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PION Group

PION Group

Consultancy and recruiting

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 2023 2024e 2025e
Sales 2020 1875 1969
Sales growth (%) -3,2 -7,2 5
EBITDA 23 73 88
EBITDA margin (%) 1,1 3,9 4,5
EBIT adj. 5 34 48
EBIT adj. margin (%) 0,2 1,8 2,4
Pretax profit -17 34 48
EPS -0,31 0,55 0,78
EPS growth (%) -124,7 -279,1 41,9
EPS adj. 0,25 0,71 0,95
DPS 0,25 0,3 0,4
EV/EBITDA (x) 14,8 4,6 3,6
EV/EBIT adj. (x) 70,1 10 6,7
P/E (x) -24,1 13,4 9,5
P/E adj. (x) 29,7 10,4 7,8
EV/sales (x) 0,17 0,18 0,16
FCF yield (%) 12,8 16,5 20,1
Le. adj. FCF yld. (%) 4,3 8,2 11,8
Dividend yield (%) 3,4 4,1 5,4
Net IB debt/EBITDA (x) -0,6 -0,3 -0,4
Le. adj. ND/EBITDA (x) -4 -1,4 -1,4
SEKm 2023 2024e 2025e
Sales 2020 1875 1969
COGS 0 0 0
Gross profit 2020 1875 1969
Other operating items -1997 -1801 -1881
EBITDA 23 73 88
Depreciation and amortisation -29 -30 -31
of which leasing depreciation -26 -27 -28
EBITA -6 44 58
EO Items -21 0 0
Impairment and PPA amortisation -10 -10 -10
EBIT -16 34 48
Net financial items -1 1 0
Pretax profit -17 34 48
Tax 2 -7 -10
Net profit -15 27 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 27 38
EPS -0,31 0,55 0,78
EPS adj. 0,25 0,71 0,95
Total extraordinary items after tax -18 0 0
Leasing payments -31 -31 -31
Tax rate (%) 13,7 22 21
Gross margin (%) 100 100 100
EBITDA margin (%) 1,1 3,9 4,5
EBITA margin (%) -0,3 2,3 2,9
EBIT margin (%) -0,8 1,8 2,4
Pre-tax margin (%) -0,8 1,8 2,4
Net margin (%) -0,7 1,4 1,9
Sales growth (%) -3,2 -7,2 5
EBITDA growth (%) -77,7 222,9 20,5
EBITA growth (%) -107,8 -825 32,5
EBIT growth (%) -121,6 -312 42,2
Net profit growth (%) -124,7 -282,9 41,9
EPS growth (%) -124,7 -279,1 41,9
Profitability N/A N/A N/A
ROE (%) -6,6 12,4 16,1
ROE adj. (%) 5,9 17 20,4
ROCE (%) -6,5 13,4 17,3
ROCE adj. (%) 5,3 17,3 21
ROIC (%) -2,9 17,1 22,2
ROIC adj. (%) 7 17,1 22,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 43 73 88
EBITDA adj. margin (%) 2,1 3,9 4,5
EBITDA lease adj. 13 43 58
EBITDA lease adj. margin (%) 0,6 2,3 2,9
EBITA adj. 15 44 58
EBITA adj. margin (%) 0,7 2,3 2,9
EBIT adj. 5 34 48
EBIT adj. margin (%) 0,2 1,8 2,4
Pretax profit Adj. 14 44 58
Net profit Adj. 13 37 48
Net profit to shareholders adj. 13 37 48
Net adj. margin (%) 0,6 1,9 2,4
SEKm 2023 2024e 2025e
EBITDA 23 73 88
Goodwill 57 57 57
Net financial items -1 1 0
Other intangible assets 0 0 0
Paid tax 2 -7 -10
Tangible fixed assets 35 36 37
Non-cash items 0 0 0
Right-of-use asset 44 46 48
Cash flow before change in WC 24 66 78
Total other fixed assets 10 10 10
Change in working capital 23 -4 -3
Fixed assets 147 150 153
Operating cash flow 47 62 75
Inventories 0 0 0
Capex tangible fixed assets -2 -4 -4
Receivables 458 450 473
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 47 56 76
Free cash flow 45 59 71
Total assets 651 656 701
Dividend paid -24 -12 -14
Shareholders equity 207 222 245
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -30 -30 -30
Total equity 207 222 245
Other non-cash items -46 -10 -10
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 38 41 42
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 405 394 413
Other current liabilities 0 0 0
Total liabilities and equity 651 656 701
Net IB debt -13 -20 -37
Net IB debt excl. pension debt -13 -20 -37
Net IB debt excl. leasing -51 -60 -80
Capital employed 246 262 287
Capital invested 195 202 208
Working capital 52 56 59
Market cap. diluted (m) 349 356 356
Net IB debt adj. -13 -20 -37
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 336 337 319
Total assets turnover (%) 303,5 286,8 290,2
Working capital/sales (%) 3,2 2,9 2,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -6 -8,9 -15,2
Net debt / market cap (%) -3,6 -5,5 -10,4
Equity ratio (%) 31,8 33,8 35
Net IB debt adj. / equity (%) -6 -8,9 -15,2
Current ratio 1,24 1,29 1,33
EBITDA/net interest 22,7 146,6 N/A
Net IB debt/EBITDA (x) -0,6 -0,3 -0,4
Net IB debt/EBITDA lease adj. (x) -4 -1,4 -1,4
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 47 48 48
Diluted shares adj. 47 48 48
EPS -0,31 0,55 0,78
Dividend per share 0,25 0,3 0,4
EPS adj. 0,25 0,71 0,95
BVPS 4,4 4,61 5,09
BVPS adj. 3,18 3,42 3,9
Net IB debt/share -0,27 -0,41 -0,77
Share price 7,4 7,4 7,4
Market cap. (m) 349 356 356
P/E (x) -24,1 13,4 9,5
EV/sales (x) 0,17 0,18 0,16
EV/EBITDA (x) 14,8 4,6 3,6
EV/EBITA (x) -56,1 7,7 5,5
EV/EBIT (x) -21,3 10 6,7
Dividend yield (%) 3,4 4,1 5,4
FCF yield (%) 12,8 16,5 20,1
Le. adj. FCF yld. (%) 4,3 8,2 11,8
P/BVPS (x) 1,68 1,61 1,45
P/BVPS adj. (x) 2,33 2,17 1,9
P/E adj. (x) 29,7 10,4 7,8
EV/EBITDA adj. (x) 7,8 4,6 3,6
EV/EBITA adj. (x) 23 7,7 5,5
EV/EBIT adj. (x) 70,1 10 6,7
EV/CE (x) 1,4 1,3 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,2 0,2
Capex/depreciation 0,8 1,2 1,3
Capex tangibles / tangible fixed assets 6,5 10 10,9
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 8,13 8,3 8,33

Equity research

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Media

PION Group - 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 45.1 % 71.1 % 26 Mar 2024
Avanza Pension 6.5 % 3.4 % 26 Mar 2024
Thomas Krishan 6.1 % 3.2 % 26 Mar 2024
Traction 5.6 % 2.9 % 26 Mar 2024
Nordnet Pensionsförsäkring 2.9 % 1.5 % 26 Mar 2024
Mats Kullenberg 1.5 % 0.8 % 26 Mar 2024
Kenneth Walther 1.3 % 0.7 % 26 Mar 2024
Nordea Funds 1.2 % 0.6 % 26 Mar 2024
John Wattin 1.2 % 0.6 % 26 Mar 2024
Bengt Stillström 1.1 % 0.6 % 26 Mar 2024
Source: Holdings by Modular Finance AB