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PION Group

PION Group

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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.

Financials

SEKm 2022 2023e 2024e
Sales 2086 2175 2251
Sales growth (%) 9,9 4,3 3,5
EBITDA 103 62 100
EBITDA margin (%) 4,9 2,9 4,5
EBIT adj. 74 29 65
EBIT adj. margin (%) 3,5 1,3 2,9
Pretax profit 76 26 65
EPS 1,26 0,4 1,07
EPS growth (%) -27,2 -68 166,1
EPS adj. 1,32 0,59 1,24
DPS 0,5 0,3 0,6
EV/EBITDA (x) 3,5 6,9 4
EV/EBIT adj. (x) 4,8 14,8 6,1
P/E (x) 7,1 22,3 8,4
P/E adj. (x) 6,8 15,3 7,3
EV/sales (x) 0,17 0,2 0,18
FCF yield (%) 14 -0,9 18,3
Le. adj. FCF yld. (%) 8,3 -6,4 12,7
Dividend yield (%) 5,6 3,3 6,7
Net IB debt/EBITDA (x) -0,7 -0,1 -0,4
Le. adj. ND/EBITDA (x) 1,3 1 1
SEKm 2022 2023e 2024e
Sales 2086 2175 2251
COGS 0 0 0
Gross profit 2086 2175 2251
Other operating items -1983 -2113 -2150
EBITDA 103 62 100
Depreciation and amortisation -25 -25 -25
of which leasing depreciation -22 -23 -23
EBITA 78 37 75
EO Items 0 -2 0
Impairment and PPA amortisation -4 -10 -10
EBIT 74 27 65
Net financial items 2 -1 0
Pretax profit 76 26 65
Tax -17 -6 -14
Net profit 59 19 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 59 19 52
EPS 1,26 0,4 1,07
EPS adj. 1,32 0,59 1,24
Total extraordinary items after tax 0 -1 0
Leasing payments -25 -25 -25
Tax rate (%) 21,9 25,1 21
Gross margin (%) 100 100 100
EBITDA margin (%) 4,9 2,9 4,5
EBITA margin (%) 3,7 1,7 3,3
EBIT margin (%) 3,5 1,2 2,9
Pre-tax margin (%) 3,6 1,2 2,9
Net margin (%) 2,8 0,9 2,3
Sales growth (%) 9,9 4,3 3,5
EBITDA growth (%) -21,5 -39,5 61,6
EBITA growth (%) -23,3 -52,3 103,1
EBIT growth (%) -27,2 -63,3 N/A
Net profit growth (%) -26,4 -67,3 166,1
EPS growth (%) -27,2 -68 166,1
Profitability N/A N/A N/A
ROE (%) 26,5 8,4 20,8
ROE adj. (%) 28,3 13,3 24,8
ROCE (%) 29,9 9,7 23
ROCE adj. (%) 31,4 14,2 26,5
ROIC (%) 42,4 14,2 26,2
ROIC adj. (%) 42,4 14,9 26,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 103 64 100
EBITDA adj. margin (%) 4,9 2,9 4,5
EBITDA lease adj. 78 39 75
EBITDA lease adj. margin (%) 3,7 1,8 3,3
EBITA adj. 78 39 75
EBITA adj. margin (%) 3,7 1,8 3,3
EBIT adj. 74 29 65
EBIT adj. margin (%) 3,5 1,3 2,9
Pretax profit Adj. 80 38 75
Net profit Adj. 63 31 62
Net profit to shareholders adj. 63 31 62
Net adj. margin (%) 3 1,4 2,7
SEKm 2022 2023e 2024e
EBITDA 103 62 100
Goodwill 34 49 49
Net financial items 2 -1 0
Other intangible assets 0 0 0
Paid tax -17 -6 -14
Tangible fixed assets 17 34 36
Non-cash items 0 0 0
Right-of-use asset 38 39 41
Cash flow before change in WC 88 54 87
Total other fixed assets 4 4 4
Change in working capital -8 -23 -3
Fixed assets 92 126 129
Operating cash flow 80 32 83
Inventories 0 0 0
Capex tangible fixed assets -21 -4 -4
Receivables 487 533 551
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 -32 0
Cash and liquid assets 101 41 73
Free cash flow 59 -4 79
Total assets 680 700 754
Dividend paid -47 -24 -14
Shareholders equity 234 229 267
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 234 229 267
Leasing liability amortisation -24 -24 -24
Long-term debt 0 0 0
Other non-cash items -15 -10 -10
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 34 36 37
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 412 435 450
Other current liabilities 0 0 0
Total liabilities and equity 680 700 754
Net IB debt -67 -5 -36
Net IB debt excl. pension debt -67 -5 -36
Net IB debt excl. leasing -101 -41 -73
Capital employed 268 265 304
Capital invested 167 224 231
Working capital 75 98 101
Market cap. diluted (m) 424 433 433
Net IB debt adj. -67 -5 -36
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 357 428 397
Total assets turnover (%) 316,8 315,2 309,7
Working capital/sales (%) 3,4 4 4,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -28,7 -2,3 -13,5
Net debt / market cap (%) -15,8 -1,2 -8,3
Equity ratio (%) 34,4 32,8 35,4
Net IB debt adj. / equity (%) -28,7 -2,3 -13,5
Current ratio 1,43 1,32 1,39
EBITDA/net interest 46,6 51,8 N/A
Net IB debt/EBITDA (x) -0,7 -0,1 -0,4
Net IB debt/EBITDA lease adj. (x) -1,3 -1 -1
Interest coverage N/A N/A N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 47 48 48
Diluted shares adj. 47 48 48
EPS 1,26 0,4 1,07
Dividend per share 0,5 0,3 0,6
EPS adj. 1,32 0,59 1,24
BVPS 4,97 4,77 5,54
BVPS adj. 4,26 3,74 4,51
Net IB debt/share -1,42 -0,11 -0,75
Share price 9 9 9
Market cap. (m) 424 433 433
P/E (x) 7,1 22,3 8,4
EV/sales (x) 0,17 0,2 0,18
EV/EBITDA (x) 3,5 6,9 4
EV/EBITA (x) 4,6 11,5 5,3
EV/EBIT (x) 4,8 15,8 6,1
Dividend yield (%) 5,6 3,3 6,7
FCF yield (%) 14 -0,9 18,3
Le. adj. FCF yld. (%) 8,3 -6,4 12,7
P/BVPS (x) 1,81 1,89 1,62
P/BVPS adj. (x) 2,11 2,41 1,99
P/E adj. (x) 6,8 15,3 7,3
EV/EBITDA adj. (x) 3,5 6,7 4
EV/EBITA adj. (x) 4,6 11 5,3
EV/EBIT adj. (x) 4,8 14,8 6,1
EV/CE (x) 1,3 1,6 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1 0,2 0,2
Capex/depreciation 8,5 1,4 1,6
Capex tangibles / tangible fixed assets 122,1 10,2 11,2
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 14,42 7,32 7,01

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)

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Main shareholders - Poolia

Main shareholders Share capital % Voting shares % Verified
Danir Resources AB 45.1 % 71.1 % 29 Mar 2023
Avanza Pension 6.7 % 3.5 % 29 Mar 2023
Traction 5.6 % 2.9 % 29 Mar 2023
Thomas Krishan 5.5 % 2.9 % 1 Jun 2023
Nordnet Pensionsförsäkring 2.6 % 1.4 % 29 Mar 2023
Mats Kullenberg 1.5 % 0.8 % 29 Mar 2023
Nordea Fonder 1.2 % 0.6 % 29 Mar 2023
John Wattin 1.2 % 0.6 % 29 Mar 2023
Ann Stillström 1.0 % 0.5 % 29 Mar 2023
Johan Unger med närstående 0.9 % 0.5 % 29 Mar 2023
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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