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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 2018 2019e 2020e
Sales 11036 12661 13992
Sales growth (%) 16,1 14,7 10,5
EBITDA 112 150 179
EBITDA margin (%) 1 1,2 1,3
EBIT adj 107 122 150
EBIT adj margin (%) 1 1 1,1
Pretax profit 102 112 140
EPS rep 4,58 5,07 6,31
EPS growth (%) -1,6 10,8 24,5
EPS adj 4,58 5,07 6,31
DPS 4,5 5 5,75
EV/EBITDA (x) 14,6 11,5 9,9
EV/EBIT adj (x) 15,4 14,2 11,8
P/E (x) 18,1 15,7 12,6
P/E adj (x) 18,1 15,7 12,6
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 1,2 -0,3 5,2
Dividend yield (%) 5,4 6,3 7,2
Net IB debt/EBITDA 1,9 2,4 2,2
SEKm 2018 2019e 2020e
Sales 11036 12661 13992
COGS -10577 -12165 -13450
Gross profit 459 496 541
Other operating items -347 -345 -363
EBITDA 112 150 179
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -4 -5 -6
EBITA 107 122 150
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 107 122 150
Other financial items 0 0 0
Net financial items -5 -10 -9
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 102 112 140
Tax -23 -24 -32
Net profit 79 87 109
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 87 109
EPS 4,58 5,07 6,31
EPS Adj 4,58 5,07 6,31
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,4 -21,8 -22,5
Gross margin (%) 4,2 3,9 3,9
EBITDA margin (%) 1 1,2 1,3
EBITA margin (%) 1 1 1,1
EBIT margin (%) 1 1 1,1
Pretax margin (%) 0,9 0,9 1
Net margin (%) 0,7 0,7 0,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 16,1 14,7 10,5
EBITDA growth (%) 4,3 34 18,7
EBIT growth (%) 0,3 14,2 23,1
Net profit growth (%) -1,4 10,8 24,5
EPS growth (%) -1,6 10,8 24,5
Profitability 2018 2019 2020
ROE (%) 51,4 53,8 60,2
ROE Adj (%) 51,4 53,8 60,2
ROCE (%) 23,7 18,8 20,3
ROCE Adj(%) 23,7 18,8 20,3
ROIC (%) 24,9 21,2 20,7
ROIC Adj (%) 24,9 21,2 20,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 112 150 179
EBITDA Adj margin (%) 1 1,2 1,3
EBITA Adj 107 122 150
EBITA Adj margin (%) 1 1 1,1
EBIT Adj 107 122 150
EBIT Adj margin (%) 1 1 1,1
Pretax profit Adj 102 112 140
Net profit Adj 79 87 109
Net profit to shareholders Adj 79 87 109
Net Adj margin (%) 0,7 0,7 0,8
SEKm 2018 2019e 2020e
EBITDA 112 150 179
Net financial items -5 -10 -9
Paid tax -25 -24 -32
Non-cash items 0 -8 0
Cash flow before change in WC 82 108 138
Change in WC -59 -102 -47
Operating cash flow 31 18 90
CAPEX tangible fixed assets -1 -2 -2
CAPEX intangible fixed assets -13 -20 -17
Acquisitions and disposals 0 0 0
Free cash flow 18 -5 72
Dividend paid -78 -78 -86
Share issues and buybacks 0 0 0
Other non cash items -4 -47 0
Decrease in net IB debt -64 -151 -36
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 33 48 59
Definite intangible assets 0 0 0
Tangible fixed assets 5 6 6
Other fixed assets 2 1 1
Fixed assets 40 102 113
Inventories 0 0 0
Receivables 3139 3654 4136
Other current assets 0 0 0
Cash and liquid assets 138 150 114
Total assets 3317 3906 4364
Shareholders equity 156 169 192
Minority 0 0 0
Total equity 156 169 192
Long-term debt 350 470 470
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 3224 3659
Other current liabilities 0 0 0
Total liabilities and equity 2329 2808 3317
Net IB debt 210 361 397
Net IB debt excl. pension debt 210 361 397
Capital invested 366 530 589
Working capital 328 430 477
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1427 1369 1369
Net IB debt Adj 210 361 397
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 1638 1730 1766
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 360,4 350,6 338,4
Capital invested turnover (%) 3324,3 2825,9 2499,8
Capital employed turnover (%) 2574 2131,9 2017,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,9 23,8 24,6
Working capital / sales (%) 2,7 3 3,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 135 213 206,8
Net debt / market cap (%) 13 26,4 29
Equity ratio (%) 4,7 4,3 4,4
Net IB debt adj. / equity (%) 135 213 206,8
Current ratio (%) 116,6 116,5 114,8
EBITDA / net interest (%) 2331,7 1512,8 1914
Net IB debt / EBITDA (%) 187,1 239,8 222,4
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 5,07 6,31
Dividend per share Adj 4,5 5 5,8
EPS Adj 4,58 5,07 6,31
BVPS 9,03 9,83 11,14
BVPS Adj 9,03 9,83 11,14
Net IB debt / share 12,2 20,9 23
Share price 93,8 79,4 79,4
Market cap. (m) 1617 1369 1369
Valuation 2018 2019 2020
P/E 18,1 15,7 12,6
EV/sales 0,15 0,14 0,13
EV/EBITDA 14,6 11,5 9,9
EV/EBITA 15,4 14,2 11,8
EV/EBIT 15,4 14,2 11,8
Dividend yield (%) 5,4 6,3 7,2
FCF yield (%) 1,2 -0,3 5,2
P/BVPS 9,17 8,08 7,13
P/BVPS Adj 9,17 8,08 7,13
P/E Adj 18,1 15,7 12,6
EV/EBITDA Adj 14,6 11,5 9,9
EV/EBITA Adj 15,4 14,2 11,8
EV/EBIT Adj 15,4 14,2 11,8
EV/cap. employed 3,2 2,5 2,5
Investment ratios 2018 2019 2020
Capex / sales 0,1 0,2 0,1
Capex / depreciation 239,5 316,5 259,5
Capex tangibles / tangible fixed assets 22,3 39,6 31,8
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 30,3 28,8 28,2

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Staffan Salén 28.5 % 28.5 % 14 Nov 2019
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Investment AB Öresund 10.6 % 10.6 % 30 Sep 2019
Protector Forsikring ASA 10.0 % 10.0 % 30 Sep 2019
Katarina Salén 2.7 % 2.7 % 30 Sep 2019
Patrik Salén 2.3 % 2.3 % 30 Sep 2019
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Avanza Pension 1.8 % 1.8 % 30 Sep 2019
Erik Åfors 1.6 % 1.6 % 30 Sep 2019
Clas Ruthberg 1.0 % 1.0 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
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
Johan Qviberg + 5 156 BUY 23 Oct 2019
Mikael Subotowicz + 204 BUY 23 Aug 2019

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