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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 2021 2022e 2023e
Sales 13083 14212 15360
Sales growth (%) 6,9 8,6 8,1
EBITDA 162 173 183
EBITDA margin (%) 1,2 1,2 1,2
EBIT adj 131 139 149
EBIT adj margin (%) 1 1 1
Pretax profit 125 135 145
EPS rep 5,67 6,11 6,56
EPS growth (%) 41,1 7,6 7,4
EPS adj 5,85 6,11 6,56
DPS 4,5 4,75 5
EV/EBITDA (x) 13,7 12,7 12
EV/EBIT adj (x) 16,9 15,9 14,8
P/E (x) 22,2 20,6 19,2
P/E adj (x) 21,5 20,6 19,2
EV/sales (x) 0,2 0,2 0,1
FCF yield (%) 3,9 5 5,3
Dividend yield (%) 3,6 3,8 4
Net IB debt/EBITDA 0,3 0,2 0,1
Lease adj. FCF yield (%) 2,8 4 4,3
Lease adj. ND/EBITDA 0,2 0,1 0
SEKm 2021 2022e 2023e
Sales 13083 14212 15360
COGS -12604 -13694 -14805
Gross profit 480 518 555
Other operating items -318 -345 -372
EBITDA 162 173 183
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -8 -8
EBITA 128 139 149
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 128 139 149
Other financial items 0 0 0
Net financial items -2 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 125 135 145
Tax -27 -30 -32
Net profit 98 105 113
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 105 113
EPS 5,67 6,11 6,56
EPS Adj 5,85 6,11 6,56
Total extraordinary items after tax -3,1 0 0
Tax rate (%) -21,9 -22 -22
Gross margin (%) 3,7 3,6 3,6
EBITDA margin (%) 1,2 1,2 1,2
EBITA margin (%) 1 1 1
EBIT margin (%) 1 1 1
Pretax margin (%) 1 0,9 0,9
Net margin (%) 0,7 0,7 0,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 6,9 8,6 8,1
EBITDA growth (%) 28,9 7 5,9
EBIT growth (%) 35,5 8,8 7,2
Net profit growth (%) 41,1 7,6 7,4
EPS growth (%) 41,1 7,6 7,4
Profitability 2021 2022 2023
ROE (%) 47,8 49,8 46,9
ROE Adj (%) 49,3 49,8 46,9
ROCE (%) 29,7 34,5 34,5
ROCE Adj(%) 30,4 34,5 34,5
ROIC (%) 42,8 43,1 42,9
ROIC Adj (%) 43,9 43,1 42,9
Adj earnings numbers 2021 2022 2023
EBITDA Adj 165 173 183
EBITDA Adj margin (%) 1,3 1,2 1,2
EBITA Adj 131 139 149
EBITA Adj margin (%) 1 1 1
EBIT Adj 131 139 149
EBIT Adj margin (%) 1 1 1
Pretax profit Adj 128 135 145
Net profit Adj 101 105 113
Net profit to shareholders Adj 101 105 113
Net Adj margin (%) 0,8 0,7 0,7
Depreciation and amortisation -34 -34 -35
Of which leasing depreciation -22 -22 -22
EO items -3 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 143 152 162
EBITDA lease Adj margin (%) 1,1 1,1 1,1
Leasing payments -22 -22 -22
SEKm 2021 2022e 2023e
EBITDA 162 173 183
Net financial items -2 -4 -4
Paid tax -27 -30 -32
Non-cash items 0 0 0
Cash flow before change in WC 132 140 148
Change in WC -32 -13 -13
Operating cash flow 100 127 134
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets -14 -14 -16
Acquisitions and disposals 0 0 0
Free cash flow 85 109 114
Dividend paid -112 -78 -82
Share issues and buybacks 0 0 0
Other non cash items 19 0 0
Decrease in net IB debt -142 -13 -11
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 66 72 81
Definite intangible assets 0 0 0
Tangible fixed assets 2 3 4
Other fixed assets 4 4 4
Fixed assets 96 101 108
Inventories 0 0 0
Receivables 3569 3876 4190
Other current assets 0 0 0
Cash and liquid assets 131 141 152
Total assets 3796 4118 4449
Shareholders equity 198 225 257
Minority 0 0 0
Total equity 198 225 257
Long-term debt 157 157 157
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 3418 3713 4013
Other current liabilities 0 0 0
Total liabilities and equity 3796 4118 4449
Net IB debt 45 35 24
Net IB debt excl. pension debt 45 35 24
Capital invested 242 261 281
Working capital 150 163 176
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2172 2172 2172
Net IB debt Adj 45 35 24
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 2217 2207 2197
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 365,5 359,2 358,6
Capital invested turnover (%) 4729,1 4107,2 4086,4
Capital employed turnover (%) 2924 3227 3348
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,7 24,5 24,7
Working capital / sales (%) 1 1,1 1,1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 22,6 15,6 9,5
Net debt / market cap (%) 2,5 1,6 1,1
Equity ratio (%) 5,2 5,5 5,8
Net IB debt adj. / equity (%) 22,6 15,6 9,5
Current ratio (%) 107,5 107,5 107,6
EBITDA / net interest (%) 6721,6 4429,3 4688,6
Net IB debt / EBITDA (%) 27,6 20,3 13,2
Interest cover (%) 0 0 0
Lease liability amortisation -25 -22 -22
Other intangible assets 62 67 73
Right-of-use asset 27 27 27
Total other fixed assets 4 4 4
Leasing liability 23 23 23
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 22 12 1
Net IB debt / EBITDA lease Adj (%) 15,1 8 0,8
SEKm 2021 2022e 2023e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 5,67 6,11 6,56
Dividend per share Adj 4,5 4,8 5
EPS Adj 5,85 6,11 6,56
BVPS 11,46 13,07 14,88
BVPS Adj 11,46 13,07 14,88
Net IB debt / share 2,6 2 1,4
Share price 105,05 126 126
Market cap. (m) 1811 2172 2172
Valuation 2021 2022 2023
P/E 22,2 20,6 19,2
EV/sales 0,17 0,16 0,14
EV/EBITDA 13,7 12,7 12
EV/EBITA 17,4 15,9 14,8
EV/EBIT 17,4 15,9 14,8
Dividend yield (%) 3,6 3,8 4
FCF yield (%) 3,9 5 5,3
P/BVPS 10,99 9,64 8,47
P/BVPS Adj 10,99 9,64 8,47
P/E Adj 21,5 20,6 19,2
EV/EBITDA Adj 13,4 12,7 12
EV/EBITA Adj 16,9 15,9 14,8
EV/EBIT Adj 16,9 15,9 14,8
EV/cap. employed 5,9 5,5 5
Investment ratios 2021 2022 2023
Capex / sales 0,1 0,1 0,1
Capex / depreciation 121,4 141,6 154,9
Capex tangibles / tangible fixed assets 65,2 119,8 99,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 123,5 97,3 73,6
Lease adj. FCF yield (%) 2,8 4 4,3

Equity research

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 40.7 % 40.7 % 30 Sep 2021
Avanza Pension 18.5 % 18.5 % 30 Sep 2021
Protector Forsikring ASA 10.1 % 10.1 % 30 Sep 2021
Katarina Salén 2.7 % 2.7 % 30 Sep 2021
Patrik Salén 2.3 % 2.3 % 30 Sep 2021
Clas Ruthberg 1.0 % 1.0 % 30 Sep 2021
Handelsbanken Liv Försäkring AB 1.0 % 1.0 % 30 Sep 2021
Mikael Gunnarsson 0.9 % 0.9 % 30 Sep 2021
Nordnet Pensionsförsäkring 0.8 % 0.8 % 30 Sep 2021
Dan Berlin 0.8 % 0.8 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
Pernilla Nilsson - 104 SELL 18 Aug 2021
Pernilla Nilsson - 300 SELL 12 Aug 2021
Pernilla Nilsson - 500 SELL 10 Aug 2021
Pernilla Nilsson - 236 SELL 10 Aug 2021
Pernilla Nilsson - 800 SELL 30 Jul 2021
Pernilla Nilsson - 500 SELL 27 Jul 2021
Pernilla Nilsson - 160 SELL 27 Jul 2021
Pernilla Nilsson - 271 SELL 26 Jul 2021
Pernilla Nilsson - 262 SELL 26 Jul 2021
Pernilla Nilsson - 700 SELL 26 Jul 2021

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