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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 2018 2019e 2020e
Sales 11036 12792 14167
Sales growth (%) 16,1 15,9 10,8
EBITDA 112 161 199
EBITDA margin (%) 1 1,3 1,4
EBIT adj 107 153 191
EBIT adj margin (%) 1 1,2 1,3
Pretax profit 102 146 184
EPS rep 4,58 6,49 8,15
EPS growth (%) -1,6 41,8 25,5
EPS adj 4,58 6,49 8,15
DPS 4,5 5 5,75
EV/EBITDA (x) 14,6 10,8 8,6
EV/EBIT adj (x) 15,4 11,3 8,9
P/E (x) 18,1 13,4 10,7
P/E adj (x) 18,1 13,4 10,7
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 1,1 4 7,4
Dividend yield (%) 5,4 5,7 6,6
Net IB debt/EBITDA 1,9 1,4 1
SEKm 2018 2019e 2020e
Sales 11036 12792 14167
COGS -10577 -12273 -13584
Gross profit 459 518 584
Other operating items -347 -358 -385
EBITDA 112 161 199
Depreciation on tangibles 0 0 0
Depreciation on intangibles -6 -8 -9
EBITA 107 153 191
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 107 153 191
Other financial items 0 0 0
Net financial items -5 -7 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 102 146 184
Tax -23 -34 -43
Net profit 79 112 140
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 112 140
EPS 4,58 6,49 8,15
EPS Adj 4,58 6,49 8,15
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,4 -23,5 -23,5
Gross margin (%) 4,2 4,1 4,1
EBITDA margin (%) 1 1,3 1,4
EBITA margin (%) 1 1,2 1,3
EBIT margin (%) 1 1,2 1,3
Pretax margin (%) 0,9 1,1 1,3
Net margin (%) 0,7 0,9 1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 16,1 15,9 10,8
EBITDA growth (%) 4,3 43,1 23,8
EBIT growth (%) 0,3 43,8 24,3
Net profit growth (%) -1,4 41,8 25,5
EPS growth (%) -1,6 41,8 25,5
Profitability 2018 2019 2020
ROE (%) 51,4 64,8 64,7
ROE Adj (%) 51,4 64,8 64,7
ROCE (%) 30,6 37,4 42,5
ROCE Adj(%) 30,6 37,4 42,5
ROIC (%) 24,9 30 33,8
ROIC Adj (%) 24,9 30 33,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 112 161 199
EBITDA Adj margin (%) 1 1,3 1,4
EBITA Adj 107 153 191
EBITA Adj margin (%) 1 1,2 1,3
EBIT Adj 107 153 191
EBIT Adj margin (%) 1 1,2 1,3
Pretax profit Adj 102 146 184
Net profit Adj 79 112 140
Net profit to shareholders Adj 79 112 140
Net Adj margin (%) 0,7 0,9 1
SEKm 2018 2019e 2020e
EBITDA 112 161 199
Net financial items -5 -7 -7
Paid tax -23 -34 -43
Non-cash items 0 0 0
Cash flow before change in WC 85 119 149
Change in WC -59 -37 -25
Operating cash flow 29 82 124
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -14 -22 -13
Acquisitions and disposals 0 0 0
Free cash flow 15 61 111
Dividend paid -78 -86 -99
Share issues and buybacks 0 0 0
Other non cash items -1 9 13
Decrease in net IB debt -64 -17 25
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 33 46 49
Definite intangible assets 0 0 0
Tangible fixed assets 5 7 7
Other fixed assets 2 2 2
Fixed assets 40 54 58
Inventories 0 0 0
Receivables 3139 3612 3967
Other current assets 0 0 0
Cash and liquid assets 138 121 146
Total assets 3317 3787 4171
Shareholders equity 156 190 244
Minority 0 0 0
Total equity 156 190 244
Long-term debt 350 350 350
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 2811 3247 3577
Other current liabilities 0 0 0
Total liabilities and equity 2329 2808 3317
Net IB debt 210 227 202
Net IB debt excl. pension debt 210 227 202
Capital invested 366 417 446
Working capital 328 365 390
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1427 1500 1500
Net IB debt Adj 212 229 204
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 1640 1729 1704
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 360,4 360,2 356
Capital invested turnover (%) 3324,3 3268 3282,4
Capital employed turnover (%) 3324,3 3268 3282,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,9 23,7 24,1
Working capital / sales (%) 2,7 2,7 2,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 135 119,6 82,7
Net debt / market cap (%) 13 15,1 13,5
Equity ratio (%) 4,7 5 5,9
Net IB debt adj. / equity (%) 136,3 120,6 83,5
Current ratio (%) 116,6 115 115
EBITDA / net interest (%) 2332,3 2313,7 2843,9
Net IB debt / EBITDA (%) 187 141,3 101,4
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,58 6,49 8,15
Dividend per share Adj 4,5 5 5,8
EPS Adj 4,58 6,49 8,15
BVPS 9,03 11,02 14,16
BVPS Adj 9,03 11,02 14,16
Net IB debt / share 12,2 13,2 11,7
Share price 93,8 87 87
Market cap. (m) 1617 1500 1500
Valuation 2018 2019 2020
P/E 18,1 13,4 10,7
EV/sales 0,15 0,14 0,12
EV/EBITDA 14,6 10,8 8,6
EV/EBITA 15,4 11,3 8,9
EV/EBIT 15,4 11,3 8,9
Dividend yield (%) 5,4 5,7 6,6
FCF yield (%) 1,1 4 7,4
P/BVPS 9,17 7,9 6,14
P/BVPS Adj 9,17 7,9 6,14
P/E Adj 18,1 13,4 10,7
EV/EBITDA Adj 14,6 10,8 8,6
EV/EBITA Adj 15,4 11,3 8,9
EV/EBIT Adj 15,4 11,3 8,9
EV/cap. employed 4,5 4,1 3,8
Investment ratios 2018 2019 2020
Capex / sales 0,1 0,2 0,1
Capex / depreciation 238,3 288,8 150
Capex tangibles / tangible fixed assets 0 0 0
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 0 0 0

Equity research

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Main shareholders

eWork

Main shareholders Share capital % Voting shares % Verified
Staffan Salén 26.6 % 26.6 % 31 Dec 2018
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Investment AB Öresund 10.6 % 10.6 % 31 Dec 2018
Protector Forsikring ASA 7.0 % 7.0 % 31 Dec 2018
Katarina Salén 2.7 % 2.7 % 31 Dec 2018
Patrik Salén 2.3 % 2.3 % 31 Dec 2018
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Elementa Management 2.0 % 2.0 % 31 Dec 2018
Erik Åfors 1.6 % 1.6 % 31 Dec 2018
Avanza Pension 1.6 % 1.6 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

eWork

Name Quantity Code Date
Pernilla Nilsson - 1 500 SELL 21 Feb 2019
Peter Lundahl + 30 000 BUY 11 Jan 2019
Jesper Vraa Hendriksen + 20 000 BUY 8 Jan 2019
Mikael Subotowicz + 2 000 BUY 17 Dec 2018
Mikael Subotowicz + 300 BUY 22 May 2018
Mikael Subotowicz + 442 BUY 14 May 2018
Mikael Subotowicz + 442 BUY 14 May 2018
Mikael Subotowicz + 454 BUY 14 May 2018
Peter Lundahl + 1 000 BUY 8 May 2018
Peter Lundahl - 1 000 SELL 8 May 2018

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