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eWork

eWork

Consultancy broker

Ework is a consultancy broker that aims to help companies find the right person for the right project. The company’s core is its database, consisting of more than 100,000 consultants. These consultants are not employed by Ework, instead, the company’s objective is to link them to the optimal project. This saves administration, increases effectiveness and saves time for both partners. Ework generates its revenues by taking a cut of the contract’s total sum. The business is conducted in five different countries, whereas the primary market is Sweden.

The fast growing technological development generates more and more consultants. This also creates a demand among companies and organizations for specialists in niche areas under time specific periods. Furthermore, there is an increased interest for independent consultancy. The option to choose projects and when and where they should take place creates an incentive. Ework acts on this demand and supply by bringing the two parts together. The company is also trying to exploit this need outside the Nordics (in Poland) and this could pay off in the future.

Consultancy is generally a cyclical sector. Hence, the demand for Ework’s services could decrease in worse times. Since the company does not employ the consultants, the profitability should have a somewhat limited downside, but the revenue growth could be affected. There is also a risk that more consultants may seek employment in a recession, thereby having a safety net, which could also have a negative effect on revenues.

SEKm 2019 2020e 2021e
Sales 12622 14020 15114
Sales growth (%) 14,4 11,1 7,8
EBITDA 138 170 191
EBITDA margin (%) 1,1 1,2 1,3
EBIT adj 108 138 160
EBIT adj margin (%) 0,9 1 1,1
Pretax profit 97 125 147
EPS rep 4,39 5,6 6,59
EPS growth (%) -4,1 27,6 17,6
EPS adj 4,39 5,6 6,59
DPS 4,5 5 5,5
EV/EBITDA (x) 12,7 10,6 9,5
EV/EBIT adj (x) 16,2 13 11,3
P/E (x) 18,5 14,8 12,6
P/E adj (x) 18,5 14,8 12,6
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 0,1 6 6,6
Dividend yield (%) 5,6 6 6,6
Net IB debt/EBITDA 2,6 2,2 2
SEKm 2019 2020e 2021e
Sales 12622 14020 15114
COGS -12122 -13478 -14533
Gross profit 500 543 582
Other operating items -362 -373 -391
EBITDA 138 170 191
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -6 -8 -7
EBITA 108 138 160
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 108 138 160
Other financial items 0 0 0
Net financial items -11 -14 -14
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 97 125 147
Tax -21 -28 -33
Net profit 76 97 114
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 97 114
EPS 4,39 5,6 6,59
EPS Adj 4,39 5,6 6,59
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22,5 -22,5
Gross margin (%) 4 3,9 3,9
EBITDA margin (%) 1,1 1,2 1,3
EBITA margin (%) 0,9 1 1,1
EBIT margin (%) 0,9 1 1,1
Pretax margin (%) 0,8 0,9 1
Net margin (%) 0,6 0,7 0,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,4 11,1 7,8
EBITDA growth (%) 22,9 23,2 12,5
EBIT growth (%) 1,7 27,6 16
Net profit growth (%) -4,1 27,6 17,6
EPS growth (%) -4,1 27,6 17,6
Profitability 2019 2020 2021
ROE (%) 48,2 57,6 59,5
ROE Adj (%) 48,2 57,6 59,5
ROCE (%) 15,4 16,3 18,6
ROCE Adj(%) 15,4 16,3 18,6
ROIC (%) 19,2 20,2 21,9
ROIC Adj (%) 19,2 20,2 21,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 170 191
EBITDA Adj margin (%) 1,1 1,2 1,3
EBITA Adj 108 138 160
EBITA Adj margin (%) 0,9 1 1,1
EBIT Adj 108 138 160
EBIT Adj margin (%) 0,9 1 1,1
Pretax profit Adj 97 125 147
Net profit Adj 76 97 114
Net profit to shareholders Adj 76 97 114
Net Adj margin (%) 0,6 0,7 0,8
SEKm 2019 2020e 2021e
EBITDA 138 170 191
Net financial items -11 -14 -14
Paid tax -21 -28 -33
Non-cash items -8 0 0
Cash flow before change in WC 98 128 145
Change in WC -82 -25 -34
Operating cash flow 22 103 111
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -18 -16 -15
Acquisitions and disposals 0 0 0
Free cash flow 2 85 94
Dividend paid -78 -78 -86
Share issues and buybacks 0 0 0
Other non cash items -47 0 0
Decrease in net IB debt -146 -14 -14
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 46 55 63
Definite intangible assets 0 0 0
Tangible fixed assets 5 5 4
Other fixed assets 6 6 6
Fixed assets 111 119 126
Inventories 0 0 0
Receivables 3507 4027 4303
Other current assets 0 0 0
Cash and liquid assets 237 223 209
Total assets 3854 4368 4638
Shareholders equity 158 177 205
Minority 0 0 0
Total equity 158 177 205
Long-term debt 550 550 550
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 3097 3592 3835
Other current liabilities 0 0 0
Total liabilities and equity 2808 3317 3854
Net IB debt 356 370 384
Net IB debt excl. pension debt 356 370 384
Capital invested 514 547 588
Working capital 409 434 468
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1396 1431 1431
Net IB debt Adj 356 370 384
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 1752 1801 1815
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 352 341 335,6
Capital invested turnover (%) 2869,2 2643,1 2663,4
Capital employed turnover (%) 1999,6 1829,5 1914,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,4 23,9 24,6
Working capital / sales (%) 2,9 3 3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 225,1 208,7 187,5
Net debt / market cap (%) 27 25,8 26,8
Equity ratio (%) 4,1 4,1 4,4
Net IB debt adj. / equity (%) 225,1 208,7 187,5
Current ratio (%) 119 116,7 116,2
EBITDA / net interest (%) 1216,8 1248,3 1391
Net IB debt / EBITDA (%) 257,9 217,4 200,6
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,39 5,6 6,59
Dividend per share Adj 4,5 5 5,5
EPS Adj 4,39 5,6 6,59
BVPS 9,17 10,27 11,86
BVPS Adj 9,17 10,27 11,86
Net IB debt / share 20,6 21,4 22,3
Share price 76,59 83 83
Market cap. (m) 1320 1431 1431
Valuation 2019 2020 2021
P/E 18,5 14,8 12,6
EV/sales 0,14 0,13 0,12
EV/EBITDA 12,7 10,6 9,5
EV/EBITA 16,2 13 11,3
EV/EBIT 16,2 13 11,3
Dividend yield (%) 5,6 6 6,6
FCF yield (%) 0,1 6 6,6
P/BVPS 8,83 8,08 7
P/BVPS Adj 8,83 8,08 7
P/E Adj 18,5 14,8 12,6
EV/EBITDA Adj 12,7 10,6 9,5
EV/EBITA Adj 16,2 13 11,3
EV/EBIT Adj 16,2 13 11,3
EV/cap. employed 2,3 2,3 2,3
Investment ratios 2019 2020 2021
Capex / sales 0,2 0,1 0,1
Capex / depreciation 254,6 177,1 180,7
Capex tangibles / tangible fixed assets 39,8 39,7 40,5
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 36 51,5 51,6

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Staffan Salén 28.5 % 28.5 % 31 Dec 2019
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Protector Forsikring ASA 10.0 % 10.0 % 31 Dec 2019
Investment AB Öresund 9.4 % 9.4 % 17 Feb 2020
Katarina Salén 2.7 % 2.7 % 31 Dec 2019
Patrik Salén 2.3 % 2.3 % 31 Dec 2019
Erik Åfors 2.2 % 2.2 % 17 Feb 2020
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Avanza Pension 2.0 % 2.0 % 31 Dec 2019
Clas Ruthberg 1.0 % 1.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
Erik Jan Åfors + 100 000 BUY 17 Feb 2020
Ola Maalsnes + 5 200 BUY 18 Dec 2019
Pernilla Nilsson - 491 SELL 6 Dec 2019
Pernilla Nilsson - 9 SELL 5 Dec 2019
Staffan Salén + 100 000 BUY 14 Nov 2019
Staffan Salén + 4 000 BUY 11 Nov 2019
Staffan Salén + 7 219 BUY 8 Nov 2019
Staffan Salén + 11 328 BUY 6 Nov 2019
Johan Qviberg + 3 994 BUY 24 Oct 2019
Magnus Eriksson + 1 500 BUY 23 Oct 2019

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