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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.

Like other staffing companies, the business model is capital light and growth can be generated without the need for large investments. For the same reason the model results in strong cash flows and high payout ratios, meaning room for good dividends. Ogunsen has shown growth for several years with stable margins. It has found a recipe for success in the larger cities of Sweden and is now expanding to new locations, which will support further growth. In addition, it focuses on staffing specialists, making it more protected against the structural decline of simple work that is becoming automated.

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 421 480 513
Sales growth (%) 16,8 14 6,9
EBITDA 48 54 56
EBITDA margin (%) 11,3 11,2 11
EBIT adj 46 52 54
EBIT adj margin (%) 10,8 10,7 10,5
Pretax profit 46 52 54
EPS rep 3,29 3,73 3,91
EPS growth (%) 214,9 13,1 5
EPS adj 3,29 3,73 3,91
DPS 3,3 3,4 3,6
EV/EBITDA (x) 8,9 7,2 6,9
EV/EBIT adj (x) 9,4 7,5 7,2
P/E (x) 13,4 10,7 10,2
P/E adj (x) 13,4 10,7 10,2
EV/sales (x) 1 0,8 0,8
FCF yield (%) 4,6 7,5 8,8
Dividend yield (%) 7,5 8,5 9
Net IB debt/EBITDA -0,9 -0,8 -0,8
Lease adj. FCF yield (%) 4,6 7,5 8,8
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 54 56
EBITDA lease Adj margin (%) 11,3 11,2 11
Sales 421 480 513
COGS 0 0 0
Gross profit 421 480 513
Other operating items -374 -426 -457
EBITDA 48 54 56
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 46 52 54
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 46 52 54
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 52 54
Tax -10 -11 -12
Net profit 35 40 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 40 42
EPS 3,29 3,73 3,91
EPS Adj 3,29 3,73 3,91
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 11,3 11,2 11
EBITA margin (%) 10,8 10,7 10,5
EBIT margin (%) 10,8 10,7 10,5
Pretax margin (%) 10,8 10,7 10,5
Net margin (%) 8,4 8,4 8,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,8 14 6,9
EBITDA growth (%) 174,7 12,6 4,9
EBIT growth (%) 205,4 13,2 5
Net profit growth (%) 216,9 13,2 5
EPS growth (%) 214,9 13,1 5
Profitability 2021 2022 2023
ROE (%) 48,5 48,6 47,9
ROE Adj (%) 48,5 48,6 47,9
ROCE (%) 62,1 62,3 61,4
ROCE Adj(%) 62,1 62,3 61,4
ROIC (%) 125,1 102,6 93,2
ROIC Adj (%) 125,1 102,6 93,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 48 54 56
EBITDA Adj margin (%) 11,3 11,2 11
EBITA Adj 46 52 54
EBITA Adj margin (%) 10,8 10,7 10,5
EBIT Adj 46 52 54
EBIT Adj margin (%) 10,8 10,7 10,5
Pretax profit Adj 46 52 54
Net profit Adj 35 40 42
Net profit to shareholders Adj 35 40 42
Net Adj margin (%) 8,4 8,4 8,2
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 48 54 56
Net financial items 0 0 0
Paid tax -10 -11 -12
Non-cash items 0 0 0
Cash flow before change in WC 38 42 45
Change in WC -11 -5 -2
Operating cash flow 27 37 43
CAPEX tangible fixed assets -5 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 22 32 38
Dividend paid -21 -35 -36
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 86 92
Other current assets 0 0 0
Cash and liquid assets 45 42 44
Total assets 139 148 158
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 -42 -44
Net IB debt / EBITDA lease Adj (%) -94,2 -78,2 -77,1
Shareholders equity 80 85 91
Minority 0 0 0
Total equity 80 85 91
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 62 67
Total liabilities and equity 139 148 158
Net IB debt -45 -42 -44
Net IB debt excl. pension debt -45 -42 -44
Capital invested 35 43 47
Working capital 19 24 26
EV breakdown 2021 2022 2023
Market cap. diluted (m) 471 428 431
Net IB debt Adj -45 -42 -44
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 426 386 388
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 324,5 334,8 336,3
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 4,5 4,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -56,1 -49,4 -47,9
Net debt / market cap (%) -12,2 -9,8 -10,1
Equity ratio (%) 57,6 57,7 57,7
Net IB debt adj. / equity (%) -56,1 -49,4 -47,9
Current ratio (%) 208,5 205,9 203,7
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -94,2 -78,2 -77,1
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 4,6 7,5 8,8
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 3,29 3,73 3,91
Dividend per share Adj 3,3 3,4 3,6
EPS Adj 3,29 3,73 3,91
BVPS 7,5 7,96 8,43
BVPS Adj 6,52 6,98 7,46
Net IB debt / share -4,2 -3,9 -4
Share price 34,5 40 40
Market cap. (m) 369 428 431
Valuation 2021 2022 2023
P/E 13,4 10,7 10,2
EV/sales 1,01 0,8 0,76
EV/EBITDA 8,9 7,2 6,9
EV/EBITA 9,4 7,5 7,2
EV/EBIT 9,4 7,5 7,2
Dividend yield (%) 7,5 8,5 9
FCF yield (%) 4,6 7,5 8,8
P/BVPS 5,86 5,03 4,74
P/BVPS Adj 6,75 5,73 5,36
P/E Adj 13,4 10,7 10,2
EV/EBITDA Adj 8,9 7,2 6,9
EV/EBITA Adj 9,4 7,5 7,2
EV/EBIT Adj 9,4 7,5 7,2
EV/cap. employed 5,3 4,5 4,3
Investment ratios 2021 2022 2023
Capex / sales 1,2 1,1 1
Capex / depreciation 217,4 219,6 213,2
Capex tangibles / tangible fixed assets 96,2 63,5 47,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 44,2 28,9 22,4

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 19.2 % 54.0 % 31 Mar 2022
Avanza Pension 12.9 % 7.4 % 31 Mar 2022
Fredrik Lidberg 4.7 % 2.7 % 31 Mar 2022
Nordea Fonder 4.2 % 2.4 % 31 Mar 2022
Mikael Gunnarsson 3.0 % 1.7 % 31 Mar 2022
Nordnet Pensionsförsäkring 2.5 % 1.4 % 31 Mar 2022
Jurek Rekrytering & Bemanning AB 2.1 % 1.2 % 31 Mar 2022
Henrik Jern 1.3 % 0.7 % 31 Mar 2022
Agneta Läckström 1.3 % 0.7 % 31 Mar 2022
Gustav Lindskog 1.1 % 0.6 % 31 Mar 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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