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Poolia

Poolia

White collar staffing

Poolia is a well-established brand within white collar staffing and was founded in 1989 (as Ekonompoolen). With the merger with Uniflex in November 2018, Poolia now offers both white collar as well as blue-collar services. The Poolia unit helps companies with their temporary staffing as well as recruitment. Some of Poolia’s specialty areas are banking & finance, HR, sales & markets & administration. Besides Sweden, it has offices in Germany, Finland and Norway. Now merged with Uniflex, Poolia has extended its offering towards the fields of industry, warehousing, construction, electricity, administration, sales and customer service.

The business model is capital-light and growth can be generated without the need for larger investments. For the same reason, the model results in strong cash flow and high payout ratios, meaning room for great dividends. Poolia is furthermore a well-established brand with 30 years of history. We think the company should be able to attract more consultants with its strong brand, resulting in growth at least in line with the sector. Together with Uniflex, cost synergies should come easily with the opportunity for margin expansion.

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, Poolia is naturally sensitive to changes in the business cycle, and now the inclusion blue-collar staff increases this sensitivity. Germany has been a strong EBIT contributor but recent political regulation in Germany regarding temporary staffing could make it harder for Poolia and its peers to operate in the country.

SEKm 2019 2020e 2021e
Sales 1725 1733 1793
Sales growth (%) -11,2 0,5 3,5
EBITDA 66 70 82
EBITDA margin (%) 3,8 4,1 4,6
EBIT adj 30 39 49
EBIT adj margin (%) 1,8 2,3 2,7
Pretax profit 34 38 49
EPS rep 0,59 0,62 0,79
EPS growth (%) 118,9 4,1 28,6
EPS adj 0,51 0,64 0,79
DPS 0,45 0,5 0,55
EV/EBITDA (x) 5 4,5 3,7
EV/EBIT adj (x) 10,7 8,1 6,2
P/E (x) 11 10,6 8,2
P/E adj (x) 12,7 10,2 8,2
EV/sales (x) 0,2 0,2 0,2
FCF yield (%) 18,2 18,5 20,6
Dividend yield (%) 6,9 7,7 8,4
Net IB debt/EBITDA 0,3 0,2 0
SEKm 2019 2020e 2021e
Sales 1725 1733 1793
COGS 0 0 0
Gross profit 1725 1733 1793
Other operating items -1659 -1662 -1711
EBITDA 66 70 82
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 34 38 49
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 34 38 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 34 38 49
Tax -6 -10 -12
Net profit 28 29 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 28 29 37
EPS 0,59 0,62 0,79
EPS Adj 0,51 0,64 0,79
Total extraordinary items after tax 3,6 -1 0
Tax rate (%) -19,1 -25 -25
Gross margin (%) 100 100 100
EBITDA margin (%) 3,8 4,1 4,6
EBITA margin (%) 2 2,2 2,7
EBIT margin (%) 2 2,2 2,7
Pretax margin (%) 2 2,2 2,7
Net margin (%) 1,6 1,7 2,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -11,2 0,5 3,5
EBITDA growth (%) 194,9 6,9 17
EBIT growth (%) 101,6 12,4 28,6
Net profit growth (%) 118,9 4,1 28,6
EPS growth (%) 118,9 4,1 28,6
Profitability 2019 2020 2021
ROE (%) 18 17,4 21,1
ROE Adj (%) 15,7 18 21,1
ROCE (%) 17 17,4 21,4
ROCE Adj(%) 15,2 17,9 21,4
ROIC (%) 17,8 15,7 20,1
ROIC Adj (%) 15,9 16,1 20,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 62 71 82
EBITDA Adj margin (%) 3,6 4,1 4,6
EBITA Adj 30 39 49
EBITA Adj margin (%) 1,8 2,3 2,7
EBIT Adj 30 39 49
EBIT Adj margin (%) 1,8 2,3 2,7
Pretax profit Adj 30 39 49
Net profit Adj 24 30 37
Net profit to shareholders Adj 24 30 37
Net Adj margin (%) 1,4 1,7 2,1
SEKm 2019 2020e 2021e
EBITDA 66 70 82
Net financial items 0 0 0
Paid tax -6 -10 -12
Non-cash items 0 0 0
Cash flow before change in WC 59 61 70
Change in WC -2 0 -3
Operating cash flow 57 60 67
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 55 56 63
Dividend paid -12 -21 -23
Share issues and buybacks 0 0 0
Other non cash items -54 0 0
Decrease in net IB debt -39 7 11
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 19 19 19
Indefinite intangible assets 0 0 0
Definite intangible assets 2 2 2
Tangible fixed assets 2 3 4
Other fixed assets 14 14 14
Fixed assets 91 91 90
Inventories 0 0 0
Receivables 397 399 412
Other current assets 0 0 0
Cash and liquid assets 34 41 52
Total assets 521 530 555
Shareholders equity 161 169 182
Minority 0 0 0
Total equity 161 169 182
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 305 307 317
Other current liabilities 0 0 0
Total liabilities and equity 560 532 521
Net IB debt 22 14 3
Net IB debt excl. pension debt 22 14 3
Capital invested 182 183 185
Working capital 91 92 95
EV breakdown 2019 2020 2021
Market cap. diluted (m) 304 304 304
Net IB debt Adj 22 14 3
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 326 318 307
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 327,7 329,6 330,5
Capital invested turnover (%) 1113,6 949,4 975,4
Capital employed turnover (%) 860,5 788,5 778,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 17,7 17,4
Working capital / sales (%) 5,2 5,3 5,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 13,4 8,4 1,5
Net debt / market cap (%) 6,9 4,7 0,9
Equity ratio (%) 30,8 31,8 32,8
Net IB debt adj. / equity (%) 13,4 8,4 1,5
Current ratio (%) 128 130,1 133,4
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 32,7 20,2 3,4
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 47 47 47
Fully diluted shares Adj 47 47 47
EPS 0,59 0,62 0,79
Dividend per share Adj 0,5 0,5 0,6
EPS Adj 0,51 0,64 0,79
BVPS 3,45 3,61 3,91
BVPS Adj 3 3,16 3,45
Net IB debt / share 0,5 0,3 0,1
Share price 6,7 6,52 6,52
Market cap. (m) 312 304 304
Valuation 2019 2020 2021
P/E 11 10,6 8,2
EV/sales 0,19 0,18 0,17
EV/EBITDA 5 4,5 3,7
EV/EBITA 9,6 8,3 6,2
EV/EBIT 9,6 8,3 6,2
Dividend yield (%) 6,9 7,7 8,4
FCF yield (%) 18,2 18,5 20,6
P/BVPS 1,89 1,8 1,67
P/BVPS Adj 2,18 2,06 1,89
P/E Adj 12,7 10,2 8,2
EV/EBITDA Adj 5,2 4,5 3,7
EV/EBITA Adj 10,7 8,1 6,2
EV/EBIT Adj 10,7 8,1 6,2
EV/cap. employed 1,5 1,4 1,3
Investment ratios 2019 2020 2021
Capex / sales 0,1 0,2 0,2
Capex / depreciation 59,9 125 121,2
Capex tangibles / tangible fixed assets 90,9 138,4 111,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 151,7 110,7 91,9

Equity research

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Media

Poolia - Interview with CEO Jan Bengtsson (in Swedish)
Poolia - Company presentation with CEO Jan Bengtsson (in Swedish)

Main shareholders - Poolia

Main shareholders Share capital % Voting shares % Verified
Björn Örås 41.6 % 69.8 % 31 Dec 2019
Traction 8.0 % 4.2 % 31 Dec 2019
Avanza Pension 4.4 % 2.3 % 31 Dec 2019
Fredrik Palmstierna 2.4 % 1.2 % 31 Dec 2019
Morten Werner 2.3 % 1.2 % 30 Jun 2018
Sara Örås 2.1 % 1.1 % 31 Dec 2019
Jenny Pizzignacco 1.8 % 1.0 % 31 Dec 2019
Caroline Örås 1.8 % 0.9 % 31 Dec 2019
Strand Fonder 1.3 % 0.7 % 31 Jan 2020
Nordnet Pensionsförsäkring 1.3 % 0.7 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Poolia

Name Quantity Code Date
Jan Georg Bengtsson + 60 000 BUY 30 Aug 2019
Björn Örås +8 523 901 BUY 16 May 2019
Björn Örås -8 523 901 SELL 16 May 2019
Jan Georg Bengtsson + 14 400 BUY 7 Nov 2018
Jan Georg Bengtsson + 50 000 BUY 7 Nov 2018
Jonas Nilsson + 7 000 BUY 7 Nov 2018
Jan Georg Bengtsson + 285 600 ALTM 1 Nov 2018
Björn Örås +6 840 486 ALTM 31 Oct 2018
Björn Örås +5 272 457 ALTM 31 Oct 2018
Jenny Pizzignacco + 596 938 ALTM 31 Oct 2018

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