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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 12672 14037
Sales growth (%) 16,1 14,8 10,8
EBITDA 112 155 194
EBITDA margin (%) 1 1,2 1,4
EBIT adj 107 126 166
EBIT adj margin (%) 1 1 1,2
Pretax profit 102 118 158
EPS rep 4,58 5,28 7,01
EPS growth (%) -1,6 15,3 32,9
EPS adj 4,58 5,28 7,01
DPS 4,5 5 5,75
EV/EBITDA (x) 14,6 9,3 7,3
EV/EBIT adj (x) 15,4 11,5 8,6
P/E (x) 18,1 13,4 10,1
P/E adj (x) 18,1 13,4 10,1
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 1,1 5,5 9,8
Dividend yield (%) 5,4 7,1 8,2
Net IB debt/EBITDA 1,9 1,5 1,1
SEKm 2018 2019e 2020e
Sales 11036 12672 14037
COGS -10577 -12173 -13485
Gross profit 459 500 552
Other operating items -347 -345 -358
EBITDA 112 155 194
Depreciation on tangibles 0 0 0
Depreciation on intangibles -6 -29 -28
EBITA 107 126 166
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 107 126 166
Other financial items 0 0 0
Net financial items -5 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 102 118 158
Tax -23 -27 -37
Net profit 79 91 121
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 91 121
EPS 4,58 5,28 7,01
EPS Adj 4,58 5,28 7,01
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,4 -23,2 -23,5
Gross margin (%) 4,2 3,9 3,9
EBITDA margin (%) 1 1,2 1,4
EBITA margin (%) 1 1 1,2
EBIT margin (%) 1 1 1,2
Pretax margin (%) 0,9 0,9 1,1
Net margin (%) 0,7 0,7 0,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 16,1 14,8 10,8
EBITDA growth (%) 4,3 38 25,1
EBIT growth (%) 0,3 18,5 31,4
Net profit growth (%) -1,4 15,3 32,9
EPS growth (%) -1,6 15,3 32,9
Profitability 2018 2019 2020
ROE (%) 51,4 55,8 64,3
ROE Adj (%) 51,4 55,8 64,3
ROCE (%) 23,7 21 24,7
ROCE Adj(%) 23,7 21 24,7
ROIC (%) 24,9 25,3 31,1
ROIC Adj (%) 24,9 25,3 31,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 112 155 194
EBITDA Adj margin (%) 1 1,2 1,4
EBITA Adj 107 126 166
EBITA Adj margin (%) 1 1 1,2
EBIT Adj 107 126 166
EBIT Adj margin (%) 1 1 1,2
Pretax profit Adj 102 118 158
Net profit Adj 79 91 121
Net profit to shareholders Adj 79 91 121
Net Adj margin (%) 0,7 0,7 0,9
SEKm 2018 2019e 2020e
EBITDA 112 155 194
Net financial items -5 -8 -8
Paid tax -23 -27 -37
Non-cash items 0 0 0
Cash flow before change in WC 85 120 149
Change in WC -59 -34 -17
Operating cash flow 29 83 131
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -14 -16 -13
Acquisitions and disposals 0 0 0
Free cash flow 15 67 119
Dividend paid -78 -86 -99
Share issues and buybacks 0 0 0
Other non cash items -1 -1 1
Decrease in net IB debt -64 -21 21
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 33 36 34
Definite intangible assets 0 0 0
Tangible fixed assets 5 4 3
Other fixed assets 2 45 33
Fixed assets 40 85 70
Inventories 0 0 0
Receivables 3139 3579 3930
Other current assets 0 0 0
Cash and liquid assets 138 177 209
Total assets 3317 3841 4209
Shareholders equity 156 171 205
Minority 0 0 0
Total equity 156 171 205
Long-term debt 350 453 453
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 3217 3551
Other current liabilities 0 0 0
Total liabilities and equity 2329 2808 3317
Net IB debt 210 231 210
Net IB debt excl. pension debt 210 231 210
Capital invested 366 401 415
Working capital 328 362 379
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1427 1215 1215
Net IB debt Adj 210 231 210
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 1446 1426
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 360,4 354,1 348,7
Capital invested turnover (%) 3324,3 3304 3437,1
Capital employed turnover (%) 2574 2245,1 2191,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,9 23,8 24,1
Working capital / sales (%) 2,7 2,7 2,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 135 135,2 102,4
Net debt / market cap (%) 13 19 17,3
Equity ratio (%) 4,7 4,4 4,9
Net IB debt adj. / equity (%) 135 135,2 102,4
Current ratio (%) 116,6 116,7 116,6
EBITDA / net interest (%) 2332,3 1962,1 2424,5
Net IB debt / EBITDA (%) 187 148,8 108,4
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 5,28 7,01
Dividend per share Adj 4,5 5 5,8
EPS Adj 4,58 5,28 7,01
BVPS 9,03 9,9 11,91
BVPS Adj 9,03 9,9 11,91
Net IB debt / share 12,2 13,4 12,2
Share price 93,8 70,5 70,5
Market cap. (m) 1617 1215 1215
Valuation 2018 2019 2020
P/E 18,1 13,4 10,1
EV/sales 0,15 0,11 0,1
EV/EBITDA 14,6 9,3 7,3
EV/EBITA 15,4 11,5 8,6
EV/EBIT 15,4 11,5 8,6
Dividend yield (%) 5,4 7,1 8,2
FCF yield (%) 1,1 5,5 9,8
P/BVPS 9,17 7,12 5,92
P/BVPS Adj 9,17 7,12 5,92
P/E Adj 18,1 13,4 10,1
EV/EBITDA Adj 14,6 9,3 7,3
EV/EBITA Adj 15,4 11,5 8,6
EV/EBIT Adj 15,4 11,5 8,6
EV/cap. employed 3,2 2,3 2,2
Investment ratios 2018 2019 2020
Capex / sales 0,1 0,1 0,1
Capex / depreciation 238,3 55,9 45,1
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 Mar 2019
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Investment AB Öresund 10.6 % 10.6 % 31 Mar 2019
Protector Forsikring ASA 10.0 % 10.0 % 31 Mar 2019
Katarina Salén 2.7 % 2.7 % 31 Mar 2019
Patrik Salén 2.3 % 2.3 % 31 Mar 2019
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Erik Åfors 1.6 % 1.6 % 31 Mar 2019
Avanza Pension 1.6 % 1.6 % 31 Mar 2019
Wasatch Advisors Inc. 1.1 % 1.1 % 31 Mar 2019
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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