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Ogunsen

Ogunsen

Staffing and recruitment agency

Ogunsen is a staffing and recruitment company focused on providing mainly specialists and managers to companies in Finance, IT, HR and Supply Chain. In general, Ogunsen has a larger share of recruitment than traditional staffing companies. It was founded by Per Ogunro in 1993 with the aim of finding employment for bankers in the Swedish bank crisis. Many of Ogunsen’s recruiters and sales personnel have experience in their respective focus areas.

Like other staffing companies, the business model is capital light and growth can be generated without the need for large investments. For the same reason the model results in strong cash flows and high payout ratios, meaning room for good dividends. Ogunsen has shown growth for several years with stable margins. It has found a recipe for success in the larger cities of Sweden and is now expanding to new locations, which will support further growth. In addition, it focuses on staffing specialists, making it more protected against the structural decline of simple work that is becoming automated.

Staffing companies are in general contracted as a flexible part of a company’s workforce. Their services are therefore attractive when the economy is expanding and the quick addition of labour is needed for businesses to meet customer demand. Therefore, Ogunsen is naturally sensitive to changes in the business cycle.

SEKm 2021 2022e 2023e
Sales 405 437 461
Sales growth (%) 12,3 7,9 5,5
EBITDA 42 48 52
EBITDA margin (%) 10,3 10,9 11,2
EBIT adj 39 45 49
EBIT adj margin (%) 9,7 10,3 10,6
Pretax profit 39 45 49
EPS rep 2,86 3,27 3,55
EPS growth (%) 173,4 14,3 8,6
EPS adj 2,86 3,27 3,55
DPS 2 2,3 2,5
EV/EBITDA (x) 10,9 9,4 8,5
EV/EBIT adj (x) 11,5 10 9
P/E (x) 16,2 14,2 13,1
P/E adj (x) 16,2 14,2 13,1
EV/sales (x) 1,1 1 1
FCF yield (%) 3,6 5,8 6,9
Dividend yield (%) 4,3 5 5,4
Net IB debt/EBITDA -1 -1 -1,1
Lease adj. FCF yield (%) 3,6 5,8 6,9
Lease adj. ND/EBITDA -1 -1 -1,1
SEKm 2021 2022e 2023e
Depreciation and amortisation -3 -3 -3
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 42 48 52
EBITDA lease Adj margin (%) 10,3 10,9 11,2
Sales 405 437 461
COGS 0 0 0
Gross profit 405 437 461
Other operating items -363 -390 -410
EBITDA 42 48 52
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 39 45 49
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 39 45 49
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 39 45 49
Tax -9 -10 -11
Net profit 31 35 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 31 35 38
EPS 2,86 3,27 3,55
EPS Adj 2,86 3,27 3,55
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 10,3 10,9 11,2
EBITA margin (%) 9,7 10,3 10,6
EBIT margin (%) 9,7 10,3 10,6
Pretax margin (%) 9,7 10,3 10,6
Net margin (%) 7,6 8 8,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,3 7,9 5,5
EBITDA growth (%) 141 13,7 8,4
EBIT growth (%) 164,7 14,3 8,6
Net profit growth (%) 174,6 14,3 8,6
EPS growth (%) 173,4 14,3 8,6
Profitability 2021 2022 2023
ROE (%) 43,4 42,6 39,8
ROE Adj (%) 43,4 42,6 39,8
ROCE (%) 55,6 54,7 51
ROCE Adj(%) 55,6 54,7 51
ROIC (%) 110,2 94,1 90,5
ROIC Adj (%) 110,2 94,1 90,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 42 48 52
EBITDA Adj margin (%) 10,3 10,9 11,2
EBITA Adj 39 45 49
EBITA Adj margin (%) 9,7 10,3 10,6
EBIT Adj 39 45 49
EBIT Adj margin (%) 9,7 10,3 10,6
Pretax profit Adj 39 45 49
Net profit Adj 31 35 38
Net profit to shareholders Adj 31 35 38
Net Adj margin (%) 7,6 8 8,3
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 42 48 52
Net financial items 0 0 0
Paid tax -9 -10 -11
Non-cash items 0 0 0
Cash flow before change in WC 33 38 41
Change in WC -10 -4 -1
Operating cash flow 23 34 40
CAPEX tangible fixed assets -5 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 18 29 35
Dividend paid -21 -21 -25
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -14 5 6
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 10 10 10
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 5 7 10
Other fixed assets 1 1 1
Fixed assets 16 19 21
Inventories 0 0 0
Receivables 75 79 83
Other current assets 0 0 0
Cash and liquid assets 41 49 59
Total assets 132 146 163
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -41 -49 -59
Net IB debt / EBITDA lease Adj (%) -98,3 -102,6 -113,7
Shareholders equity 76 89 103
Minority 0 0 0
Total equity 76 89 103
Long-term debt 0 0 0
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 0 0 0
Other current liabilities 57 57 60
Total liabilities and equity 132 146 163
Net IB debt -41 -49 -59
Net IB debt excl. pension debt -41 -49 -59
Capital invested 34 40 44
Working capital 18 22 23
EV breakdown 2021 2022 2023
Market cap. diluted (m) 496 499 499
Net IB debt Adj -41 -49 -59
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 455 450 440
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 320,7 314,1 298,7
Capital invested turnover (%) 1429,8 1159,9 1096,1
Capital employed turnover (%) 602 601,6 557,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 13,9 13,1 12,6
Payables / sales (%) 0 0 0
Working capital / sales (%) 3,2 4,6 4,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -54,6 -54,7 -57,2
Net debt / market cap (%) -11,2 -9,8 -11,8
Equity ratio (%) 57,1 61,1 63,2
Net IB debt adj. / equity (%) -54,6 -54,7 -57,2
Current ratio (%) 204,8 224,5 236,4
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -98,3 -102,6 -113,7
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 3,6 5,8 6,9
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 2,86 3,27 3,55
Dividend per share Adj 2 2,3 2,5
EPS Adj 2,86 3,27 3,55
BVPS 7,06 8,31 9,56
BVPS Adj 6,08 7,33 8,58
Net IB debt / share -3,9 -4,5 -5,5
Share price 34,5 46,4 46,4
Market cap. (m) 369 499 499
Valuation 2021 2022 2023
P/E 16,2 14,2 13,1
EV/sales 1,12 1,03 0,95
EV/EBITDA 10,9 9,4 8,5
EV/EBITA 11,5 10 9
EV/EBIT 11,5 10 9
Dividend yield (%) 4,3 5 5,4
FCF yield (%) 3,6 5,8 6,9
P/BVPS 6,57 5,59 4,86
P/BVPS Adj 7,63 6,33 5,41
P/E Adj 16,2 14,2 13,1
EV/EBITDA Adj 10,9 9,4 8,5
EV/EBITA Adj 11,5 10 9
EV/EBIT Adj 11,5 10 9
EV/cap. employed 6 5 4,3
Investment ratios 2021 2022 2023
Capex / sales 1,2 1,2 1,1
Capex / depreciation 200 194,2 188,6
Capex tangibles / tangible fixed assets 100 67,8 51,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 50 34,9 27,5

Equity research

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Media

SJR - Company presentation with Chairman Per Ogunro
SJR - Interview with CEO Per Ogunro (in Swedish)

Main shareholders - SJR

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 19.2 % 54.0 % 30 Dec 2020
Avanza Pension 12.6 % 7.2 % 31 Dec 2021
Fredrik Lidberg 4.7 % 2.7 % 18 Jan 2022
Nordea Fonder 4.3 % 2.4 % 31 Dec 2021
Mikael Gunnarsson 3.0 % 1.7 % 31 Dec 2021
Nordnet Pensionsförsäkring 2.4 % 1.3 % 31 Dec 2021
Jurek Rekrytering & Bemanning AB 2.0 % 1.1 % 31 Dec 2021
Agneta Läckström 1.3 % 0.7 % 31 Dec 2021
Gustav Lindskog 1.1 % 0.6 % 31 Dec 2021
Fredrik Stål 1.0 % 0.6 % 31 Dec 2021
Source: Holdings by Modular Finance AB

Insider list - SJR

Name Quantity Code Date
Rebecca Dellborg + 3 000 BUY 12 Jul 2021
Fredrik Lidberg + 10 000 BUY 10 Jun 2021
Kent Sangler + 5 500 BUY 4 Dec 2020
Clas Ruthberg + 5 000 BUY 26 Nov 2020
Rickard Karl Gustav Hellekant + 1 000 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 2 500 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 626 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 274 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 2 500 BUY 18 Nov 2020
Per Ogunro + 7 500 BUY 16 Mar 2020

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