Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Poolia

Poolia

White collar staffing

Poolia is a well-established brand within white collar staffing and was founded in 1989 (as Ekonompoolen). With the merger with Uniflex in November 2018, Poolia now offers both white collar as well as blue-collar services. The Poolia unit helps companies with their temporary staffing as well as recruitment. Some of Poolia’s specialty areas are banking & finance, HR, sales & markets & administration. Besides Sweden, it has offices in Germany, Finland and Norway. Now merged with Uniflex, Poolia has extended its offering towards the fields of industry, warehousing, construction, electricity, administration, sales and customer service.

The business model is capital-light and growth can be generated without the need for larger investments. For the same reason, the model results in strong cash flow and high payout ratios, meaning room for great dividends. Poolia is furthermore a well-established brand with 30 years of history. We think the company should be able to attract more consultants with its strong brand, resulting in growth at least in line with the sector. Together with Uniflex, cost synergies should come easily with the opportunity for margin expansion.

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, Poolia is naturally sensitive to changes in the business cycle, and now the inclusion blue-collar staff increases this sensitivity. Germany has been a strong EBIT contributor but recent political regulation in Germany regarding temporary staffing could make it harder for Poolia and its peers to operate in the country.

SEKm 2021 2022e 2023e
Sales 1733 2111 2189
Sales growth (%) 18,5 21,8 3,7
EBITDA 131 118 126
EBITDA margin (%) 7,5 5,6 5,8
EBIT adj 83 90 97
EBIT adj margin (%) 4,8 4,3 4,4
Pretax profit 102 92 97
EPS rep 1,73 1,56 1,65
EPS growth (%) 1069,6 -9,9 5,7
EPS adj 1,32 1,56 1,65
DPS 1 1,2 1,4
EV/EBITDA (x) 5,7 4,4 4
EV/EBIT adj (x) 9 5,8 5,2
P/E (x) 10,3 8,2 7,7
P/E adj (x) 13,5 8,2 7,7
EV/sales (x) 0,4 0,2 0,2
FCF yield (%) 12,3 8,3 16,6
Dividend yield (%) 5,6 9,4 11
Net IB debt/EBITDA -0,7 -0,6 -0,7
Lease adj. FCF yield (%) 9,7 4,2 12,5
Lease adj. ND/EBITDA -1,4 -1,1 -1,1
SEKm 2021 2022e 2023e
EO items 19 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 89 93 101
EBITDA lease Adj margin (%) 5,1 4,4 4,6
Sales 1733 2111 2189
COGS 0 0 0
Gross profit 1733 2111 2189
Other operating items -1602 -1993 -2062
EBITDA 131 118 126
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 102 90 97
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 102 90 97
Other financial items 0 0 0
Net financial items 0 1 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 102 92 97
Tax -21 -19 -20
Net profit 81 73 77
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 81 73 77
EPS 1,73 1,56 1,65
EPS Adj 1,32 1,56 1,65
Total extraordinary items after tax 19 0 0
Tax rate (%) -20,6 -20,6 -21
Gross margin (%) 100 100 100
EBITDA margin (%) 7,5 5,6 5,8
EBITA margin (%) 5,9 4,3 4,4
EBIT margin (%) 5,9 4,3 4,4
Pretax margin (%) 5,9 4,3 4,4
Net margin (%) 4,7 3,4 3,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 18,5 21,8 3,7
EBITDA growth (%) 211,9 -9,8 7,2
EBIT growth (%) 542,4 -11,1 7,8
Net profit growth (%) 1069,6 -9,9 5,7
EPS growth (%) 1069,6 -9,9 5,7
Profitability 2021 2022 2023
ROE (%) 43,1 32,1 30,7
ROE Adj (%) 32,9 32,1 30,7
ROCE (%) 46,1 36,1 35,3
ROCE Adj(%) 37,5 36,1 35,3
ROIC (%) 63 50 45,6
ROIC Adj (%) 51,2 50 45,6
Adj earnings numbers 2021 2022 2023
EBITDA Adj 112 118 126
EBITDA Adj margin (%) 6,4 5,6 5,8
EBITA Adj 83 90 97
EBITA Adj margin (%) 4,8 4,3 4,4
EBIT Adj 83 90 97
EBIT Adj margin (%) 4,8 4,3 4,4
Pretax profit Adj 83 92 97
Net profit Adj 62 73 77
Net profit to shareholders Adj 62 73 77
Net Adj margin (%) 3,6 3,4 3,5
Depreciation and amortisation -29 -28 -29
Of which leasing depreciation -26 -25 -26
Leasing payments -23 -25 -25
SEKm 2021 2022e 2023e
EBITDA 131 118 126
Net financial items 0 1 0
Paid tax -21 -19 -20
Non-cash items 0 0 0
Cash flow before change in WC 110 100 106
Change in WC -6 -28 -4
Operating cash flow 104 73 102
CAPEX tangible fixed assets -1 -24 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 102 49 98
Dividend paid -28 -47 -56
Share issues and buybacks 0 0 0
Other non cash items 16 0 0
Decrease in net IB debt 34 -21 11
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 15 15 15
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 4 25 26
Other fixed assets 9 9 9
Fixed assets 52 72 71
Inventories 0 0 0
Receivables 463 517 536
Other current assets 0 0 0
Cash and liquid assets 122 99 116
Total assets 637 689 723
Shareholders equity 214 240 260
Minority 0 0 0
Total equity 214 240 260
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 396 422 438
Other current liabilities 0 0 0
Total liabilities and equity 637 689 723
Net IB debt -94 -72 -91
Net IB debt excl. pension debt -94 -72 -91
Capital invested 120 167 170
Working capital 67 95 98
EV breakdown 2021 2022 2023
Market cap. diluted (m) 835 593 593
Net IB debt Adj -94 -72 -91
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 741 521 502
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 305,2 318,5 310,1
Capital invested turnover (%) 977,4 1118,9 1115,6
Capital employed turnover (%) 743,8 821,2 855,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,1 19,1 19,5
Working capital / sales (%) 3,7 3,8 4,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -44 -30,2 -34,9
Net debt / market cap (%) -17,3 -12,2 -15,3
Equity ratio (%) 33,5 34,8 36
Net IB debt adj. / equity (%) -44 -30,2 -34,9
Current ratio (%) 142,5 141,3 144,6
EBITDA / net interest (%) -65350 -9066 0
Net IB debt / EBITDA (%) -71,9 -61,4 -71,9
Interest cover (%) 0 0 0
Lease liability amortisation -22 -24 -24
Other intangible assets 0 0 0
Right-of-use asset 30 29 27
Total other fixed assets 4 4 4
Leasing liability 28 27 25
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -122 -99 -116
Net IB debt / EBITDA lease Adj (%) -136,4 -107 -114,3
SEKm 2021 2022e 2023e
Shares outstanding adj. 47 47 47
Fully diluted shares Adj 47 47 47
EPS 1,73 1,56 1,65
Dividend per share Adj 1 1,2 1,4
EPS Adj 1,32 1,56 1,65
BVPS 4,58 5,14 5,59
BVPS Adj 4,25 4,81 5,26
Net IB debt / share -2 -1,6 -1,9
Share price 11,64 12,72 12,72
Market cap. (m) 543 593 593
Valuation 2021 2022 2023
P/E 10,3 8,2 7,7
EV/sales 0,43 0,25 0,23
EV/EBITDA 5,7 4,4 4
EV/EBITA 7,3 5,8 5,2
EV/EBIT 7,3 5,8 5,2
Dividend yield (%) 5,6 9,4 11
FCF yield (%) 12,3 8,3 16,6
P/BVPS 3,91 2,48 2,28
P/BVPS Adj 4,21 2,64 2,42
P/E Adj 13,5 8,2 7,7
EV/EBITDA Adj 6,6 4,4 4
EV/EBITA Adj 9 5,8 5,2
EV/EBIT Adj 9 5,8 5,2
EV/cap. employed 3,1 2 1,8
Investment ratios 2021 2022 2023
Capex / sales 0,1 1,1 0,2
Capex / depreciation 41,1 851,4 137,9
Capex tangibles / tangible fixed assets 31,6 95,8 15,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 76,8 11,2 11,3
Lease adj. FCF yield (%) 9,7 4,2 12,5

Equity research

Read earlier research

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 Jun 2022
Avanza Pension 6.8 % 3.5 % 28 Jun 2022
Traction 5.7 % 3.0 % 28 Jun 2022
Thomas Krishan 5.1 % 2.6 % 9 Aug 2022
Nordnet Pensionsförsäkring 3.5 % 1.8 % 28 Jun 2022
Patrik Enblad 1.9 % 1.0 % 28 Jun 2022
Nordea Fonder 1.2 % 0.6 % 28 Jun 2022
Ann Stillström 1.1 % 0.6 % 28 Jun 2022
John Wattin 1.1 % 0.5 % 28 Jun 2022
Johan Unger med närstående 0.9 % 0.5 % 28 Jun 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

Show More