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PION Group

PION Group

White collar staffing

PION Group is a growth company that creates synergy effects between the portfolio companies in the sphere. Today, PION Group consists of Poolia, QRIOS Life Scicence, QRIOS IT, QRIOS Management Consulting, Uniflex, Workspace Recruit, Roi Rekrytering and Student Node. PION Group is present in Sweden, Norway and Finland. PION Group works to increase the competitiveness of society by accelerating change, raising and developing competence and optimizing it by matching needs with demanded abilities and providing the market with digital tools and insights. The main owner is the tech group Danir Resources.

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, PION Group is naturally sensitive to changes in the business cycle, and with the inclusion of blue-collar staff through Uniflex increases this sensitivity. The addition of the QRIOS brand is aimed at reducing the cyclicality via a consultancy offering with a longer business cycle.

SEKm 2021 2022e 2023e
Sales 1898 2119 2150
Sales growth (%) 19,9 11,6 1,5
EBITDA 131 111 119
EBITDA margin (%) 6,9 5,2 5,6
EBIT adj. 83 85 90
EBIT adj. margin (%) 4,3 4 4,2
Pretax profit 102 87 90
EPS 1,73 1,48 1,53
EPS growth (%) 796,7 -14,5 3,5
EPS adj. 1,41 1,48 1,53
DPS 1 0,8 0,8
EV/EBITDA (x) 3,5 4,4 3,8
EV/EBIT adj. (x) 5,6 5,7 5
P/E (x) 6,9 8 7,8
P/E adj. (x) 8,5 8 7,8
EV/sales (x) 0,24 0,23 0,21
FCF yield (%) 18,5 8,1 17,1
Le. adj. FCF yld. (%) 14,6 3,8 12,8
Dividend yield (%) 8,4 6,7 6,7
Net IB debt/EBITDA (x) -0,7 -0,6 -0,9
Le. adj. ND/EBITDA (x) 1,4 1,1 1,4
SEKm 2021 2022e 2023e
Sales 1898 2119 2150
COGS 0 0 0
Gross profit 1898 2119 2150
Other operating items -1767 -2008 -2031
EBITDA 131 111 119
Depreciation and amortisation -29 -26 -29
of which leasing depreciation -26 -23 -26
EBITA 102 85 90
EO Items 19 0 0
Impairment and PPA amortisation 0 0 0
EBIT 102 85 90
Net financial items 0 2 0
Pretax profit 102 87 90
Tax -21 -18 -19
Net profit 81 69 71
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 81 69 71
EPS 1,73 1,48 1,53
EPS adj. 1,41 1,48 1,53
Total extraordinary items after tax 15 0 0
Leasing payments -23 -25 -25
Tax rate (%) 20,6 20,8 21
Gross margin (%) 100 100 100
EBITDA margin (%) 6,9 5,2 5,6
EBITA margin (%) 5,3 4 4,2
EBIT margin (%) 5,3 4 4,2
Pre-tax margin (%) 5,4 4,1 4,2
Net margin (%) 4,3 3,3 3,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 19,9 11,6 1,5
EBITDA growth (%) 197 -15,1 7,5
EBITA growth (%) 467 -16 6
EBIT growth (%) N/A -16 6
Net profit growth (%) 796,7 -14,5 3,5
EPS growth (%) 796,7 -14,5 3,5
Profitability N/A N/A N/A
ROE (%) 43,1 30,7 28,2
ROE adj. (%) 35 30,7 28,2
ROCE (%) 46,1 34,5 32,2
ROCE adj. (%) 37,5 34,5 32,2
ROIC (%) 95,8 71,7 65,1
ROIC adj. (%) 77,9 71,7 65,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 112 111 119
EBITDA adj. margin (%) 5,9 5,2 5,6
EBITDA lease adj. 89 86 94
EBITDA lease adj. margin (%) 4,7 4,1 4,4
EBITA adj. 83 85 90
EBITA adj. margin (%) 4,3 4 4,2
EBIT adj. 83 85 90
EBIT adj. margin (%) 4,3 4 4,2
Pretax profit Adj. 83 87 90
Net profit Adj. 66 69 71
Net profit to shareholders adj. 66 69 71
Net adj. margin (%) 3,5 3,3 3,3
SEKm 2021 2022e 2023e
EBITDA 131 111 119
Goodwill 15 15 15
Net financial items 0 2 0
Other intangible assets 0 0 0
Paid tax -21 -18 -19
Tangible fixed assets 4 23 24
Non-cash items 0 0 0
Right-of-use asset 30 30 28
Cash flow before change in WC 110 95 100
Total other fixed assets 4 4 4
Change in working capital -6 -28 -1
Fixed assets 52 72 71
Operating cash flow 104 67 99
Inventories 0 0 0
Capex tangible fixed assets -1 -22 -4
Receivables 463 519 527
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 122 97 128
Free cash flow 102 45 95
Total assets 637 688 726
Dividend paid -28 -47 -37
Shareholders equity 214 236 270
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 214 236 270
Leasing liability amortisation -22 -24 -24
Long-term debt 0 0 0
Other non-cash items 16 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 28 28 26
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 396 424 430
Other current liabilities 0 0 0
Total liabilities and equity 637 688 726
Net IB debt -94 -68 -102
Net IB debt excl. pension debt -94 -68 -102
Net IB debt excl. leasing -122 -97 -128
Capital employed 241 264 296
Capital invested 120 168 168
Working capital 67 95 97
EV breakdown N/A N/A N/A
Market cap. diluted (m) 555 555 555
Net IB debt adj. -94 -68 -102
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 461 487 453
Total assets turnover (%) 334,2 319,9 304
Working capital/sales (%) 3,4 3,8 4,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -44 -28,9 -37,7
Net debt / market cap (%) -16,9 -12,3 -18,4
Equity ratio (%) 33,5 34,3 37,2
Net IB debt adj. / equity (%) -44 -28,9 -37,7
Current ratio 1,48 1,45 1,52
EBITDA/net interest 653,5 58,4 N/A
Net IB debt/EBITDA (x) -0,7 -0,6 -0,9
Net IB debt/EBITDA lease adj. (x) -1,4 -1,1 -1,4
Interest coverage N/A N/A N/A
SEKm 2021 2022e 2023e
Shares outstanding adj. 47 47 47
Diluted shares adj. 47 47 47
EPS 1,73 1,48 1,53
Dividend per share 1 0,8 0,8
EPS adj. 1,41 1,48 1,53
BVPS 4,58 5,06 5,79
BVPS adj. 4,25 4,73 5,46
Net IB debt/share -2,02 -1,46 -2,18
Share price 11,9 11,9 11,9
Market cap. (m) 555 555 555
Valuation N/A N/A N/A
P/E (x) 6,9 8 7,8
EV/sales (x) 0,24 0,23 0,21
EV/EBITDA (x) 3,5 4,4 3,8
EV/EBITA (x) 4,5 5,7 5
EV/EBIT (x) 4,5 5,7 5
Dividend yield (%) 8,4 6,7 6,7
FCF yield (%) 18,5 8,1 17,1
Le. adj. FCF yld. (%) 14,6 3,8 12,8
P/BVPS (x) 2,6 2,35 2,06
P/BVPS adj. (x) 2,8 2,52 2,18
P/E adj. (x) 8,5 8 7,8
EV/EBITDA adj. (x) 4,1 4,4 3,8
EV/EBITA adj. (x) 5,6 5,7 5
EV/EBIT adj. (x) 5,6 5,7 5
EV/CE (x) 1,9 1,8 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 1 0,2
Capex/depreciation 0,4 8,4 1,4
Capex tangibles / tangible fixed assets 31,6 94,7 16,6
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 76,84 11,21 12,02

Equity research

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Media

Poolia - Company presentation with CEO Jan Bengtsson (in Swedish)
Poolia - Company presentation with CEO Jan Bengtsson (in Swedish)

Main shareholders - Poolia

Main shareholders Share capital % Voting shares % Verified
Danir Resources AB 46.1 % 71.9 % 28 Sep 2022
Avanza Pension 6.8 % 3.5 % 28 Sep 2022
Traction 5.7 % 3.0 % 28 Sep 2022
Thomas Krishan 5.2 % 2.7 % 28 Sep 2022
Nordnet Pensionsförsäkring 3.4 % 1.8 % 28 Sep 2022
Patrik Enblad 1.9 % 1.0 % 28 Sep 2022
Nordea Fonder 1.2 % 0.6 % 28 Sep 2022
Ann Stillström 1.1 % 0.6 % 28 Sep 2022
John Wattin 1.1 % 0.5 % 28 Sep 2022
Johan Unger med närstående 0.9 % 0.5 % 28 Sep 2022
Source: Holdings by Modular Finance AB

Insider list - Poolia

Name Quantity Code Date
Nils Karlsson + 10 000 BUY 23 Jul 2021
Lars Kry Martin Hansson - 321 990 SELL 25 Feb 2021
Lars Kry, Martin Hansson + 9 144 BUY 15 Oct 2020
Lars Kry, Martin Hansson + 312 846 BUY 15 Oct 2020
Jenny Pizzignacco - 858 078 SELL 14 Sep 2020
Björn Örås -8 523 901 SELL 11 Sep 2020
Björn Örås -10 864 300 SELL 11 Sep 2020
Björn Örås -10 864 300 SELL 25 Jul 2020
Björn Örås +10 864 300 BUY 25 Jul 2020
Jan Georg Bengtsson + 60 000 BUY 30 Aug 2019

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