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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 13196 14293
Sales growth (%) -3 7,8 8,3
EBITDA 126 142 155
EBITDA margin (%) 1 1,1 1,1
EBIT adj 105 111 123
EBIT adj margin (%) 0,9 0,8 0,9
Pretax profit 85 105 118
EPS rep 4,02 4,73 5,29
EPS growth (%) -8,4 17,7 11,9
EPS adj 4,66 4,73 5,29
DPS 4,5 4,5 4,75
EV/EBITDA (x) 11,2 14,5 13,3
EV/EBIT adj (x) 13,3 18,5 16,7
P/E (x) 20,1 23,2 20,8
P/E adj (x) 17,3 23,2 20,8
EV/sales (x) 0,1 0,2 0,1
FCF yield (%) 25,8 -0,4 4,6
Dividend yield (%) 5,6 4,1 4,3
Net IB debt/EBITDA 0,1 1,1 1,1
N/A N/A N/A
Lease adj. FCF yield (%) 24 -1,6 3,4
Lease adj. ND/EBITDA -0,2 0,9 1
SEKm 2020 2021e 2022e
Sales 12238 13196 14293
COGS -11804 -12731 -13793
Gross profit 434 465 499
Other operating items -308 -323 -345
EBITDA 126 142 155
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -7 -8
EBITA 94 111 123
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 94 111 123
Other financial items 0 0 0
Net financial items -9 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 85 105 118
Tax -16 -24 -27
Net profit 69 82 91
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 69 82 91
EPS 4,02 4,73 5,29
EPS Adj 4,66 4,73 5,29
Total extraordinary items after tax -11,1 0 0
Tax rate (%) -18,4 -22,5 -22,5
Gross margin (%) 3,5 3,5 3,5
EBITDA margin (%) 1 1,1 1,1
EBITA margin (%) 0,8 0,8 0,9
EBIT margin (%) 0,8 0,8 0,9
Pretax margin (%) 0,7 0,8 0,8
Net margin (%) 0,6 0,6 0,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -3 7,8 8,3
EBITDA growth (%) -9 12,8 9,1
EBIT growth (%) -13 17,3 11,4
Net profit growth (%) -8,4 17,7 11,9
EPS growth (%) -8,4 17,7 11,9
Profitability 2020 2021 2022
ROE (%) 37,5 41,5 48,4
ROE Adj (%) 43,4 41,5 48,4
ROCE (%) 13,9 23,3 26,6
ROCE Adj(%) 15,7 23,3 26,6
ROIC (%) 20,9 30,7 27,4
ROIC Adj (%) 23,3 30,7 27,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 137 142 155
EBITDA Adj margin (%) 1,1 1,1 1,1
EBITA Adj 105 111 123
EBITA Adj margin (%) 0,9 0,8 0,9
EBIT Adj 105 111 123
EBIT Adj margin (%) 0,9 0,8 0,9
Pretax profit Adj 96 105 118
Net profit Adj 80 82 91
Net profit to shareholders Adj 80 82 91
Net Adj margin (%) 0,7 0,6 0,6
N/A N/A N/A
Depreciation and amortisation -31 -31 -32
Of which leasing depreciation -22 -22 -22
EO items -11 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 115 120 133
EBITDA lease Adj margin (%) 0,9 0,9 0,9
SEKm 2020 2021e 2022e
EBITDA 126 142 155
Net financial items -9 -5 -5
Paid tax -16 -24 -27
Non-cash items -18 0 0
Cash flow before change in WC 83 113 123
Change in WC 296 -104 -18
Operating cash flow 379 9 104
CAPEX tangible fixed assets -2 -2 -4
CAPEX intangible fixed assets -17 -15 -14
Acquisitions and disposals 0 0 0
Free cash flow 360 -8 86
Dividend paid 0 -112 -78
Share issues and buybacks 0 0 0
Other non cash items 11 0 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 3 5
Other fixed assets 4 4 4
Fixed assets 109 117 125
Inventories 0 0 0
Receivables 3014 3589 3888
Other current assets 0 0 0
Cash and liquid assets 239 97 84
Total assets 3363 3803 4097
Shareholders equity 212 182 195
Minority 0 0 0
Total equity 212 182 195
Long-term debt 215 215 215
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 3367 3647
Other current liabilities 0 0 0
Total liabilities and equity 3363 3803 4097
Net IB debt 11 153 166
Net IB debt excl. pension debt 11 153 166
Capital invested 223 335 361
Working capital 118 222 240
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1393 1896 1896
Net IB debt Adj 11 153 166
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 2049 2062
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 339,1 368,3 361,8
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 1,3 1,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 5,3 84,3 85
Net debt / market cap (%) 0,9 8,1 8,8
Equity ratio (%) 6,3 4,8 4,8
Net IB debt adj. / equity (%) 5,3 84,3 85
Current ratio (%) 110,8 108,2 107,7
EBITDA / net interest (%) 1339 2662,6 2877,2
Net IB debt / EBITDA (%) 9 107,9 107,3
Interest cover (%) 0 0 0
N/A N/A N/A
Lease liability amortisation -26 -22 -22
Other intangible assets 57 66 72
Right-of-use asset 44 44 44
Total other fixed assets 4 4 4
Leasing liability 39 39 39
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -28 114 127
Net IB debt / EBITDA lease Adj (%) -24,4 94,5 95,2
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,02 4,73 5,29
Dividend per share Adj 4,5 4,5 4,8
EPS Adj 4,66 4,73 5,29
BVPS 12,3 10,53 11,33
BVPS Adj 12,3 10,53 11,33
Net IB debt / share 0,7 8,9 9,6
Share price 69,88 110 110
Market cap. (m) 1205 1896 1896
Valuation 2020 2021 2022
P/E 20,1 23,2 20,8
EV/sales 0,11 0,16 0,14
EV/EBITDA 11,2 14,5 13,3
EV/EBITA 14,9 18,5 16,7
EV/EBIT 14,9 18,5 16,7
Dividend yield (%) 5,6 4,1 4,3
FCF yield (%) 25,8 -0,4 4,6
P/BVPS 6,57 10,44 9,71
P/BVPS Adj 6,57 10,44 9,71
P/E Adj 17,3 23,2 20,8
EV/EBITDA Adj 10,3 14,5 13,3
EV/EBITA Adj 13,3 18,5 16,7
EV/EBIT Adj 13,3 18,5 16,7
EV/cap. employed 3 4,7 4,6
Investment ratios 2020 2021 2022
Capex / sales 0,2 0,1 0,1
Capex / depreciation 196,8 179,2 183,7
Capex tangibles / tangible fixed assets 50 52,1 77,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 58,4 66,8 48,5
N/A N/A N/A
Lease adj. FCF yield (%) 24 -1,6 3,4

Equity research

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 40.7 % 40.7 % 15 Feb 2021
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Protector Forsikring ASA 10.0 % 10.0 % 21 Jan 2021
Katarina Salén 2.7 % 2.7 % 31 Dec 2020
Avanza Pension 2.4 % 2.4 % 31 Dec 2020
Patrik Salén 2.3 % 2.3 % 31 Dec 2020
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Clas Ruthberg 1.0 % 1.0 % 31 Dec 2020
Nordnet Pensionsförsäkring 0.9 % 0.9 % 31 Dec 2020
Handelsbanken Liv Försäkring AB 0.8 % 0.8 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
A. Staffan Salén B. Erik Åfors - 377 291 SELL 24 Feb 2021
A. Staffan Salén B. Erik Åfors + 100 000 BUY 15 Feb 2021
A. Staffan Salén B. Erik Åfors +1 579 085 BUY 11 Feb 2021
Ola Maalsnes + 1 437 BUY 11 Feb 2021
Ola Maalsnes + 513 BUY 11 Feb 2021
Ola Maalsnes + 50 BUY 10 Feb 2021
A. Staffan Salén B. Erik Åfors + 39 340 BUY 4 Nov 2020
A. Staffan Salén B. Erik Åfors + 3 667 BUY 2 Nov 2020
A. Staffan Salén B. Erik Åfors +4 912 975 BUY 24 Aug 2020
A. Staffan Salén B. Erik Åfors + 377 291 BUY 24 Aug 2020

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