Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2019 2020e 2021e
Sales 12661 13992 15057
Sales growth (%) 14,7 10,5 7,6
EBITDA 150 179 198
EBITDA margin (%) 1,2 1,3 1,3
EBIT adj 122 150 169
EBIT adj margin (%) 1 1,1 1,1
Pretax profit 112 140 160
EPS rep 5,07 6,31 7,18
EPS growth (%) 10,8 24,5 13,6
EPS adj 5,07 6,31 7,18
DPS 5 5,75 6,5
EV/EBITDA (x) 12 10,3 9,4
EV/EBIT adj (x) 14,8 12,3 11
P/E (x) 16,4 13,2 11,6
P/E adj (x) 16,4 13,2 11,6
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) -0,3 5 7
Dividend yield (%) 6 6,9 7,8
Net IB debt/EBITDA 2,4 2,2 2,1
SEKm 2019 2020e 2021e
Sales 12661 13992 15057
COGS -12165 -13450 -14477
Gross profit 496 541 580
Other operating items -345 -363 -382
EBITDA 150 179 198
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -5 -6 -6
EBITA 122 150 169
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 150 169
Other financial items 0 0 0
Net financial items -10 -9 -9
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 112 140 160
Tax -24 -32 -36
Net profit 87 109 124
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 87 109 124
EPS 5,07 6,31 7,18
EPS Adj 5,07 6,31 7,18
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,8 -22,5 -22,5
Gross margin (%) 3,9 3,9 3,9
EBITDA margin (%) 1,2 1,3 1,3
EBITA margin (%) 1 1,1 1,1
EBIT margin (%) 1 1,1 1,1
Pretax margin (%) 0,9 1 1,1
Net margin (%) 0,7 0,8 0,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,7 10,5 7,6
EBITDA growth (%) 34 18,7 10,8
EBIT growth (%) 14,2 23,1 12,8
Net profit growth (%) 10,8 24,5 13,6
EPS growth (%) 10,8 24,5 13,6
Profitability 2019 2020 2021
ROE (%) 53,8 60,2 60,5
ROE Adj (%) 53,8 60,2 60,5
ROCE (%) 18,8 20,3 22,3
ROCE Adj(%) 18,8 20,3 22,3
ROIC (%) 21,2 20,7 21,4
ROIC Adj (%) 21,2 20,7 21,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 150 179 198
EBITDA Adj margin (%) 1,2 1,3 1,3
EBITA Adj 122 150 169
EBITA Adj margin (%) 1 1,1 1,1
EBIT Adj 122 150 169
EBIT Adj margin (%) 1 1,1 1,1
Pretax profit Adj 112 140 160
Net profit Adj 87 109 124
Net profit to shareholders Adj 87 109 124
Net Adj margin (%) 0,7 0,8 0,8
SEKm 2019 2020e 2021e
EBITDA 150 179 198
Net financial items -10 -9 -9
Paid tax -24 -32 -36
Non-cash items -8 0 0
Cash flow before change in WC 108 138 153
Change in WC -102 -47 -36
Operating cash flow 18 90 116
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -20 -17 -14
Acquisitions and disposals 0 0 0
Free cash flow -5 72 101
Dividend paid -78 -86 -99
Share issues and buybacks 0 0 0
Other non cash items -47 0 0
Decrease in net IB debt -151 -36 -20
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 48 59 67
Definite intangible assets 0 0 0
Tangible fixed assets 6 6 6
Other fixed assets 1 1 1
Fixed assets 102 113 121
Inventories 0 0 0
Receivables 3654 4136 4413
Other current assets 0 0 0
Cash and liquid assets 150 114 95
Total assets 3906 4364 4629
Shareholders equity 169 192 217
Minority 0 0 0
Total equity 169 192 217
Long-term debt 470 470 470
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 3224 3659 3900
Other current liabilities 0 0 0
Total liabilities and equity 2808 3317 3906
Net IB debt 361 397 417
Net IB debt excl. pension debt 361 397 417
Capital invested 530 589 633
Working capital 430 477 514
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1438 1438 1438
Net IB debt Adj 361 397 417
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 1799 1835 1855
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 350,6 338,4 334,9
Capital invested turnover (%) 2825,9 2499,8 2463,3
Capital employed turnover (%) 2131,9 2017,6 2099,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,8 24,6 25,1
Working capital / sales (%) 3 3,2 3,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 213 206,8 192,4
Net debt / market cap (%) 27,3 27,6 29
Equity ratio (%) 4,3 4,4 4,7
Net IB debt adj. / equity (%) 213 206,8 192,4
Current ratio (%) 116,5 114,8 114,3
EBITDA / net interest (%) 1512,8 1914 2105,5
Net IB debt / EBITDA (%) 239,8 222,4 210,5
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 5,07 6,31 7,18
Dividend per share Adj 5 5,8 6,5
EPS Adj 5,07 6,31 7,18
BVPS 9,83 11,14 12,57
BVPS Adj 9,83 11,14 12,57
Net IB debt / share 20,9 23 24,2
Share price 76,59 83,4 83,4
Market cap. (m) 1320 1438 1438
Valuation 2019 2020 2021
P/E 16,4 13,2 11,6
EV/sales 0,14 0,13 0,12
EV/EBITDA 12 10,3 9,4
EV/EBITA 14,8 12,3 11
EV/EBIT 14,8 12,3 11
Dividend yield (%) 6 6,9 7,8
FCF yield (%) -0,3 5 7
P/BVPS 8,49 7,49 6,64
P/BVPS Adj 8,49 7,49 6,64
P/E Adj 16,4 13,2 11,6
EV/EBITDA Adj 12 10,3 9,4
EV/EBITA Adj 14,8 12,3 11
EV/EBIT Adj 14,8 12,3 11
EV/cap. employed 2,6 2,6 2,5
Investment ratios 2019 2020 2021
Capex / sales 0,2 0,1 0,1
Capex / depreciation 316,5 259,5 209,1
Capex tangibles / tangible fixed assets 39,6 31,8 26,3
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 28,8 28,2 28,9

Equity research

Read earlier research

Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Staffan Salén 28.5 % 28.5 % 31 Dec 2019
Avanza Pension 18.4 % 18.4 % 31 Dec 2019
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Investment AB Öresund 10.0 % 10.0 % 31 Dec 2019
Protector Forsikring ASA 10.0 % 10.0 % 31 Dec 2019
Katarina Salén 2.7 % 2.7 % 31 Dec 2019
Patrik Salén 2.3 % 2.3 % 31 Dec 2019
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Erik Åfors 1.6 % 1.6 % 31 Dec 2019
Clas Ruthberg 1.0 % 1.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
Ola Maalsnes + 5 200 BUY 18 Dec 2019
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

Show More