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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 12325 13273
Sales growth (%) 14,4 -2,4 7,7
EBITDA 138 126 137
EBITDA margin (%) 1,1 1 1
EBIT adj 108 99 106
EBIT adj margin (%) 0,9 0,8 0,8
Pretax profit 97 85 95
EPS rep 4,39 3,9 4,27
EPS growth (%) -4,1 -11 9,3
EPS adj 4,39 4,14 4,27
DPS 0 4,5 4,5
EV/EBITDA (x) 12,7 12,8 11,8
EV/EBIT adj (x) 16,2 16,2 15,3
P/E (x) 18,5 19,5 17,9
P/E adj (x) 18,5 18,4 17,9
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 0,1 6,6 7,2
Dividend yield (%) 0 5,9 5,9
Net IB debt/EBITDA 2,6 2,3 2,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 12622 12325 13273
COGS -12122 -11880 -12794
Gross profit 500 445 479
Other operating items -362 -319 -342
EBITDA 138 126 137
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -6 -7 -7
EBITA 108 95 106
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 108 95 106
Other financial items 0 0 0
Net financial items -11 -11 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 97 85 95
Tax -21 -17 -21
Net profit 76 67 74
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 67 74
EPS 4,39 3,9 4,27
EPS Adj 4,39 4,14 4,27
Total extraordinary items after tax 0 -4,1 0
Tax rate (%) -22 -20,4 -22,5
Gross margin (%) 4 3,6 3,6
EBITDA margin (%) 1,1 1 1
EBITA margin (%) 0,9 0,8 0,8
EBIT margin (%) 0,9 0,8 0,8
Pretax margin (%) 0,8 0,7 0,7
Net margin (%) 0,6 0,5 0,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,4 -2,4 7,7
EBITDA growth (%) 22,9 -8,5 8,5
EBIT growth (%) 1,7 -12,2 11
Net profit growth (%) -4,1 -11 9,3
EPS growth (%) -4,1 -11 9,3
Profitability 2019 2020 2021
ROE (%) 48,2 36 34,5
ROE Adj (%) 48,2 38,2 34,5
ROCE (%) 15,4 11,7 13,8
ROCE Adj(%) 15,4 12,2 13,8
ROIC (%) 19,2 14,8 16
ROIC Adj (%) 19,2 15,4 16
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 130 137
EBITDA Adj margin (%) 1,1 1,1 1
EBITA Adj 108 99 106
EBITA Adj margin (%) 0,9 0,8 0,8
EBIT Adj 108 99 106
EBIT Adj margin (%) 0,9 0,8 0,8
Pretax profit Adj 97 89 95
Net profit Adj 76 71 74
Net profit to shareholders Adj 76 71 74
Net Adj margin (%) 0,6 0,6 0,6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 138 126 137
Net financial items -11 -11 -11
Paid tax -21 -17 -21
Non-cash items -8 -8 0
Cash flow before change in WC 98 90 105
Change in WC -76 16 9
Operating cash flow 22 106 114
CAPEX tangible fixed assets -2 -2 -4
CAPEX intangible fixed assets -18 -17 -15
Acquisitions and disposals 0 0 0
Free cash flow 2 87 95
Dividend paid -78 0 -78
Share issues and buybacks 0 0 0
Other non cash items -47 -4 0
Decrease in net IB debt -146 60 -4
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 46 58 65
Definite intangible assets 0 0 0
Tangible fixed assets 5 5 6
Other fixed assets 6 5 5
Fixed assets 111 120 130
Inventories 0 0 0
Receivables 3507 3370 3602
Other current assets 0 0 0
Cash and liquid assets 237 175 171
Total assets 3854 3665 3903
Shareholders equity 158 215 211
Minority 0 0 0
Total equity 158 215 211
Long-term debt 550 428 428
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 2973 3215
Other current liabilities 0 0 0
Total liabilities and equity 3854 3665 3903
Net IB debt 356 296 300
Net IB debt excl. pension debt 356 296 300
Capital invested 514 511 512
Working capital 409 396 387
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1396 1315 1315
Net IB debt Adj 356 296 300
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 1612 1616
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 352 327,8 350,7
Capital invested turnover (%) 2869,2 2403,6 2594,9
Capital employed turnover (%) 1999,6 1701,2 1923,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,4 24,6 23,3
Working capital / sales (%) 2,9 3,3 3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 225,1 137,5 142
Net debt / market cap (%) 27 22,5 22,8
Equity ratio (%) 4,1 5,9 5,4
Net IB debt adj. / equity (%) 225,1 137,5 142
Current ratio (%) 119 117,3 115,6
EBITDA / net interest (%) 1216,8 1189,2 1278,8
Net IB debt / EBITDA (%) 257,9 234,6 219,2
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 3,9 4,27
Dividend per share Adj 0 4,5 4,5
EPS Adj 4,39 4,14 4,27
BVPS 9,17 12,49 12,26
BVPS Adj 9,17 12,49 12,26
Net IB debt / share 20,6 17,2 17,4
Share price 76,59 76,3 76,3
Market cap. (m) 1320 1315 1315
Valuation 2019 2020 2021
P/E 18,5 19,5 17,9
EV/sales 0,14 0,13 0,12
EV/EBITDA 12,7 12,8 11,8
EV/EBITA 16,2 16,9 15,3
EV/EBIT 16,2 16,9 15,3
Dividend yield (%) 0 5,9 5,9
FCF yield (%) 0,1 6,6 7,2
P/BVPS 8,83 6,11 6,22
P/BVPS Adj 8,83 6,11 6,22
P/E Adj 18,5 18,4 17,9
EV/EBITDA Adj 12,7 12,4 11,8
EV/EBITA Adj 16,2 16,2 15,3
EV/EBIT Adj 16,2 16,2 15,3
EV/cap. employed 2,3 2,3 2,3
Investment ratios 2019 2020 2021
Capex / sales 0,2 0,2 0,1
Capex / depreciation 254,6 204,3 197,8
Capex tangibles / tangible fixed assets 39,8 42,3 62
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 36 47,7 36
N/A N/A N/A

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Main shareholders - eWork

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 30.7 % 30.7 % 24 Aug 2020
Magnus Berglind 16.6 % 16.6 % 31 Dec 2013
Protector Forsikring ASA 10.0 % 10.0 % 30 Jun 2020
Investment AB Öresund 9.3 % 9.3 % 30 Jun 2020
Katarina Salén 2.7 % 2.7 % 30 Jun 2020
Patrik Salén 2.3 % 2.3 % 30 Jun 2020
Avanza Pension 2.3 % 2.3 % 30 Jun 2020
Jan Pettersson 2.1 % 2.1 % 31 Mar 2017
Clas Ruthberg 1.0 % 1.0 % 30 Jun 2020
Nordnet Pensionsförsäkring 0.9 % 0.9 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - eWork

Name Quantity Code Date
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
Mikael Subotowicz - 190 SELL 13 Feb 2020
Mikael Subotowicz - 100 SELL 13 Feb 2020

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