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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 2020 2021e 2022e
Sales 12337 13173 14365
Sales growth (%) -2,3 6,8 9
EBITDA 137 149 162
EBITDA margin (%) 1,1 1,1 1,1
EBIT adj 110 118 130
EBIT adj margin (%) 0,9 0,9 0,9
Pretax profit 98 110 123
EPS rep 4,58 4,95 5,51
EPS growth (%) 4,4 7,9 11,4
EPS adj 4,82 4,95 5,51
DPS 4,5 4,5 5
EV/EBITDA (x) 12,8 11,8 11
EV/EBIT adj (x) 16 15 13,7
P/E (x) 19,6 18,1 16,3
P/E adj (x) 18,6 18,1 16,3
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 10,5 6,6 5
Dividend yield (%) 5 5 5,6
Net IB debt/EBITDA 1,6 1,4 1,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 12337 13173 14365
COGS -11888 -12698 -13851
Gross profit 449 475 514
Other operating items -312 -326 -352
EBITDA 137 149 162
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -7 -7
EBITA 106 118 130
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 106 118 130
Other financial items 0 0 0
Net financial items -8 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 98 110 123
Tax -19 -25 -28
Net profit 79 85 95
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 85 95
EPS 4,58 4,95 5,51
EPS Adj 4,82 4,95 5,51
Total extraordinary items after tax -4,1 0 0
Tax rate (%) -19,3 -22,5 -22,5
Gross margin (%) 3,6 3,6 3,6
EBITDA margin (%) 1,1 1,1 1,1
EBITA margin (%) 0,9 0,9 0,9
EBIT margin (%) 0,9 0,9 0,9
Pretax margin (%) 0,8 0,8 0,9
Net margin (%) 0,6 0,6 0,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -2,3 6,8 9
EBITDA growth (%) -0,5 8,4 8,6
EBIT growth (%) -1,9 10,7 10,7
Net profit growth (%) 4,4 7,9 11,4
EPS growth (%) 4,4 7,9 11,4
Profitability 2020 2021 2022
ROE (%) 41,1 37 39,1
ROE Adj (%) 43,2 37 39,1
ROCE (%) 14,7 18,9 20,7
ROCE Adj(%) 15,3 18,9 20,7
ROIC (%) 17,9 20,4 21,5
ROIC Adj (%) 18,6 20,4 21,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 141 149 162
EBITDA Adj margin (%) 1,1 1,1 1,1
EBITA Adj 110 118 130
EBITA Adj margin (%) 0,9 0,9 0,9
EBIT Adj 110 118 130
EBIT Adj margin (%) 0,9 0,9 0,9
Pretax profit Adj 102 110 123
Net profit Adj 83 85 95
Net profit to shareholders Adj 83 85 95
Net Adj margin (%) 0,7 0,6 0,7
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 137 149 162
Net financial items -8 -8 -8
Paid tax -19 -25 -28
Non-cash items -12 0 0
Cash flow before change in WC 98 116 126
Change in WC 83 4 -30
Operating cash flow 180 120 97
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets -17 -14 -16
Acquisitions and disposals 0 0 0
Free cash flow 162 102 77
Dividend paid 0 -78 -78
Share issues and buybacks 0 0 0
Other non cash items 1 0 0
Decrease in net IB debt 138 3 -23
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 57 64 73
Definite intangible assets 0 0 0
Tangible fixed assets 4 6 7
Other fixed assets 5 5 5
Fixed assets 116 124 134
Inventories 0 0 0
Receivables 3404 3608 3934
Other current assets 0 0 0
Cash and liquid assets 128 131 108
Total assets 3647 3863 4177
Shareholders equity 226 234 252
Minority 0 0 0
Total equity 226 234 252
Long-term debt 306 306 306
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 3070 3278 3574
Other current liabilities 0 0 0
Total liabilities and equity 3647 3863 4177
Net IB debt 218 215 238
Net IB debt excl. pension debt 218 215 238
Capital invested 444 449 489
Working capital 334 330 360
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1545 1545 1545
Net IB debt Adj 218 215 238
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 1763 1760 1783
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 328,9 350,8 357,4
Capital invested turnover (%) 2574,4 2948,5 3061,1
Capital employed turnover (%) 1849,8 2267,7 2420,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25 24,1 23,9
Working capital / sales (%) 3 2,5 2,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 96,3 91,9 94,5
Net debt / market cap (%) 18,1 13,9 15,4
Equity ratio (%) 6,2 6,1 6
Net IB debt adj. / equity (%) 96,3 91,9 94,5
Current ratio (%) 113,4 112,5 111,7
EBITDA / net interest (%) 1645,6 1946,5 2113,4
Net IB debt / EBITDA (%) 158,8 144,5 147,2
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,58 4,95 5,51
Dividend per share Adj 4,5 4,5 5
EPS Adj 4,82 4,95 5,51
BVPS 13,13 13,58 14,59
BVPS Adj 13,13 13,58 14,59
Net IB debt / share 12,6 12,5 13,8
Share price 69,88 89,6 89,6
Market cap. (m) 1205 1545 1545
Valuation 2020 2021 2022
P/E 19,6 18,1 16,3
EV/sales 0,14 0,13 0,12
EV/EBITDA 12,8 11,8 11
EV/EBITA 16,6 15 13,7
EV/EBIT 16,6 15 13,7
Dividend yield (%) 5 5 5,6
FCF yield (%) 10,5 6,6 5
P/BVPS 6,82 6,6 6,14
P/BVPS Adj 6,82 6,6 6,14
P/E Adj 18,6 18,1 16,3
EV/EBITDA Adj 12,5 11,8 11
EV/EBITA Adj 16 15 13,7
EV/EBIT Adj 16 15 13,7
EV/cap. employed 3,1 3 3
Investment ratios 2020 2021 2022
Capex / sales 0,1 0,1 0,1
Capex / depreciation 199,2 190 206,7
Capex tangibles / tangible fixed assets 44,7 64,8 54,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 51,6 39,2 30,4
N/A N/A N/A

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 30.9 % 30.9 % 31 Dec 2020
Avanza Pension 18.8 % 18.8 % 31 Dec 2020
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Protector Forsikring ASA 10.0 % 10.0 % 21 Jan 2021
Investment AB Öresund 9.7 % 9.7 % 31 Dec 2020
Katarina Salén 2.7 % 2.7 % 31 Dec 2020
Patrik Salén 2.3 % 2.3 % 31 Dec 2020
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Clas Ruthberg 1.0 % 1.0 % 31 Dec 2020
Nordnet Pensionsförsäkring 0.9 % 0.9 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
A. Staffan Salén B. Erik Åfors + 39 340 BUY 4 Nov 2020
A. Staffan Salén B. Erik Åfors + 3 667 BUY 2 Nov 2020
A. Staffan Salén B. Erik Åfors +4 912 975 BUY 24 Aug 2020
A. Staffan Salén B. Erik Åfors + 377 291 BUY 24 Aug 2020
Staffan Salén -4 912 975 SELL 24 Aug 2020
Johan Qviberg + 4 000 BUY 23 Mar 2020
Johan Qviberg + 1 000 BUY 20 Mar 2020
Mikael Subotowicz + 411 BUY 6 Mar 2020
Mikael Subotowicz - 302 SELL 24 Feb 2020
Erik Jan Åfors + 100 000 BUY 17 Feb 2020

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