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Poolia

Poolia

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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.

Financials

SEKm 2020 2021e 2022e
Sales 1463 1639 1720
Sales growth (%) -13,4 12 5
EBITDA 42 65 73
EBITDA margin (%) 2,9 4 4,3
EBIT adj 16 38 45
EBIT adj margin (%) 1,1 2,3 2,6
Pretax profit 12 38 45
EPS rep 0,15 0,6 0,73
EPS growth (%) -70,8 308,4 20,8
EPS adj 0,15 0,6 0,73
DPS 0,6 0,6 0,65
EV/EBITDA (x) 6,1 8 6,9
EV/EBIT adj (x) 16,2 13,8 11,2
P/E (x) 40,8 18,6 15,4
P/E adj (x) 40,8 18,6 15,4
EV/sales (x) 0,2 0,3 0,3
FCF yield (%) 20,2 5,8 11,9
Dividend yield (%) 9,9 5,3 5,8
Net IB debt/EBITDA -0,6 -0,1 -0,2
Lease adj. FCF yield (%) 12 1,4 7,5
Lease adj. ND/EBITDA -3,6 -1 -1
SEKm 2020 2021e 2022e
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 18 41 49
EBITDA lease Adj margin (%) 1,2 2,5 2,9
Sales 1463 1639 1720
COGS 0 0 0
Gross profit 1463 1639 1720
Other operating items -1421 -1574 -1647
EBITDA 42 65 73
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 16 38 45
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 16 38 45
Other financial items 0 0 0
Net financial items -3 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 12 38 45
Tax -6 -9 -11
Net profit 7 28 34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 7 28 34
EPS 0,15 0,6 0,73
EPS Adj 0,15 0,6 0,73
Total extraordinary items after tax 0 0 0
Tax rate (%) -44,4 -25 -25
Gross margin (%) 100 100 100
EBITDA margin (%) 2,9 4 4,3
EBITA margin (%) 1,1 2,3 2,6
EBIT margin (%) 1,1 2,3 2,6
Pretax margin (%) 0,8 2,3 2,6
Net margin (%) 0,5 1,7 2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,4 12 5
EBITDA growth (%) -31,2 55,3 12,8
EBIT growth (%) -46,4 137,8 20,8
Net profit growth (%) -70,8 308,4 20,8
EPS growth (%) -70,8 308,4 20,8
Profitability 2020 2021 2022
ROE (%) 4,4 17,5 20,7
ROE Adj (%) 4,4 17,5 20,7
ROCE (%) 6,3 18,8 22,6
ROCE Adj(%) 6,3 18,8 22,6
ROIC (%) 5,9 19,2 22,1
ROIC Adj (%) 5,9 19,2 22,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 42 65 73
EBITDA Adj margin (%) 2,9 4 4,3
EBITA Adj 16 38 45
EBITA Adj margin (%) 1,1 2,3 2,6
EBIT Adj 16 38 45
EBIT Adj margin (%) 1,1 2,3 2,6
Pretax profit Adj 12 38 45
Net profit Adj 7 28 34
Net profit to shareholders Adj 7 28 34
Net Adj margin (%) 0,5 1,7 2
Depreciation and amortisation -26 -28 -28
Of which leasing depreciation -23 -25 -25
Leasing payments -24 -24 -24
SEKm 2020 2021e 2022e
EBITDA 42 65 73
Net financial items -3 0 0
Paid tax -6 -9 -11
Non-cash items 0 0 0
Cash flow before change in WC 33 56 62
Change in WC 27 -21 5
Operating cash flow 60 35 67
CAPEX tangible fixed assets -3 -4 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 57 31 63
Dividend paid 0 -28 -28
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 34 -21 11
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 21 21 21
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 5 6 8
Other fixed assets 9 9 9
Fixed assets 75 75 74
Inventories 0 0 0
Receivables 360 410 421
Other current assets 0 0 0
Cash and liquid assets 64 42 52
Total assets 499 527 547
Shareholders equity 161 161 167
Minority 0 0 0
Total equity 161 161 167
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 299 328 344
Other current liabilities 0 0 0
Total liabilities and equity 499 527 547
Net IB debt -25 -5 -16
Net IB debt excl. pension debt -25 -5 -16
Capital invested 136 157 151
Working capital 61 82 77
EV breakdown 2020 2021 2022
Market cap. diluted (m) 282 525 525
Net IB debt Adj -25 -5 -16
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 257 520 509
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 298,5 319,6 320,4
Capital invested turnover (%) 977,4 1118,9 1115,6
Capital employed turnover (%) 743,8 821,2 855,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,1 19,1 19,5
Working capital / sales (%) 5,1 4,4 4,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -15,6 -2,8 -9,5
Net debt / market cap (%) -9,7 -0,9 -3
Equity ratio (%) 32,3 30,6 30,6
Net IB debt adj. / equity (%) -15,6 -2,8 -9,5
Current ratio (%) 135 132 132,2
EBITDA / net interest (%) 1232,4 0 0
Net IB debt / EBITDA (%) -59,9 -7 -21,7
Interest cover (%) 0 0 0
Lease liability amortisation -23 -23 -23
Other intangible assets 0 0 0
Right-of-use asset 41 39 37
Total other fixed assets 9 9 9
Leasing liability 39 38 36
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -64 -42 -52
Net IB debt / EBITDA lease Adj (%) -362,1 -102,9 -104,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 47 47 47
Fully diluted shares Adj 47 47 47
EPS 0,15 0,6 0,73
Dividend per share Adj 0,6 0,6 0,7
EPS Adj 0,15 0,6 0,73
BVPS 3,46 3,46 3,59
BVPS Adj 3,01 3,02 3,15
Net IB debt / share -0,5 -0,1 -0,3
Share price 5,52 11,25 11,25
Market cap. (m) 257 525 525
Valuation 2020 2021 2022
P/E 40,8 18,6 15,4
EV/sales 0,18 0,32 0,3
EV/EBITDA 6,1 8 6,9
EV/EBITA 16,2 13,8 11,2
EV/EBIT 16,2 13,8 11,2
Dividend yield (%) 9,9 5,3 5,8
FCF yield (%) 20,2 5,8 11,9
P/BVPS 1,75 3,25 3,13
P/BVPS Adj 2 3,73 3,58
P/E Adj 40,8 18,6 15,4
EV/EBITDA Adj 6,1 8 6,9
EV/EBITA Adj 16,2 13,8 11,2
EV/EBIT Adj 16,2 13,8 11,2
EV/cap. employed 1,3 2,6 2,5
Investment ratios 2020 2021 2022
Capex / sales 0,2 0,2 0,2
Capex / depreciation 95,8 145,5 142,9
Capex tangibles / tangible fixed assets 48,1 62 52,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 50,2 42,6 36,6
Lease adj. FCF yield (%) 12 1,4 7,5

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Media

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

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Main shareholders - Poolia

Main shareholders Share capital % Voting shares % Verified
Danir Resources AB 46.5 % 72.3 % 25 Feb 2021
Traction 8.0 % 4.2 % 31 Dec 2020
Avanza Pension 5.1 % 2.6 % 31 Dec 2020
Thomas Krishan 3.0 % 1.6 % 31 Dec 2020
Patrik Enblad 2.5 % 1.3 % 31 Dec 2020
Fredrik Palmstierna 2.4 % 1.2 % 31 Dec 2020
Nordnet Pensionsförsäkring 2.1 % 1.1 % 31 Dec 2020
Nordea Fonder 1.3 % 0.6 % 28 Feb 2021
Ann Stillström 1.1 % 0.6 % 31 Dec 2020
Peter Lindell 1.1 % 0.6 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Poolia

Name Quantity Code Date
Lars Kry Martin Hansson - 321 990 SELL 25 Feb 2021
Lars Kry, Martin Hansson + 9 144 BUY 15 Oct 2020
Lars Kry, Martin Hansson + 312 846 BUY 15 Oct 2020
Jenny Pizzignacco - 858 078 SELL 14 Sep 2020
Björn Örås -8 523 901 SELL 11 Sep 2020
Björn Örås -10 864 300 SELL 11 Sep 2020
Björn Örås -10 864 300 SELL 25 Jul 2020
Björn Örås +10 864 300 BUY 25 Jul 2020
Jan Georg Bengtsson + 60 000 BUY 30 Aug 2019
Björn Örås -8 523 901 SELL 16 May 2019

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