Poolia
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- JLT Mobile Computers
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- Leading Edge Materials
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- Moment Group
- Motion Display
- NAXS
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- Nolato
- Nordic Waterproofing
- Opus Group
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- Pricer
- Proact
- Probi
- QuickCool
- Rottneros
- Seafire
- SinterCast
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White collar staffing
Poolia
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
POOLIA
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1974 | N/A | N/A | 1841 | 1841 | 2008 | 2008 | 1940 | 1940 | 1958 | 1958 | 1974 | 1974 | 2030 | 2030 | 2088 | 2088 | ||
| Sales growth (%) | 0,8 | N/A | N/A | N/A | N/A | 9,1 | 9,1 | -3,4 | -3,4 | 0,9 | 0,9 | 0,8 | 0,8 | 2,8 | 2,8 | 2,9 | 2,9 | ||
| EBITDA | 22 | N/A | N/A | 36 | 36 | 67 | 67 | 58 | 58 | 61 | 61 | 22 | 22 | 58 | 58 | N/A | N/A | ||
| EBITDA margin (%) | 3,1 | N/A | N/A | N/A | N/A | 2 | 2 | 3,4 | 3,4 | 3 | 3 | 3,1 | 3,1 | 1,1 | 1,1 | 2,9 | 2,9 | ||
| EBIT adj | 60 | N/A | N/A | N/A | N/A | 39 | 39 | 68 | 68 | 67 | 67 | 60 | 60 | 34 | 34 | 53 | 53 | ||
| EBIT adj margin (%) | 3,1 | N/A | N/A | N/A | N/A | 2,1 | 2,1 | 3,4 | 3,4 | 3,4 | 3,4 | 3,1 | 3,1 | 1,7 | 1,7 | 2,6 | 2,6 | ||
| Pretax profit | 18 | N/A | N/A | 31 | 31 | 66 | 66 | 53 | 53 | 56 | 56 | 18 | 18 | 53 | 53 | 65 | 65 | ||
| EPS rep | 0,24 | N/A | N/A | 0,39 | 0,39 | 1,03 | 1,03 | 0,83 | 0,83 | 0,87 | 0,87 | 0,24 | 0,24 | 0,86 | 0,86 | 1,05 | 1,05 | ||
| EPS growth (%) | -72 | N/A | N/A | N/A | N/A | 166,7 | 166,7 | -19,6 | -19,6 | 4,7 | 4,7 | -72 | -72 | 252,6 | 252,6 | 22,4 | 22,4 | ||
| EPS adj | 0,63 | N/A | N/A | 0,54 | 0,54 | 1,14 | 1,14 | 1,13 | 1,13 | 0,9 | 0,9 | 0,63 | 0,63 | 0,86 | 0,86 | 1,05 | 1,05 | ||
| DPS | 0 | N/A | N/A | 0,8 | 0,8 | 1,5 | 1,5 | 2,1 | 2,1 | 2,25 | 2,25 | 0 | 0 | 0,77 | 0,77 | 0,94 | 0,94 | ||
| EV/EBITDA (x) | 15 | N/A | N/A | 13,5 | 13,5 | 7,6 | 7,6 | 11,5 | 11,5 | 10,9 | 10,9 | 15 | 15 | 4,9 | 4,9 | 3,8 | 3,8 | ||
| EV/EBIT adj (x) | 9,5 | N/A | N/A | 12,7 | 12,7 | 7,6 | 7,6 | 9,9 | 9,9 | 11,1 | 11,1 | 9,5 | 9,5 | 5,3 | 5,3 | 4,1 | 4,1 | ||
| P/E (x) | 33,8 | N/A | N/A | 28,8 | 28,8 | 12 | 12 | 18,8 | 18,8 | 18,5 | 18,5 | 33,8 | 33,8 | 9,6 | 9,6 | 7,8 | 7,8 | ||
| P/E adj (x) | 13 | N/A | N/A | 20,4 | 20,4 | 10,8 | 10,8 | 13,9 | 13,9 | 17,7 | 17,7 | 13 | 13 | 9,6 | 9,6 | 7,8 | 7,8 | ||
| EV/sales (x) | 0,2 | N/A | N/A | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,2 | 0,2 | 0,1 | 0,1 | 0,1 | 0,1 | ||
| FCF yield (%) | -0,1 | N/A | N/A | 1,5 | 1,5 | 0,1 | 0,1 | 1,7 | 1,7 | 2,1 | 2,1 | -0,1 | -0,1 | 10,5 | 10,5 | 13,6 | 13,6 | ||
| Dividend yield (%) | 0 | N/A | N/A | 7,2 | 7,2 | 12,1 | 12,1 | 13,5 | 13,5 | 14,1 | 14,1 | 0 | 0 | 9,4 | 9,4 | 11,5 | 11,5 | ||
| Net IB debt/EBITDA | -2,7 | N/A | N/A | -0,8 | -0,8 | -1 | -1 | -1,2 | -1,2 | -1,3 | -1,3 | -2,7 | -2,7 | -1,7 | -1,7 | -1,6 | -1,6 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1974 | N/A | N/A | 1841 | 1841 | 2008 | 2008 | 1940 | 1940 | 1958 | 1958 | 1974 | 1974 | 2030 | 2030 | 2088 | 2088 | ||
| COGS | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 1974 | N/A | N/A | 1841 | 1841 | 2008 | 2008 | 1940 | 1940 | 1958 | 1958 | 1974 | 1974 | 2030 | 2030 | 2088 | 2088 | ||
| Other operating items | -1953 | N/A | N/A | -1805 | -1805 | -1941 | -1941 | -1882 | -1882 | -1897 | -1897 | -1953 | -1953 | -1972 | -1972 | -2018 | -2018 | ||
| EBITDA | 22 | N/A | N/A | 36 | 36 | 67 | 67 | 58 | 58 | 61 | 61 | 22 | 22 | 58 | 58 | 70 | 70 | ||
| Depreciation on tangibles | -6 | N/A | N/A | -5 | -5 | -5 | -5 | -5 | -5 | -3 | -3 | -6 | -6 | -5 | -5 | -5 | -5 | ||
| Depreciation on intangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBITA | 16 | N/A | N/A | 31 | 31 | 63 | 63 | 53 | 53 | 59 | 59 | 16 | 16 | 53 | 53 | 65 | 65 | ||
| Goodwill impairment charges | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | 16 | N/A | N/A | 31 | 31 | 63 | 63 | 53 | 53 | 59 | 59 | 16 | 16 | 53 | 53 | 65 | 65 | ||
| Other financial items | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 2 | N/A | N/A | 0 | 0 | 3 | 3 | 1 | 1 | -2 | -2 | 2 | 2 | 0 | 0 | 0 | 0 | ||
| Associated income | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 18 | N/A | N/A | 31 | 31 | 66 | 66 | 53 | 53 | 56 | 56 | 18 | 18 | 53 | 53 | 65 | 65 | ||
| Tax | -7 | N/A | N/A | -13 | -13 | -18 | -18 | -15 | -15 | -16 | -16 | -7 | -7 | -13 | -13 | -16 | -16 | ||
| Net profit | 11 | N/A | N/A | 18 | 18 | 48 | 48 | 39 | 39 | 40 | 40 | 11 | 11 | 40 | 40 | 49 | 49 | ||
| Minority interest | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 11 | N/A | N/A | 18 | 18 | 48 | 48 | 39 | 39 | 40 | 40 | 11 | 11 | 40 | 40 | 49 | 49 | ||
| EPS | 0,24 | N/A | N/A | 0,39 | 0,39 | 1,03 | 1,03 | 0,83 | 0,83 | 0,87 | 0,87 | 0,24 | 0,24 | 0,86 | 0,86 | 1,05 | 1,05 | ||
| EPS Adj | 0,63 | N/A | N/A | 0,54 | 0,54 | 1,14 | 1,14 | 1,13 | 1,13 | 0,9 | 0,9 | 0,63 | 0,63 | 0,86 | 0,86 | 1,05 | 1,05 | ||
| Total extraordinary items after tax | -18 | N/A | N/A | -7,4 | -7,4 | -5,3 | -5,3 | -13,9 | -13,9 | -1,7 | -1,7 | -18 | -18 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -37,1 | N/A | N/A | -42,3 | -42,3 | -26,7 | -26,7 | -27,3 | -27,3 | -28,4 | -28,4 | -37,1 | -37,1 | -25 | -25 | -25 | -25 | ||
| Gross margin (%) | 100 | N/A | N/A | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | 1,1 | N/A | N/A | 2 | 2 | 3,4 | 3,4 | 3 | 3 | 3,1 | 3,1 | 1,1 | 1,1 | 2,9 | 2,9 | 3,4 | 3,4 | ||
| EBITA margin (%) | 0,8 | N/A | N/A | 1,7 | 1,7 | 3,1 | 3,1 | 2,7 | 2,7 | 3 | 3 | 0,8 | 0,8 | 2,6 | 2,6 | 3,1 | 3,1 | ||
| EBIT margin (%) | 0,8 | N/A | N/A | 1,7 | 1,7 | 3,1 | 3,1 | 2,7 | 2,7 | 3 | 3 | 0,8 | 0,8 | 2,6 | 2,6 | 3,1 | 3,1 | ||
| Pretax margin (%) | 0,9 | N/A | N/A | 1,7 | 1,7 | 3,3 | 3,3 | 2,7 | 2,7 | 2,9 | 2,9 | 0,9 | 0,9 | 2,6 | 2,6 | 3,1 | 3,1 | ||
| Net margin (%) | 0,6 | N/A | N/A | 1 | 1 | 2,4 | 2,4 | 2 | 2 | 2,1 | 2,1 | 0,6 | 0,6 | 2 | 2 | 2,3 | 2,3 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 0,8 | N/A | N/A | N/A | N/A | 9,1 | 9,1 | -3,4 | -3,4 | 0,9 | 0,9 | 0,8 | 0,8 | 2,8 | 2,8 | 2,9 | 2,9 | ||
| EBITDA growth (%) | -64,6 | N/A | N/A | N/A | N/A | 86,7 | 86,7 | -14,5 | -14,5 | 6,3 | 6,3 | -64,6 | -64,6 | 168,4 | 168,4 | 20,5 | 20,5 | ||
| EBIT growth (%) | -72,6 | N/A | N/A | N/A | N/A | 100,6 | 100,6 | -16 | -16 | 11,4 | 11,4 | -72,6 | -72,6 | 230,7 | 230,7 | 22,4 | 22,4 | ||
| Net profit growth (%) | -72 | N/A | N/A | N/A | N/A | 166,7 | 166,7 | -19,6 | -19,6 | 4,7 | 4,7 | -72 | -72 | 252,6 | 252,6 | 22,4 | 22,4 | ||
| EPS growth (%) | -72 | N/A | N/A | N/A | N/A | 166,7 | 166,7 | -19,6 | -19,6 | 4,7 | 4,7 | -72 | -72 | 252,6 | 252,6 | 22,4 | 22,4 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | 7 | N/A | N/A | N/A | N/A | 29,6 | 29,6 | 22,5 | 22,5 | 23,4 | 23,4 | 7 | 7 | 23,7 | 23,7 | 25,1 | 25,1 | ||
| ROE Adj (%) | 18,1 | N/A | N/A | N/A | N/A | 32,9 | 32,9 | 30,6 | 30,6 | 24,3 | 24,3 | 18,1 | 18,1 | 23,7 | 23,7 | 25,1 | 25,1 | ||
| ROCE (%) | 19,2 | N/A | N/A | N/A | N/A | 56,9 | 56,9 | 50,4 | 50,4 | 56,6 | 56,6 | 19,2 | 19,2 | 59,2 | 59,2 | 73,9 | 73,9 | ||
| ROCE Adj(%) | 38,5 | N/A | N/A | N/A | N/A | 61,5 | 61,5 | 63,6 | 63,6 | 58,3 | 58,3 | 38,5 | 38,5 | 59,2 | 59,2 | 73,9 | 73,9 | ||
| ROIC (%) | 10,8 | N/A | N/A | N/A | N/A | 39,8 | 39,8 | 36,3 | 36,3 | 42,1 | 42,1 | 10,8 | 10,8 | 44,4 | 44,4 | 55,4 | 55,4 | ||
| ROIC Adj (%) | 22,9 | N/A | N/A | N/A | N/A | 43,2 | 43,2 | 45,9 | 45,9 | 43,3 | 43,3 | 22,9 | 22,9 | 44,4 | 44,4 | 55,4 | 55,4 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 40 | N/A | N/A | 44 | 44 | 73 | 73 | 72 | 72 | 63 | 63 | 40 | 40 | 58 | 58 | 70 | 70 | ||
| EBITDA Adj margin (%) | 2 | N/A | N/A | 2,4 | 2,4 | 3,6 | 3,6 | 3,7 | 3,7 | 3,2 | 3,2 | 2 | 2 | 2,9 | 2,9 | 3,4 | 3,4 | ||
| EBITA Adj | 34 | N/A | N/A | 39 | 39 | 68 | 68 | 67 | 67 | 60 | 60 | 34 | 34 | 53 | 53 | 65 | 65 | ||
| EBITA Adj margin (%) | 1,7 | N/A | N/A | 2,1 | 2,1 | 3,4 | 3,4 | 3,4 | 3,4 | 3,1 | 3,1 | 1,7 | 1,7 | 2,6 | 2,6 | 3,1 | 3,1 | ||
| EBIT Adj | 34 | N/A | N/A | 39 | 39 | 68 | 68 | 67 | 67 | 60 | 60 | 34 | 34 | 53 | 53 | 65 | 65 | ||
| EBIT Adj margin (%) | 1,7 | N/A | N/A | 2,1 | 2,1 | 3,4 | 3,4 | 3,4 | 3,4 | 3,1 | 3,1 | 1,7 | 1,7 | 2,6 | 2,6 | 3,1 | 3,1 | ||
| Pretax profit Adj | 36 | N/A | N/A | 39 | 39 | 71 | 71 | 67 | 67 | 58 | 58 | 36 | 36 | 53 | 53 | 65 | 65 | ||
| Net profit Adj | 29 | N/A | N/A | 25 | 25 | 53 | 53 | 53 | 53 | 42 | 42 | 29 | 29 | 40 | 40 | 49 | 49 | ||
| Net profit to shareholders Adj | 29 | N/A | N/A | 25 | 25 | 53 | 53 | 53 | 53 | 42 | 42 | 29 | 29 | 40 | 40 | 49 | 49 | ||
| Net Adj margin (%) | 1,5 | N/A | N/A | 1,4 | 1,4 | 2,7 | 2,7 | 2,7 | 2,7 | 2,1 | 2,1 | 1,5 | 1,5 | 2 | 2 | 2,3 | 2,3 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 22 | N/A | N/A | 36 | 36 | 67 | 67 | 58 | 58 | 61 | 61 | 22 | 22 | 58 | 58 | 70 | 70 | ||
| Net financial items | 2 | N/A | N/A | 0 | 0 | 3 | 3 | 1 | 1 | -2 | -2 | 2 | 2 | 0 | 0 | 0 | 0 | ||
| Paid tax | -7 | N/A | N/A | -13 | -13 | -18 | -18 | -15 | -15 | -16 | -16 | -7 | -7 | -13 | -13 | -16 | -16 | ||
| Non-cash items | 0 | N/A | N/A | 65 | 65 | -67 | -67 | -26 | -26 | -34 | -34 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 17 | N/A | N/A | 88 | 88 | -14 | -14 | 17 | 17 | 10 | 10 | 17 | 17 | 45 | 45 | 54 | 54 | ||
| Change in WC | 1 | N/A | N/A | N/A | N/A | 15 | 15 | -2 | -2 | 6 | 6 | 1 | 1 | -2 | -2 | -2 | -2 | ||
| Operating cash flow | -1 | N/A | N/A | 8 | 8 | 2 | 2 | 15 | 15 | 16 | 16 | -1 | -1 | 43 | 43 | 52 | 52 | ||
| CAPEX tangible fixed assets | 0 | N/A | N/A | -1 | -1 | -1 | -1 | -3 | -3 | -1 | -1 | 0 | 0 | -3 | -3 | 0 | 0 | ||
| CAPEX intangible fixed assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Acquisitions and disposals | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | -1 | N/A | N/A | 8 | 8 | 1 | 1 | 12 | 12 | 15 | 15 | -1 | -1 | 40 | 40 | 52 | 52 | ||
| Dividend paid | -39 | N/A | N/A | -12 | -12 | -14 | -14 | -35 | -35 | -36 | -36 | -39 | -39 | 0 | 0 | -36 | -36 | ||
| Share issues and buybacks | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 19 | N/A | N/A | N/A | N/A | 50 | 50 | 25 | 25 | 32 | 32 | 19 | 19 | 0 | 0 | 0 | 0 | ||
| Decrease in net IB debt | -21 | N/A | N/A | N/A | N/A | 37 | 37 | 2 | 2 | 11 | 11 | -21 | -21 | 40 | 40 | 16 | 16 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 19 | N/A | N/A | 19 | 19 | 24 | 24 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | ||
| Indefinite intangible assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tangible fixed assets | 12 | N/A | N/A | 24 | 24 | 20 | 20 | 17 | 17 | 18 | 18 | 12 | 12 | 10 | 10 | 5 | 5 | ||
| Other fixed assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Fixed assets | 31 | N/A | N/A | 42 | 42 | 44 | 44 | 36 | 36 | 37 | 37 | 31 | 31 | 29 | 29 | 24 | 24 | ||
| Inventories | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Receivables | 434 | N/A | N/A | 433 | 433 | 453 | 453 | 436 | 436 | 444 | 444 | 434 | 434 | 447 | 447 | 459 | 459 | ||
| Other current assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 58 | N/A | N/A | 30 | 30 | 67 | 67 | 82 | 82 | 79 | 79 | 58 | 58 | 98 | 98 | 115 | 115 | ||
| Total assets | 523 | N/A | N/A | 506 | 506 | 564 | 564 | 554 | 554 | 560 | 560 | 523 | 523 | 574 | 574 | 598 | 598 | ||
| Shareholders equity | 148 | N/A | N/A | 151 | 151 | 173 | 173 | 170 | 170 | 176 | 176 | 148 | 148 | 188 | 188 | 201 | 201 | ||
| Minority | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 148 | N/A | N/A | 151 | 151 | 173 | 173 | 170 | 170 | 176 | 176 | 148 | 148 | 188 | 188 | 201 | 201 | ||
| Long-term debt | 0 | N/A | N/A | 1 | 1 | 2 | 2 | 14 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pension debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 375 | N/A | N/A | 353 | 353 | 389 | 389 | 369 | 369 | 384 | 384 | 375 | 375 | 386 | 386 | 397 | 397 | ||
| Other current liabilities | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total liabilities and equity | 554 | N/A | N/A | N/A | N/A | N/A | N/A | 506 | 506 | 564 | 564 | 554 | 554 | 560 | 560 | 523 | 523 | ||
| Net IB debt | -58 | N/A | N/A | -29 | -29 | -65 | -65 | -68 | -68 | -79 | -79 | -58 | -58 | -98 | -98 | -115 | -115 | ||
| Net IB debt excl. pension debt | -58 | N/A | N/A | -29 | -29 | -65 | -65 | -68 | -68 | -79 | -79 | -58 | -58 | -98 | -98 | -115 | -115 | ||
| Capital invested | 90 | N/A | N/A | 122 | 122 | 108 | 108 | 103 | 103 | 97 | 97 | 90 | 90 | 90 | 90 | 87 | 87 | ||
| Working capital | 59 | N/A | N/A | 80 | 80 | 65 | 65 | 67 | 67 | 60 | 60 | 59 | 59 | 61 | 61 | 63 | 63 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 382 | N/A | N/A | 518 | 518 | 578 | 578 | 728 | 728 | 746 | 746 | 382 | 382 | 382 | 382 | 382 | 382 | ||
| Net IB debt Adj | -58 | N/A | N/A | -29 | -29 | -65 | -65 | -68 | -68 | -79 | -79 | -58 | -58 | -98 | -98 | -115 | -115 | ||
| Market value of minority | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 324 | N/A | N/A | 489 | 489 | 513 | 513 | 660 | 660 | 667 | 667 | 324 | 324 | 284 | 284 | 268 | 268 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 364,7 | N/A | N/A | N/A | N/A | 375,5 | 375,5 | 347,1 | 347,1 | 351,8 | 351,8 | 364,7 | 364,7 | 370 | 370 | 356,4 | 356,4 | ||
| Capital invested turnover (%) | 2111,2 | N/A | N/A | N/A | N/A | 1744 | 1744 | 1842,4 | 1842,4 | 1964,1 | 1964,1 | 2111,2 | 2111,2 | 2257,6 | 2257,6 | 2369,5 | 2369,5 | ||
| Capital employed turnover (%) | 2111,2 | N/A | N/A | N/A | N/A | 1744 | 1744 | 1842,4 | 1842,4 | 1964,1 | 1964,1 | 2111,2 | 2111,2 | 2257,6 | 2257,6 | 2369,5 | 2369,5 | ||
| Inventories / sales (%) | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Customer advances / sales (%) | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 19,2 | N/A | N/A | N/A | N/A | 18,5 | 18,5 | 19,5 | 19,5 | 19,2 | 19,2 | 19,2 | 19,2 | 18,7 | 18,7 | 18,7 | 18,7 | ||
| Working capital / sales (%) | 3 | N/A | N/A | N/A | N/A | 3,6 | 3,6 | 3,4 | 3,4 | 3,2 | 3,2 | 3 | 3 | 3 | 3 | 3 | 3 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | -39,2 | N/A | N/A | -19 | -19 | -37,7 | -37,7 | -39,8 | -39,8 | -44,9 | -44,9 | -39,2 | -39,2 | -52,3 | -52,3 | -57 | -57 | ||
| Net debt / market cap (%) | -10,2 | N/A | N/A | -5,2 | -5,2 | -12,3 | -12,3 | -10,6 | -10,6 | -10,8 | -10,8 | -10,2 | -10,2 | -25,7 | -25,7 | -29,9 | -29,9 | ||
| Equity ratio (%) | 28,3 | N/A | N/A | 29,8 | 29,8 | 30,7 | 30,7 | 30,7 | 30,7 | 31,4 | 31,4 | 28,3 | 28,3 | 32,8 | 32,8 | 33,6 | 33,6 | ||
| Net IB debt adj. / equity (%) | -39,2 | N/A | N/A | -19 | -19 | -37,7 | -37,7 | -39,8 | -39,8 | -44,9 | -44,9 | -39,2 | -39,2 | -52,3 | -52,3 | -57 | -57 | ||
| Current ratio (%) | 131,3 | N/A | N/A | 131,1 | 131,1 | 133,8 | 133,8 | 140,2 | 140,2 | 136,2 | 136,2 | 131,3 | 131,3 | 141,3 | 141,3 | 144,7 | 144,7 | ||
| EBITDA / net interest (%) | -1141,3 | N/A | N/A | 0 | 0 | -2324,1 | -2324,1 | -11520 | -11520 | 2781,8 | 2781,8 | -1141,3 | -1141,3 | 0 | 0 | 0 | 0 | ||
| Net IB debt / EBITDA (%) | -267,9 | N/A | N/A | -79,5 | -79,5 | -96,9 | -96,9 | -117,5 | -117,5 | -128,9 | -128,9 | -267,9 | -267,9 | -169,1 | -169,1 | -163,3 | -163,3 | ||
| Interest cover (%) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 47 | N/A | N/A | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | ||
| Fully diluted shares Adj | 47 | N/A | N/A | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | 47 | ||
| EPS | 0,24 | N/A | N/A | 0,39 | 0,39 | 1,03 | 1,03 | 0,83 | 0,83 | 0,87 | 0,87 | 0,24 | 0,24 | 0,86 | 0,86 | 1,05 | 1,05 | ||
| Dividend per share Adj | 0 | N/A | N/A | 0,8 | 0,8 | 1,5 | 1,5 | 2,1 | 2,1 | 2,3 | 2,3 | 0 | 0 | 0,8 | 0,8 | 0,9 | 0,9 | ||
| EPS Adj | 0,63 | N/A | N/A | 0,54 | 0,54 | 1,14 | 1,14 | 1,13 | 1,13 | 0,9 | 0,9 | 0,63 | 0,63 | 0,86 | 0,86 | 1,05 | 1,05 | ||
| BVPS | 3,18 | N/A | N/A | 3,24 | 3,24 | 3,72 | 3,72 | 3,65 | 3,65 | 3,77 | 3,77 | 3,18 | 3,18 | 4,03 | 4,03 | 4,31 | 4,31 | ||
| BVPS Adj | 2,77 | N/A | N/A | 2,84 | 2,84 | 3,21 | 3,21 | 3,25 | 3,25 | 3,37 | 3,37 | 2,77 | 2,77 | 3,63 | 3,63 | 3,91 | 3,91 | ||
| Net IB debt / share | -1,2 | N/A | N/A | -0,6 | -0,6 | -1,4 | -1,4 | -1,5 | -1,5 | -1,7 | -1,7 | -1,2 | -1,2 | -2,1 | -2,1 | -2,5 | -2,5 | ||
| Share price | 12,24 | N/A | N/A | 11,8 | 11,8 | 11,4 | 11,4 | 13,68 | 13,68 | 15,66 | 15,66 | 12,24 | 12,24 | 8,2 | 8,2 | 8,2 | 8,2 | ||
| Market cap. (m) | 571 | N/A | N/A | 550 | 550 | 531 | 531 | 638 | 638 | 730 | 730 | 571 | 571 | 382 | 382 | 382 | 382 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 33,8 | N/A | N/A | 28,8 | 28,8 | 12 | 12 | 18,8 | 18,8 | 18,5 | 18,5 | 33,8 | 33,8 | 9,6 | 9,6 | 7,8 | 7,8 | ||
| EV/sales | 0,16 | N/A | N/A | 0,27 | 0,27 | 0,26 | 0,26 | 0,34 | 0,34 | 0,34 | 0,34 | 0,16 | 0,16 | 0,14 | 0,14 | 0,13 | 0,13 | ||
| EV/EBITDA | 15 | N/A | N/A | 13,5 | 13,5 | 7,6 | 7,6 | 11,5 | 11,5 | 10,9 | 10,9 | 15 | 15 | 4,9 | 4,9 | 3,8 | 3,8 | ||
| EV/EBITA | 20,2 | N/A | N/A | 15,7 | 15,7 | 8,2 | 8,2 | 12,5 | 12,5 | 11,4 | 11,4 | 20,2 | 20,2 | 5,3 | 5,3 | 4,1 | 4,1 | ||
| EV/EBIT | 20,2 | N/A | N/A | 15,7 | 15,7 | 8,2 | 8,2 | 12,5 | 12,5 | 11,4 | 11,4 | 20,2 | 20,2 | 5,3 | 5,3 | 4,1 | 4,1 | ||
| Dividend yield (%) | 0 | N/A | N/A | 7,2 | 7,2 | 12,1 | 12,1 | 13,5 | 13,5 | 14,1 | 14,1 | 0 | 0 | 9,4 | 9,4 | 11,5 | 11,5 | ||
| FCF yield (%) | -0,1 | N/A | N/A | 1,5 | 1,5 | 0,1 | 0,1 | 1,7 | 1,7 | 2,1 | 2,1 | -0,1 | -0,1 | 10,5 | 10,5 | 13,6 | 13,6 | ||
| P/BVPS | 2,58 | N/A | N/A | 3,43 | 3,43 | 3,34 | 3,34 | 4,27 | 4,27 | 4,24 | 4,24 | 2,58 | 2,58 | 2,03 | 2,03 | 1,9 | 1,9 | ||
| P/BVPS Adj | 2,96 | N/A | N/A | 3,91 | 3,91 | 3,86 | 3,86 | 4,8 | 4,8 | 4,75 | 4,75 | 2,96 | 2,96 | 2,26 | 2,26 | 2,1 | 2,1 | ||
| P/E Adj | 13 | N/A | N/A | 20,4 | 20,4 | 10,8 | 10,8 | 13,9 | 13,9 | 17,7 | 17,7 | 13 | 13 | 9,6 | 9,6 | 7,8 | 7,8 | ||
| EV/EBITDA Adj | 8,2 | N/A | N/A | 11,2 | 11,2 | 7,1 | 7,1 | 9,2 | 9,2 | 10,6 | 10,6 | 8,2 | 8,2 | 4,9 | 4,9 | 3,8 | 3,8 | ||
| EV/EBITA Adj | 9,5 | N/A | N/A | 12,7 | 12,7 | 7,6 | 7,6 | 9,9 | 9,9 | 11,1 | 11,1 | 9,5 | 9,5 | 5,3 | 5,3 | 4,1 | 4,1 | ||
| EV/EBIT Adj | 9,5 | N/A | N/A | 12,7 | 12,7 | 7,6 | 7,6 | 9,9 | 9,9 | 11,1 | 11,1 | 9,5 | 9,5 | 5,3 | 5,3 | 4,1 | 4,1 | ||
| EV/cap. employed | 3,6 | N/A | N/A | 4 | 4 | 4,7 | 4,7 | 6,4 | 6,4 | 6,9 | 6,9 | 3,6 | 3,6 | 3,2 | 3,2 | 3,1 | 3,1 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0,1 | 0,1 | 0 | 0 | 0 | 0 | 0,1 | 0,1 | 0 | 0 | ||
| Capex / depreciation | 0 | N/A | N/A | 10,2 | 10,2 | 20,8 | 20,8 | 56 | 56 | 23,1 | 23,1 | 0 | 0 | 58 | 58 | 2 | 2 | ||
| Capex tangibles / tangible fixed assets | 0 | N/A | N/A | 2,1 | 2,1 | 5 | 5 | 16,5 | 16,5 | 3,4 | 3,4 | 0 | 0 | 29 | 29 | 2 | 2 | ||
| Capex intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on tangibles / tangibles | 46,3 | N/A | N/A | 20,7 | 20,7 | 24 | 24 | 29,4 | 29,4 | 14,7 | 14,7 | 46,3 | 46,3 | 50 | 50 | 98 | 98 |
Equity research
POOLIA
Poolia - Merger in focus
18 October 2018 Poolia Preview of results
Poolia - First cut is the deepest
1 August 2018 Poolia Post-results comment
Company news
POOLIA
Poolias valberedning utsedd
2 November 2018
Flaggningsmeddelande i Poolia AB
31 October 2018
Main shareholders
Poolia
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Björn Örås | 41.6 % | 69.8 % | 31 Dec 2018 | |
| Carnegie Fonder | 5.7 % | 3.0 % | 31 Dec 2018 | |
| Avanza Pension | 3.9 % | 2.0 % | 31 Dec 2018 | |
| Traction | 3.4 % | 1.7 % | 31 Dec 2018 | |
| Morten Werner | 2.3 % | 1.2 % | 30 Jun 2018 | |
| Sara Örås | 2.1 % | 1.1 % | 31 Dec 2018 | |
| Fredrik Palmstierna | 2.0 % | 1.0 % | 31 Dec 2018 | |
| Jenny Pizzignacco | 1.8 % | 1.0 % | 31 Dec 2018 | |
| Caroline Örås | 1.8 % | 0.9 % | 31 Dec 2018 | |
| Kungliga Konstakademien | 1.6 % | 0.8 % | 31 Dec 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
Poolia
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Jan Georg Bengtsson | + 50 000 | BUY | + 50 000 | 7 Nov 2018 |
| Jonas Nilsson | + 7 000 | BUY | + 7 000 | 7 Nov 2018 |
| Jan Georg Bengtsson | + 14 400 | BUY | + 14 400 | 7 Nov 2018 |
| Jan Georg Bengtsson | + 285 600 | TILLD | + 285 600 | 1 Nov 2018 |
| Jan Georg Bengtsson | + 285 600 | TILLD | + 285 600 | 1 Nov 2018 |
| Jan Georg Bengtsson | + 285 600 | TILLD | + 285 600 | 1 Nov 2018 |
| Jan Georg Bengtsson | + 285 600 | TILLD | + 285 600 | 1 Nov 2018 |
| Björn Örås | +6 840 486 | TILLD | +6 840 486 | 31 Oct 2018 |
| Björn Örås | +5 272 457 | TILLD | +5 272 457 | 31 Oct 2018 |
| Jenny Pizzignacco | + 596 938 | TILLD | + 596 938 | 31 Oct 2018 |
QUICK FACTS
- Jan Bengtsson
- Björn Örås
- Services
- www.poolia.com
- Small Cap
- 382,4 MSEK
- POOL B
- Q4 Report 15 Feb 2019
QUICK FACTS
- CEO
- Jan Bengtsson
- Chairman
- Björn Örås
- List
- Small Cap
- Sector
- Services
QUICK FACTS
- Market Cap
- 382,4 MSEK
- Ticker
- POOL B
- Next Event
- 15 Feb 2019
- Website
- www.poolia.com
Latest articles
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Poolia - Company presentation with CEO Jan Bengtsson (in Swedish)
5 Dec 2018 / Media
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Livesändning - Introduce Investor Day (4 Dec 2018)
4 Dec 2018 / Article
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Programme - Introduce Investor Day 4 December
3 Dec 2018 / Article
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Poolia - Merger paperwork done, time to execute
6 Nov 2018 / Analys
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Inbjudan till Introduce Investor Day 4 december
6 Nov 2018 / Article
