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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 2019 2020e 2021e
Sales 12622 11833 12993
Sales growth (%) 14,4 -6,2 9,8
EBITDA 138 117 136
EBITDA margin (%) 1,1 1 1
EBIT adj 108 86 105
EBIT adj margin (%) 0,9 0,7 0,8
Pretax profit 97 76 93
EPS rep 4,39 3,48 4,16
EPS growth (%) -4,1 -20,8 19,8
EPS adj 4,39 3,48 4,16
DPS 0 4,5 4,5
EV/EBITDA (x) 12,7 12,1 10,6
EV/EBIT adj (x) 16,2 16,3 13,6
P/E (x) 18,5 18,6 15,6
P/E adj (x) 18,5 18,6 15,6
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 0,1 8,1 6,5
Dividend yield (%) 0 6,9 6,9
Net IB debt/EBITDA 2,6 2,5 2,3
SEKm 2019 2020e 2021e
Sales 12622 11833 12993
COGS -12122 -11397 -12517
Gross profit 500 436 476
Other operating items -362 -319 -340
EBITDA 138 117 136
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -6 -7 -7
EBITA 108 86 105
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 108 86 105
Other financial items 0 0 0
Net financial items -11 -10 -13
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 97 76 93
Tax -21 -16 -21
Net profit 76 60 72
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 60 72
EPS 4,39 3,48 4,16
EPS Adj 4,39 3,48 4,16
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -21 -22,5
Gross margin (%) 4 3,7 3,7
EBITDA margin (%) 1,1 1 1
EBITA margin (%) 0,9 0,7 0,8
EBIT margin (%) 0,9 0,7 0,8
Pretax margin (%) 0,8 0,6 0,7
Net margin (%) 0,6 0,5 0,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,4 -6,2 9,8
EBITDA growth (%) 22,9 -15,6 16,6
EBIT growth (%) 1,7 -20,5 22,1
Net profit growth (%) -4,1 -20,8 19,8
EPS growth (%) -4,1 -20,8 19,8
Profitability 2019 2020 2021
ROE (%) 48,2 32,1 33,7
ROE Adj (%) 48,2 32,1 33,7
ROCE (%) 15,4 9,9 12,1
ROCE Adj(%) 15,4 9,9 12,1
ROIC (%) 19,2 13,3 15,8
ROIC Adj (%) 19,2 13,3 15,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 117 136
EBITDA Adj margin (%) 1,1 1 1
EBITA Adj 108 86 105
EBITA Adj margin (%) 0,9 0,7 0,8
EBIT Adj 108 86 105
EBIT Adj margin (%) 0,9 0,7 0,8
Pretax profit Adj 97 76 93
Net profit Adj 76 60 72
Net profit to shareholders Adj 76 60 72
Net Adj margin (%) 0,6 0,5 0,6
SEKm 2019 2020e 2021e
EBITDA 138 117 136
Net financial items -11 -10 -13
Paid tax -21 -16 -21
Non-cash items -8 0 0
Cash flow before change in WC 98 90 102
Change in WC -82 20 -12
Operating cash flow 22 110 90
CAPEX tangible fixed assets -2 -2 -4
CAPEX intangible fixed assets -18 -17 -14
Acquisitions and disposals 0 0 0
Free cash flow 2 91 72
Dividend paid -78 0 -78
Share issues and buybacks 0 0 0
Other non cash items -47 -2 0
Decrease in net IB debt -146 66 -27
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 46 57 65
Definite intangible assets 0 0 0
Tangible fixed assets 5 5 7
Other fixed assets 6 4 4
Fixed assets 111 120 129
Inventories 0 0 0
Receivables 3507 3310 3608
Other current assets 0 0 0
Cash and liquid assets 237 258 231
Total assets 3854 3688 3968
Shareholders equity 158 216 210
Minority 0 0 0
Total equity 158 216 210
Long-term debt 550 503 503
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 3097 2920 3206
Other current liabilities 0 0 0
Total liabilities and equity 3854 3688 3968
Net IB debt 356 290 317
Net IB debt excl. pension debt 356 290 317
Capital invested 514 506 527
Working capital 409 389 402
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1396 1117 1117
Net IB debt Adj 356 290 317
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 1752 1407 1434
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 352 313,8 339,4
Capital invested turnover (%) 2869,2 2320,6 2516,1
Capital employed turnover (%) 1999,6 1552,2 1698,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,4 25,4 23,6
Working capital / sales (%) 2,9 3,4 3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 225,1 134,6 151,2
Net debt / market cap (%) 27 26 28,4
Equity ratio (%) 4,1 5,8 5,3
Net IB debt adj. / equity (%) 225,1 134,6 151,2
Current ratio (%) 119 120,1 117,9
EBITDA / net interest (%) 1216,8 1130,8 1080,8
Net IB debt / EBITDA (%) 257,9 249 233,5
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 4,39 3,48 4,16
Dividend per share Adj 0 4,5 4,5
EPS Adj 4,39 3,48 4,16
BVPS 9,17 12,51 12,17
BVPS Adj 9,17 12,51 12,17
Net IB debt / share 20,6 16,8 18,4
Share price 76,59 64,8 64,8
Market cap. (m) 1320 1117 1117
Valuation 2019 2020 2021
P/E 18,5 18,6 15,6
EV/sales 0,14 0,12 0,11
EV/EBITDA 12,7 12,1 10,6
EV/EBITA 16,2 16,3 13,6
EV/EBIT 16,2 16,3 13,6
Dividend yield (%) 0 6,9 6,9
FCF yield (%) 0,1 8,1 6,5
P/BVPS 8,83 5,18 5,32
P/BVPS Adj 8,83 5,18 5,32
P/E Adj 18,5 18,6 15,6
EV/EBITDA Adj 12,7 12,1 10,6
EV/EBITA Adj 16,2 16,3 13,6
EV/EBIT Adj 16,2 16,3 13,6
EV/cap. employed 2,3 1,8 1,9
Investment ratios 2019 2020 2021
Capex / sales 0,2 0,2 0,1
Capex / depreciation 254,6 220,8 200,3
Capex tangibles / tangible fixed assets 39,8 37,4 53,5
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 36 38,9 30,7

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Staffan Salén 28.5 % 28.5 % 31 Mar 2020
Avanza Pension 18.4 % 18.4 % 31 Mar 2020
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Protector Forsikring ASA 10.0 % 10.0 % 31 Mar 2020
Investment AB Öresund 9.4 % 9.4 % 31 Mar 2020
Katarina Salén 2.7 % 2.7 % 31 Mar 2020
Patrik Salén 2.3 % 2.3 % 31 Mar 2020
Erik Åfors 2.2 % 2.2 % 31 Mar 2020
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Clas Ruthberg 1.0 % 1.0 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
Johan Qviberg + 4 000 BUY 23 Mar 2020
Johan Qviberg + 1 000 BUY 20 Mar 2020
Mikael Subotowicz + 411 BUY 6 Mar 2020
Mikael Subotowicz - 302 SELL 24 Feb 2020
Erik Jan Åfors + 100 000 BUY 17 Feb 2020
Mikael Subotowicz - 190 SELL 13 Feb 2020
Mikael Subotowicz - 100 SELL 13 Feb 2020
Mikael Subotowicz - 2 SELL 13 Feb 2020
Mikael Subotowicz - 1 000 SELL 13 Feb 2020
Mikael Subotowicz - 108 SELL 13 Feb 2020

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