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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 12337 13173
Sales growth (%) 14,4 -2,3 6,8
EBITDA 138 137 149
EBITDA margin (%) 1,1 1,1 1,1
EBIT adj 108 110 118
EBIT adj margin (%) 0,9 0,9 0,9
Pretax profit 97 98 110
EPS rep 4,39 4,58 4,95
EPS growth (%) -4,1 4,4 7,9
EPS adj 4,39 4,82 4,95
DPS 0 4,5 4,5
EV/EBITDA (x) 12,7 10,8 9,9
EV/EBIT adj (x) 16,2 13,4 12,5
P/E (x) 18,5 16 14,8
P/E adj (x) 18,5 15,2 14,8
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 0,1 12,8 8,1
Dividend yield (%) 0 6,2 6,2
Net IB debt/EBITDA 2,6 1,6 1,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 12622 12337 13173
COGS -12122 -11888 -12698
Gross profit 500 449 475
Other operating items -362 -312 -326
EBITDA 138 137 149
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -6 -7 -7
EBITA 108 106 118
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 108 106 118
Other financial items 0 0 0
Net financial items -11 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 97 98 110
Tax -21 -19 -25
Net profit 76 79 85
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 79 85
EPS 4,39 4,58 4,95
EPS Adj 4,39 4,82 4,95
Total extraordinary items after tax 0 -4,1 0
Tax rate (%) -22 -19,3 -22,5
Gross margin (%) 4 3,6 3,6
EBITDA margin (%) 1,1 1,1 1,1
EBITA margin (%) 0,9 0,9 0,9
EBIT margin (%) 0,9 0,9 0,9
Pretax margin (%) 0,8 0,8 0,8
Net margin (%) 0,6 0,6 0,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,4 -2,3 6,8
EBITDA growth (%) 22,9 -0,5 8,4
EBIT growth (%) 1,7 -1,9 10,7
Net profit growth (%) -4,1 4,4 7,9
EPS growth (%) -4,1 4,4 7,9
Profitability 2019 2020 2021
ROE (%) 48,2 41,1 37
ROE Adj (%) 48,2 43,2 37
ROCE (%) 15,4 14,7 18,9
ROCE Adj(%) 15,4 15,3 18,9
ROIC (%) 19,2 17,9 20,4
ROIC Adj (%) 19,2 18,6 20,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 141 149
EBITDA Adj margin (%) 1,1 1,1 1,1
EBITA Adj 108 110 118
EBITA Adj margin (%) 0,9 0,9 0,9
EBIT Adj 108 110 118
EBIT Adj margin (%) 0,9 0,9 0,9
Pretax profit Adj 97 102 110
Net profit Adj 76 83 85
Net profit to shareholders Adj 76 83 85
Net Adj margin (%) 0,6 0,7 0,6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 138 137 149
Net financial items -11 -8 -8
Paid tax -21 -19 -25
Non-cash items -8 -12 0
Cash flow before change in WC 98 98 116
Change in WC -76 83 4
Operating cash flow 22 180 120
CAPEX tangible fixed assets -2 -2 -4
CAPEX intangible fixed assets -18 -17 -14
Acquisitions and disposals 0 0 0
Free cash flow 2 162 102
Dividend paid -78 0 -78
Share issues and buybacks 0 0 0
Other non cash items -47 1 0
Decrease in net IB debt -146 138 3
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 46 57 64
Definite intangible assets 0 0 0
Tangible fixed assets 5 4 6
Other fixed assets 6 5 5
Fixed assets 111 116 124
Inventories 0 0 0
Receivables 3507 3404 3608
Other current assets 0 0 0
Cash and liquid assets 237 128 131
Total assets 3854 3647 3863
Shareholders equity 158 226 234
Minority 0 0 0
Total equity 158 226 234
Long-term debt 550 306 306
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 3070 3278
Other current liabilities 0 0 0
Total liabilities and equity 3854 3647 3863
Net IB debt 356 218 215
Net IB debt excl. pension debt 356 218 215
Capital invested 514 444 449
Working capital 409 334 330
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1396 1260 1260
Net IB debt Adj 356 218 215
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 1478 1475
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 352 328,9 350,8
Capital invested turnover (%) 2869,2 2574,4 2948,5
Capital employed turnover (%) 1999,6 1849,8 2267,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,4 25 24,1
Working capital / sales (%) 2,9 3 2,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 225,1 96,3 91,9
Net debt / market cap (%) 27 17,3 17,1
Equity ratio (%) 4,1 6,2 6,1
Net IB debt adj. / equity (%) 225,1 96,3 91,9
Current ratio (%) 119 113,4 112,5
EBITDA / net interest (%) 1216,8 1645,6 1946,5
Net IB debt / EBITDA (%) 257,9 158,8 144,5
Interest cover (%) 0 0 0
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 4,58 4,95
Dividend per share Adj 0 4,5 4,5
EPS Adj 4,39 4,82 4,95
BVPS 9,17 13,13 13,58
BVPS Adj 9,17 13,13 13,58
Net IB debt / share 20,6 12,6 12,5
Share price 76,59 73,1 73,1
Market cap. (m) 1320 1260 1260
Valuation 2019 2020 2021
P/E 18,5 16 14,8
EV/sales 0,14 0,12 0,11
EV/EBITDA 12,7 10,8 9,9
EV/EBITA 16,2 13,9 12,5
EV/EBIT 16,2 13,9 12,5
Dividend yield (%) 0 6,2 6,2
FCF yield (%) 0,1 12,8 8,1
P/BVPS 8,83 5,57 5,38
P/BVPS Adj 8,83 5,57 5,38
P/E Adj 18,5 15,2 14,8
EV/EBITDA Adj 12,7 10,5 9,9
EV/EBITA Adj 16,2 13,4 12,5
EV/EBIT Adj 16,2 13,4 12,5
EV/cap. employed 2,3 2,6 2,5
Investment ratios 2019 2020 2021
Capex / sales 0,2 0,1 0,1
Capex / depreciation 254,6 199,2 190
Capex tangibles / tangible fixed assets 39,8 44,7 64,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 36 51,6 39,2
N/A N/A N/A

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 30.9 % 30.9 % 4 Nov 2020
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Protector Forsikring ASA 10.0 % 10.0 % 30 Sep 2020
Investment AB Öresund 9.4 % 9.4 % 30 Sep 2020
Katarina Salén 2.7 % 2.7 % 30 Sep 2020
Avanza Pension 2.3 % 2.3 % 30 Sep 2020
Patrik Salén 2.3 % 2.3 % 30 Sep 2020
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Clas Ruthberg 1.0 % 1.0 % 30 Sep 2020
Handelsbanken Liv Försäkring AB 0.9 % 0.9 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
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
Staffan Salén -4 912 975 SELL 24 Aug 2020
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

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