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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.

Financials

SEKm 2018 2019e 2020e
Sales 1943 1725 1785
Sales growth (%) -0,8 -11,2 3,5
EBITDA 22 65 72
EBITDA margin (%) 1,1 3,8 4
EBIT adj 36 30 41
EBIT adj margin (%) 1,8 1,8 2,3
Pretax profit 17 33 40
EPS rep 0,27 0,56 0,65
EPS growth (%) -68,8 106,4 16,2
EPS adj 0,68 0,5 0,67
DPS 0,25 0,4 0,45
EV/EBITDA (x) 15,6 4,1 3,5
EV/EBIT adj (x) 9,7 8,8 6,2
P/E (x) 28,9 10,8 9,3
P/E adj (x) 11,5 12,2 9
EV/sales (x) 0,2 0,2 0,1
FCF yield (%) -0,8 10,2 9,7
Dividend yield (%) 3,2 6,6 7,5
Net IB debt/EBITDA -0,8 -0,3 -0,3
SEKm 2018 2019e 2020e
Sales 1943 1725 1785
COGS 0 0 0
Gross profit 1943 1725 1785
Other operating items -1920 -1660 -1713
EBITDA 22 65 72
Depreciation on tangibles -5 -32 -32
Depreciation on intangibles 0 0 0
EBITA 17 33 40
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 17 33 40
Other financial items 0 0 0
Net financial items 1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 17 33 40
Tax -5 -7 -10
Net profit 13 26 30
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 13 26 30
EPS 0,27 0,56 0,65
EPS Adj 0,68 0,5 0,67
Total extraordinary items after tax -19 2,9 -1
Tax rate (%) -27,6 -21,5 -25
Gross margin (%) 100 100 100
EBITDA margin (%) 1,1 3,8 4
EBITA margin (%) 0,9 1,9 2,3
EBIT margin (%) 0,9 1,9 2,3
Pretax margin (%) 0,9 1,9 2,3
Net margin (%) 0,6 1,5 1,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,8 -11,2 3,5
EBITDA growth (%) -63,6 191,9 11
EBIT growth (%) -71,2 95,9 21,7
Net profit growth (%) -68,8 106,4 16,2
EPS growth (%) -68,8 106,4 16,2
Profitability 2018 2019 2020
ROE (%) 8 17,1 18,3
ROE Adj (%) 20 15,2 18,9
ROCE (%) 9,2 16,3 17,8
ROCE Adj(%) 19,3 14,9 18,2
ROIC (%) 10,3 19,2 20,9
ROIC Adj (%) 21,9 17,6 21,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 41 62 73
EBITDA Adj margin (%) 2,1 3,6 4,1
EBITA Adj 36 30 41
EBITA Adj margin (%) 1,8 1,8 2,3
EBIT Adj 36 30 41
EBIT Adj margin (%) 1,8 1,8 2,3
Pretax profit Adj 36 30 41
Net profit Adj 32 23 31
Net profit to shareholders Adj 32 23 31
Net Adj margin (%) 1,6 1,3 1,7
SEKm 2018 2019e 2020e
EBITDA 22 65 72
Net financial items 1 0 0
Paid tax -5 -9 -10
Non-cash items -2 0 0
Cash flow before change in WC 16 57 62
Change in WC -16 3 -3
Operating cash flow 0 60 59
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets 0 -28 -28
Acquisitions and disposals 0 0 0
Free cash flow -3 29 27
Dividend paid -39 -12 -19
Share issues and buybacks 0 0 0
Other non cash items 1 -18 0
Decrease in net IB debt -41 -1 9
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 19 19 19
Indefinite intangible assets 0 0 0
Definite intangible assets 2 30 58
Tangible fixed assets 3 -6 -34
Other fixed assets 14 14 14
Fixed assets 38 56 56
Inventories 0 0 0
Receivables 436 431 446
Other current assets 0 0 0
Cash and liquid assets 58 78 87
Total assets 532 566 590
Shareholders equity 145 159 171
Minority 0 0 0
Total equity 145 159 171
Long-term debt 0 31 31
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 40 31 31
Accounts payable 347 345 357
Other current liabilities 0 0 0
Total liabilities and equity 554 560 532
Net IB debt -17 -16 -25
Net IB debt excl. pension debt -17 -16 -25
Capital invested 127 143 146
Working capital 89 86 89
EV breakdown 2018 2019 2020
Market cap. diluted (m) 365 281 281
Net IB debt Adj -17 -16 -25
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 347 264 256
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 356 314,4 308,9
Capital invested turnover (%) 1638 1277 1237,7
Capital employed turnover (%) 1031,9 849,9 787,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,3 20 19,7
Working capital / sales (%) 4,2 5,1 4,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -12 -10,4 -14,7
Net debt / market cap (%) -3 -5,9 -8,9
Equity ratio (%) 27,3 28,1 29
Net IB debt adj. / equity (%) -12 -10,4 -14,7
Current ratio (%) 127,6 135,5 137,4
EBITDA / net interest (%) -4460 0 0
Net IB debt / EBITDA (%) -77,9 -25,3 -34,7
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 47 47 47
Fully diluted shares Adj 47 47 47
EPS 0,27 0,56 0,65
Dividend per share Adj 0,3 0,4 0,5
EPS Adj 0,68 0,5 0,67
BVPS 3,11 3,41 3,66
BVPS Adj 2,65 2,36 2,01
Net IB debt / share -0,4 -0,4 -0,5
Share price 12,24 6,02 6,02
Market cap. (m) 571 281 281
Valuation 2018 2019 2020
P/E 28,9 10,8 9,3
EV/sales 0,18 0,15 0,14
EV/EBITDA 15,6 4,1 3,5
EV/EBITA 20,6 8 6,3
EV/EBIT 20,6 8 6,3
Dividend yield (%) 3,2 6,6 7,5
FCF yield (%) -0,8 10,2 9,7
P/BVPS 2,52 1,76 1,64
P/BVPS Adj 2,95 2,55 3
P/E Adj 11,5 12,2 9
EV/EBITDA Adj 8,4 4,2 3,5
EV/EBITA Adj 9,7 8,8 6,2
EV/EBIT Adj 9,7 8,8 6,2
EV/cap. employed 1,9 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 0,2 1,8 1,8
Capex / depreciation 61,1 96,6 100
Capex tangibles / tangible fixed assets 98,2 -45 -11,6
Capex intangibles / definite intangibles 0 93,7 48,4
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 160,7 -496,9 -92,9

Equity research

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Media

Poolia - Company presentation with CEO Jan Bengtsson (in Swedish)
Poolia: Intervju med VD Morten Werner (Q1 2018)

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Main shareholders

Poolia

Main shareholders Share capital % Voting shares % Verified
Björn Örås 41.6 % 69.8 % 30 Jun 2019
Carnegie Fonder 5.7 % 3.0 % 31 Jul 2019
Avanza Pension 4.2 % 2.2 % 30 Jun 2019
Traction 3.4 % 1.7 % 30 Jun 2019
Morten Werner 2.3 % 1.2 % 30 Jun 2018
Fredrik Palmstierna 2.3 % 1.2 % 30 Jun 2019
Sara Örås 2.1 % 1.1 % 30 Jun 2019
Jenny Pizzignacco 1.8 % 1.0 % 30 Jun 2019
Caroline Örås 1.8 % 0.9 % 30 Jun 2019
Kungliga Konstakademien 1.4 % 0.7 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Poolia

Name Quantity Code Date
Björn Örås +8 523 901 BUY 16 May 2019
Björn Örås -8 523 901 SELL 16 May 2019
Jan Georg Bengtsson + 50 000 BUY 7 Nov 2018
Jonas Nilsson + 7 000 BUY 7 Nov 2018
Jan Georg Bengtsson + 14 400 BUY 7 Nov 2018
Jan Georg Bengtsson + 285 600 TILLD 1 Nov 2018
Jan Georg Bengtsson + 285 600 TILLD 1 Nov 2018
Jan Georg Bengtsson + 285 600 TILLD 1 Nov 2018
Jan Georg Bengtsson + 285 600 TILLD 1 Nov 2018
Björn Örås +6 840 486 TILLD 31 Oct 2018

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