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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 1410 1597 1663
Sales growth (%) -16,5 13,3 4,1
EBITDA 40 64 72
EBITDA margin (%) 2,8 4 4,3
EBIT adj 13 36 44
EBIT adj margin (%) 0,9 2,3 2,6
Pretax profit 10 36 44
EPS rep 0,12 0,58 0,7
EPS growth (%) -76,9 396,6 20,9
EPS adj 0,12 0,58 0,7
DPS 0 0,35 0,45
EV/EBITDA (x) 7,1 4,3 3,8
EV/EBIT adj (x) 21,5 7,6 6,3
P/E (x) 54,7 11 9,1
P/E adj (x) 54,7 11 9,1
EV/sales (x) 0,2 0,2 0,2
FCF yield (%) 17,7 11,6 15,1
Dividend yield (%) 0 5,5 7
Net IB debt/EBITDA -0,4 -0,3 -0,3
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1410 1597 1663
COGS 0 0 0
Gross profit 1410 1597 1663
Other operating items -1370 -1533 -1591
EBITDA 40 64 72
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 13 36 44
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 13 36 44
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 10 36 44
Tax -5 -9 -11
Net profit 5 27 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 27 33
EPS 0,12 0,58 0,7
EPS Adj 0,12 0,58 0,7
Total extraordinary items after tax 0 0 0
Tax rate (%) -46,4 -25 -25
Gross margin (%) 100 100 100
EBITDA margin (%) 2,8 4 4,3
EBITA margin (%) 0,9 2,3 2,6
EBIT margin (%) 0,9 2,3 2,6
Pretax margin (%) 0,7 2,3 2,6
Net margin (%) 0,4 1,7 2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -16,5 13,3 4,1
EBITDA growth (%) -34,4 60,5 11,8
EBIT growth (%) -55,3 174,3 20,9
Net profit growth (%) -76,9 396,6 20,9
EPS growth (%) -76,9 396,6 20,9
Profitability 2020 2021 2022
ROE (%) 3,5 15,7 16,8
ROE Adj (%) 3,5 15,7 16,8
ROCE (%) 5,1 16,6 18,1
ROCE Adj(%) 5,1 16,6 18,1
ROIC (%) 4,6 17,6 19
ROIC Adj (%) 4,6 17,6 19
Adj earnings numbers 2020 2021 2022
EBITDA Adj 40 64 72
EBITDA Adj margin (%) 2,8 4 4,3
EBITA Adj 13 36 44
EBITA Adj margin (%) 0,9 2,3 2,6
EBIT Adj 13 36 44
EBIT Adj margin (%) 0,9 2,3 2,6
Pretax profit Adj 10 36 44
Net profit Adj 5 27 33
Net profit to shareholders Adj 5 27 33
Net Adj margin (%) 0,4 1,7 2
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 40 64 72
Net financial items -3 0 0
Paid tax -5 -9 -11
Non-cash items 0 0 0
Cash flow before change in WC 32 55 61
Change in WC 24 -16 -12
Operating cash flow 56 39 49
CAPEX tangible fixed assets -4 -4 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 53 35 45
Dividend paid 0 0 -16
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 25 7 1
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 7 8 9
Other fixed assets 10 10 10
Fixed assets 81 85 89
Inventories 0 0 0
Receivables 317 375 399
Other current assets 0 0 0
Cash and liquid assets 58 68 72
Total assets 456 528 559
Shareholders equity 160 187 203
Minority 0 0 0
Total equity 160 187 203
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 254 296 308
Other current liabilities 0 0 0
Total liabilities and equity 456 528 559
Net IB debt -16 -22 -23
Net IB debt excl. pension debt -16 -22 -23
Capital invested 144 164 180
Working capital 63 80 91
EV breakdown 2020 2021 2022
Market cap. diluted (m) 298 298 298
Net IB debt Adj -16 -22 -23
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 283 276 275
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 300,8 324,7 305,9
Capital invested turnover (%) 918 1036,3 965,7
Capital employed turnover (%) 712,9 735 687,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,2 17,2 18,1
Working capital / sales (%) 5,3 4,5 5,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -9,8 -12 -11,5
Net debt / market cap (%) -6,1 -7,5 -7,8
Equity ratio (%) 35 35,4 36,3
Net IB debt adj. / equity (%) -9,8 -12 -11,5
Current ratio (%) 136,1 138,8 141,4
EBITDA / net interest (%) 1332,6 0 0
Net IB debt / EBITDA (%) -39,3 -34,9 -32,5
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 47 47 47
Fully diluted shares Adj 47 47 47
EPS 0,12 0,58 0,7
Dividend per share Adj 0 0,4 0,5
EPS Adj 0,12 0,58 0,7
BVPS 3,42 4 4,36
BVPS Adj 2,98 3,56 3,91
Net IB debt / share -0,3 -0,5 -0,5
Share price 5,52 6,4 6,4
Market cap. (m) 257 298 298
Valuation 2020 2021 2022
P/E 54,7 11 9,1
EV/sales 0,2 0,17 0,17
EV/EBITDA 7,1 4,3 3,8
EV/EBITA 21,5 7,6 6,3
EV/EBIT 21,5 7,6 6,3
Dividend yield (%) 0 5,5 7
FCF yield (%) 17,7 11,6 15,1
P/BVPS 1,87 1,6 1,47
P/BVPS Adj 2,15 1,8 1,64
P/E Adj 54,7 11 9,1
EV/EBITDA Adj 7,1 4,3 3,8
EV/EBITA Adj 21,5 7,6 6,3
EV/EBIT Adj 21,5 7,6 6,3
EV/cap. employed 1,4 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 0,2 0,3 0,2
Capex / depreciation 130,6 142,9 142,9
Capex tangibles / tangible fixed assets 51,3 49,9 43,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 39,3 34,9 30,4
N/A N/A N/A

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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 47.2 % 72.7 % 31 Dec 2020
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 % 31 Dec 2020
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 + 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
Björn Örås +8 523 901 BUY 16 May 2019

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