2 8,8 9,7
Dividend yield (%) 8,6 8,9 9,6
Net IB debt/EBITDA (x) -0,6 -0,6 -0,6
Le. adj. ND/EBITDA (x) -1 -1 -1
SEKm 2023 2024e 2025e
Sales 513 513 543
COGS 0 0 0
Gross profit 513 513 543
Other operating items -456 -456 -480
EBITDA 57 57 63
Depreciation and amortisation -10 -9 -10
of which leasing depreciation 0 0 0
EBITA 47 48 53
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 47 48 53
Net financial items 0 0 0
Pretax profit 47 48 53
Tax -10 -11 -12
Net profit 37 37 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 37 42
EPS 3,47 3,47 3,88
EPS adj. 3,47 3,47 3,88
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 11,1 11,6
EBITA margin (%) 9,2 9,3 9,8
EBIT margin (%) 9,2 9,3 9,8
Pre-tax margin (%) 9,2 9,3 9,8
Net margin (%) 7,3 7,3 7,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 1,3 0,1 5,8
EBITDA growth (%) -21,1 0,2 10,5
EBITA growth (%) -24,8 1,5 11,7
EBIT growth (%) -24,8 1,5 11,7
Net profit growth (%) -23,7 0 11,7
EPS growth (%) -24 0 11,6
Profitability N/A N/A N/A
ROE (%) 41 43,2 46,9
ROE adj. (%) 41 43,2 46,9
ROCE (%) 41,3 43,2 47,3
ROCE adj. (%) 41,3 43,2 47,3
ROIC (%) 80 72,7 80,9
ROIC adj. (%) 80 72,7 80,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 57 57 63
EBITDA adj. margin (%) 11,1 11,1 11,6
EBITDA lease adj. 57 57 63
EBITDA lease adj. margin (%) 11,1 11,1 11,6
EBITA adj. 47 48 53
EBITA adj. margin (%) 9,2 9,3 9,8
EBIT adj. 47 48 53
EBIT adj. margin (%) 9,2 9,3 9,8
Pretax profit Adj. 47 48 53
Net profit Adj. 37 37 42
Net profit to shareholders adj. 37 37 42
Net adj. margin (%) 7,3 7,3 7,7
SEKm 2023 2024e 2025e
EBITDA 57 57 63
Goodwill 10 10 10
Net financial items 0 0 0
Other intangible assets 0 0 0
Paid tax -10 -11 -12
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 47 51
Total other fixed assets 0 0 0
Change in working capital -7 0 -1
Fixed assets 41 41 41
Operating cash flow 40 47 51
Inventories 0 0 0
Capex tangible fixed assets -2 -2 -2
Receivables 79 87 92
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 59 60 63
Free cash flow 38 45 49
Total assets 179 188 197
Dividend paid -48 -37 -38
Shareholders equity 86 87 91
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -8 -7 -8
Total equity 86 87 91
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 77 81
Total liabilities and equity 179 188 197
Net IB debt -35 -36 -39
Net IB debt excl. pension debt -35 -36 -39
Net IB debt excl. leasing -59 -60 -63
Capital employed 110 111 115
Capital invested 51 51 52
Working capital 10 10 11
EV breakdown N/A N/A N/A
Market cap. diluted (m) 424 424 424
Net IB debt adj. -35 -36 -39
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 390 389 385
Total assets turnover (%) 266,9 279,7 282
Working capital/sales (%) 1,3 2 1,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -40,2 -40,9 -43
Net debt / market cap (%) -8,2 -8,4 -9,2
Equity ratio (%) 48,1 46,1 46,2
Net IB debt adj. / equity (%) -40,2 -40,9 -43
Current ratio 2,01 1,91 1,91
EBITDA/net interest 189,7 N/A N/A
Net IB debt/EBITDA (x) -0,6 -0,6 -0,6
Net IB debt/EBITDA lease adj. (x) -1 -1 -1
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 3,47 3,88
Dividend per share 3,4 3,5 3,8
EPS adj. 3,47 3,47 3,88
BVPS 8,01 8,08 8,46
BVPS adj. 7,06 7,13 7,51
Net IB debt/share -3,22 -3,31 -3,64
Share price 39,5 39,5 39,5
Market cap. (m) 424 424 424
Valuation N/A N/A N/A
P/E (x) 11,4 11,4 10,2
EV/sales (x) 0,76 0,76 0,71
EV/EBITDA (x) 6,8 6,8 6,1
EV/EBITA (x) 8,3 8,1 7,2
EV/EBIT (x) 8,3 8,1 7,2
Dividend yield (%) 8,6 8,9 9,6
FCF yield (%) 9,1 10,5 11,5
Le. adj. FCF yld. (%) 7,2 8,8 9,7
P/BVPS (x) 4,93 4,89 4,67
P/BVPS adj. (x) 5,6 5,54 5,26
P/E adj. (x) 11,4 11,4 10,2
EV/EBITDA adj. (x) 6,8 6,8 6,1
EV/EBITA adj. (x) 8,3 8,1 7,2
EV/EBIT adj. (x) 8,3 8,1 7,2
EV/CE (x) 3,5 3,5 3,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 0,4 0,3
Capex/depreciation 0,2 0,2 0,2
Capex tangibles / tangible fixed assets 28,4 28,7 29,3
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 28,77 30,2

Equity research

Read earlier research

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 16.9 % 52.7 % 23 Feb 2024
Avanza Pension 13.1 % 7.5 % 26 Mar 2024
Nordea Funds 4.2 % 2.4 % 26 Mar 2024
Fredrik Lidberg 3.7 % 2.1 % 26 Mar 2024
Mikael Gunnarsson 2.7 % 1.6 % 26 Mar 2024
Jurek Rekrytering & Bemanning AB 2.3 % 1.3 % 26 Mar 2024
Nordnet Pensionsförsäkring 1.8 % 1.0 % 26 Mar 2024
Henrik Jern 1.6 % 0.9 % 26 Mar 2024
Agneta Läckström 1.4 % 0.8 % 26 Mar 2024
Kjell Arvidsson (P&CS Invest AB) 1.1 % 0.6 % 26 Mar 2024
Source: Holdings by Modular Finance AB