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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 12238 13115 14161
Sales growth (%) -3 7,2 8
EBITDA 126 164 169
EBITDA margin (%) 1 1,2 1,2
EBIT adj 105 133 134
EBIT adj margin (%) 0,9 1 0,9
Pretax profit 85 126 129
EPS rep 4,02 5,7 5,85
EPS growth (%) -8,4 41,7 2,8
EPS adj 4,66 5,88 5,85
DPS 4,5 4,5 4,75
EV/EBITDA (x) 11,2 11,4 11,1
EV/EBIT adj (x) 13,3 14,1 13,9
P/E (x) 20,1 18,6 18,1
P/E adj (x) 17,3 18 18,1
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 25,8 4,6 5,8
Dividend yield (%) 5,6 4,3 4,5
Net IB debt/EBITDA 0,1 0,3 0,3
Lease adj. FCF yield (%) 24 3,3 4,6
Lease adj. ND/EBITDA -0,2 0,1 0,1
SEKm 2020 2021e 2022e
Sales 12238 13115 14161
COGS -11804 -12637 -13647
Gross profit 434 478 514
Other operating items -308 -315 -345
EBITDA 126 164 169
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -7 -8
EBITA 94 130 134
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 94 130 134
Other financial items 0 0 0
Net financial items -9 -4 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 85 126 129
Tax -16 -28 -28
Net profit 69 98 101
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 69 98 101
EPS 4,02 5,7 5,85
EPS Adj 4,66 5,88 5,85
Total extraordinary items after tax -11,1 -3,1 0
Tax rate (%) -18,4 -22 -22
Gross margin (%) 3,5 3,6 3,6
EBITDA margin (%) 1 1,2 1,2
EBITA margin (%) 0,8 1 0,9
EBIT margin (%) 0,8 1 0,9
Pretax margin (%) 0,7 1 0,9
Net margin (%) 0,6 0,7 0,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -3 7,2 8
EBITDA growth (%) -9 30,3 3
EBIT growth (%) -13 37,5 3,6
Net profit growth (%) -8,4 41,7 2,8
EPS growth (%) -8,4 41,7 2,8
Profitability 2020 2021 2022
ROE (%) 37,5 47,8 47,9
ROE Adj (%) 43,4 49,3 47,9
ROCE (%) 13,9 28,4 29,9
ROCE Adj(%) 15,7 29,1 29,9
ROIC (%) 20,9 42,8 40,6
ROIC Adj (%) 23,3 43,8 40,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 137 167 169
EBITDA Adj margin (%) 1,1 1,3 1,2
EBITA Adj 105 133 134
EBITA Adj margin (%) 0,9 1 0,9
EBIT Adj 105 133 134
EBIT Adj margin (%) 0,9 1 0,9
Pretax profit Adj 96 129 129
Net profit Adj 80 101 101
Net profit to shareholders Adj 80 101 101
Net Adj margin (%) 0,7 0,8 0,7
Depreciation and amortisation -31 -34 -34
Of which leasing depreciation -22 -22 -22
EO items -11 -3 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 115 145 147
EBITDA lease Adj margin (%) 0,9 1,1 1
Leasing payments -22 -22 -22
SEKm 2020 2021e 2022e
EBITDA 126 164 169
Net financial items -9 -4 -5
Paid tax -16 -28 -28
Non-cash items -18 0 0
Cash flow before change in WC 83 132 135
Change in WC 296 -32 -12
Operating cash flow 379 100 123
CAPEX tangible fixed assets -2 -2 -4
CAPEX intangible fixed assets -17 -15 -14
Acquisitions and disposals 0 0 0
Free cash flow 360 84 105
Dividend paid 0 -112 -78
Share issues and buybacks 0 0 0
Other non cash items 11 13 0
Decrease in net IB debt 345 -142 -13
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 57 66 72
Definite intangible assets 0 0 0
Tangible fixed assets 4 2 3
Other fixed assets 4 4 4
Fixed assets 109 102 107
Inventories 0 0 0
Receivables 3014 3581 3867
Other current assets 0 0 0
Cash and liquid assets 239 169 175
Total assets 3363 3852 4149
Shareholders equity 212 199 222
Minority 0 0 0
Total equity 212 199 222
Long-term debt 215 194 194
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 2896 3430 3704
Other current liabilities 0 0 0
Total liabilities and equity 3363 3852 4149
Net IB debt 11 50 44
Net IB debt excl. pension debt 11 50 44
Capital invested 223 249 266
Working capital 118 151 163
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1393 1824 1824
Net IB debt Adj 11 50 44
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 1404 1874 1868
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 339,1 363,6 354
Capital invested turnover (%) 3318,9 4729,1 4107,2
Capital employed turnover (%) 2000,7 2924 3227
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,5 23,7 24,5
Working capital / sales (%) 2,2 1 1,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 5,3 25,1 19,7
Net debt / market cap (%) 0,9 2,7 2,4
Equity ratio (%) 6,3 5,2 5,4
Net IB debt adj. / equity (%) 5,3 25,1 19,7
Current ratio (%) 110,8 108,4 108,3
EBITDA / net interest (%) 1339 4448,3 3478,9
Net IB debt / EBITDA (%) 9 30,5 26
Interest cover (%) 0 0 0
Lease liability amortisation -26 -24 -22
Other intangible assets 57 63 68
Right-of-use asset 44 33 33
Total other fixed assets 4 4 4
Leasing liability 39 28 28
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -28 21 15
Net IB debt / EBITDA lease Adj (%) -24,4 14,8 10,5
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,02 5,7 5,85
Dividend per share Adj 4,5 4,5 4,8
EPS Adj 4,66 5,88 5,85
BVPS 12,3 11,54 12,9
BVPS Adj 12,3 11,54 12,9
Net IB debt / share 0,7 2,9 2,5
Share price 69,88 105,8 105,8
Market cap. (m) 1205 1824 1824
Valuation 2020 2021 2022
P/E 20,1 18,6 18,1
EV/sales 0,11 0,14 0,13
EV/EBITDA 11,2 11,4 11,1
EV/EBITA 14,9 14,5 13,9
EV/EBIT 14,9 14,5 13,9
Dividend yield (%) 5,6 4,3 4,5
FCF yield (%) 25,8 4,6 5,8
P/BVPS 6,57 9,16 8,2
P/BVPS Adj 6,57 9,16 8,2
P/E Adj 17,3 18 18,1
EV/EBITDA Adj 10,3 11,2 11,1
EV/EBITA Adj 13,3 14,1 13,9
EV/EBIT Adj 13,3 14,1 13,9
EV/cap. employed 3 4,4 4,2
Investment ratios 2020 2021 2022
Capex / sales 0,2 0,1 0,1
Capex / depreciation 196,8 129,9 141,8
Capex tangibles / tangible fixed assets 50 68,9 118,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 58,4 122 96,1
Lease adj. FCF yield (%) 24 3,3 4,6

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 40.7 % 40.7 % 30 Jun 2021
Avanza Pension 18.7 % 18.7 % 30 Jun 2021
Protector Forsikring ASA 10.1 % 10.1 % 30 Jun 2021
Katarina Salén 2.7 % 2.7 % 30 Jun 2021
Patrik Salén 2.3 % 2.3 % 30 Jun 2021
Clas Ruthberg 1.0 % 1.0 % 30 Jun 2021
Handelsbanken Liv Försäkring AB 0.9 % 0.9 % 30 Jun 2021
Dan Berlin 0.8 % 0.8 % 30 Jun 2021
Thomas Wernhoff 0.8 % 0.8 % 30 Jun 2021
Nordnet Pensionsförsäkring 0.8 % 0.8 % 30 Jun 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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