Poolia
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Zutec
Menu
- Addtech
- Alcadon
- Arise
- Avensia
- Bergs Timber
- BioGaia
- Biovica
- Boule Diagnostics
- Bredband2
- Brighter
- Briox
- Capacent
- Catella
- Catena
- Catena Media
- Cavotec
- Christian Berner Tech Trade
- Concordia Maritime
- CTT Systems
- Dedicare
- DistIT
- Diös
- Doro
- Elanders
- Electra Gruppen
- Elos Medtech
- Empir Group
- Enzymatica
- Eolus Vind
- Eurocon
- eWork
- FastPartner
- Ferronordic
- Formpipe
- Fortnox
- Future Gaming Group
- G5 Entertainment
- GARO
- Generic
- Hifab
- HMS Networks
- Hoylu
- Intervacc
- INVISIO Communications
- Invuo Technologies
- ITAB Shop Concept
- JLT Mobile Computers
- Lagercrantz
- Lammhults
- Leading Edge Materials
- Magnolia Bostad
- Malmbergs Elektriska
- MedicaNatumin
- Midsona
- Moberg Pharma
- Moment Group
- Motion Display
- NAXS
- Nilörngruppen
- Nolato
- Nordic Leisure
- Nordic Waterproofing
- Opus Group
- Poolia
- Pricer
- Proact
- Probi
- QuickCool
- Railcare
- Rottneros
- Seafire
- Sectra
- SinterCast
- SJR
- Stendörren
- Studsvik
- Swedencare
- Swedol
- TagMaster
- Tethys Oil
- THQ Nordic
- VBG Group
- Vitec
- Vitrolife
-
Zutec
White collar staffing
Poolia
Poolia is a well-known brand within white collar staffing and was founded 1989 (as Ekonompoolen), three years before the de-regulation of the Swedish staffing market. The founder, Björn Örås, is still the largest owner and COB. Poolia help companies both with their temporary staffing as well as recruitment. Besides Sweden, it has offices in Germany and Finland. Some of Poolia’s specialty areas are banking & finance, HR, sales & markets & administration. Poolia’s task is to help companies with, for example, temporarily high workloads, bridging employee turnover and decreasing employee administration.
Like other staffing companies, the business model is capital light and growth can be generated without the need of large investments. For the same reason the model results in strong cash flow and high payout ratios, meaning room for good dividends. Poolia is 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 a growth at least in line with the sector. Another opportunity is the margin, which definitely can be improved, especially considering that Poolia tries to place specialist staff and has a strong recruiting business.
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. Another risk is that 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 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 786 | N/A | N/A | 701 | 701 | 757 | 757 | 785 | 785 | 772 | 772 | 786 | 786 | 806 | 806 | 829 | 829 | ||
| Sales growth (%) | 1,8 | N/A | N/A | 0 | 0 | 8,1 | 8,1 | 3,6 | 3,6 | -1,7 | -1,7 | 1,8 | 1,8 | 2,6 | 2,6 | 2,8 | 2,8 | ||
| EBITDA | 5 | N/A | N/A | 9 | 9 | 19 | 19 | 27 | 27 | 25 | 25 | 5 | 5 | 21 | 21 | 25 | 25 | ||
| EBITDA margin (%) | 0,7 | N/A | N/A | 1,3 | 1,3 | 2,5 | 2,5 | 3,4 | 3,4 | 3,2 | 3,2 | 0,7 | 0,7 | 2,7 | 2,7 | 3 | 3 | ||
| EBIT adj | 12 | N/A | N/A | 6 | 6 | 21 | 21 | 29 | 29 | 24 | 24 | 12 | 12 | 18 | 18 | 22 | 22 | ||
| EBIT adj margin (%) | 1,5 | N/A | N/A | 0,8 | 0,8 | 2,8 | 2,8 | 3,7 | 3,7 | 3,1 | 3,1 | 1,5 | 1,5 | 2,3 | 2,3 | 2,7 | 2,7 | ||
| Pretax profit | 2 | N/A | N/A | 5 | 5 | 21 | 21 | 21 | 21 | 21 | 21 | 2 | 2 | 18 | 18 | 22 | 22 | ||
| EPS rep | -0,01 | N/A | N/A | 0,11 | 0,11 | 0,87 | 0,87 | 0,8 | 0,8 | 0,74 | 0,74 | -0,01 | -0,01 | 0,75 | 0,75 | 0,91 | 0,91 | ||
| EPS growth (%) | -100,8 | N/A | N/A | 0 | 0 | 727,8 | 727,8 | -8,1 | -8,1 | -7,3 | -7,3 | -100,8 | -100,8 | 12203,7 | 12203,7 | 20,4 | 20,4 | ||
| EPS adj | 0,54 | N/A | N/A | 0,11 | 0,11 | 1,18 | 1,18 | 1,15 | 1,15 | 0,84 | 0,84 | 0,54 | 0,54 | 0,75 | 0,75 | 0,91 | 0,91 | ||
| DPS | 0 | N/A | N/A | 0 | 0 | 0,5 | 0,5 | 0,6 | 0,6 | 0,6 | 0,6 | 0 | 0 | 0,7 | 0,7 | 0,8 | 0,8 | ||
| EV/EBITDA (x) | 37,8 | N/A | N/A | 20 | 20 | 10,3 | 10,3 | 9,2 | 9,2 | 9,3 | 9,3 | 37,8 | 37,8 | 8,6 | 8,6 | 7,2 | 7,2 | ||
| EV/EBIT adj (x) | 17 | N/A | N/A | 31,8 | 31,8 | 9,1 | 9,1 | 8,4 | 8,4 | 9,7 | 9,7 | 17 | 17 | 10,1 | 10,1 | 8,3 | 8,3 | ||
| P/E (x) | -1916,6 | N/A | N/A | 105,6 | 105,6 | 14,2 | 14,2 | 19,5 | 19,5 | 21,6 | 21,6 | -1916,6 | -1916,6 | 15,8 | 15,8 | 13,1 | 13,1 | ||
| P/E adj (x) | 22,2 | N/A | N/A | 105,6 | 105,6 | 10,5 | 10,5 | 13,6 | 13,6 | 19 | 19 | 22,2 | 22,2 | 15,8 | 15,8 | 13,1 | 13,1 | ||
| EV/sales (x) | 0,3 | N/A | N/A | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,3 | 0,2 | 0,2 | 0,2 | 0,2 | ||
| FCF yield (%) | -0,6 | N/A | N/A | -0,4 | -0,4 | 2,5 | 2,5 | 7 | 7 | 5,4 | 5,4 | -0,6 | -0,6 | 9,4 | 9,4 | 10,8 | 10,8 | ||
| Dividend yield (%) | 0 | N/A | N/A | 0 | 0 | 4 | 4 | 3,8 | 3,8 | 3,8 | 3,8 | 0 | 0 | 5,9 | 5,9 | 6,7 | 6,7 | ||
| Net IB debt/EBITDA | -1,3 | N/A | N/A | -1,4 | -1,4 | -1 | -1 | -0,8 | -0,8 | -1,7 | -1,7 | -1,3 | -1,3 | -0,9 | -0,9 | -0,8 | -0,8 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 786 | N/A | N/A | 701 | 701 | 757 | 757 | 785 | 785 | 772 | 772 | 786 | 786 | 806 | 806 | 829 | 829 | ||
| COGS | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 786 | N/A | N/A | 701 | 701 | 757 | 757 | 785 | 785 | 772 | 772 | 786 | 786 | 806 | 806 | 829 | 829 | ||
| Other operating items | -780 | N/A | N/A | -692 | -692 | -738 | -738 | -758 | -758 | -747 | -747 | -780 | -780 | -784 | -784 | -804 | -804 | ||
| EBITDA | 5 | N/A | N/A | 9 | 9 | 19 | 19 | 27 | 27 | 25 | 25 | 5 | 5 | 21 | 21 | 25 | 25 | ||
| Depreciation on tangibles | -3 | N/A | N/A | -3 | -3 | -3 | -3 | -4 | -4 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | ||
| Depreciation on intangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBITA | 2 | N/A | N/A | 6 | 6 | 16 | 16 | 23 | 23 | 22 | 22 | 2 | 2 | 18 | 18 | 22 | 22 | ||
| 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 | 2 | N/A | N/A | 6 | 6 | 16 | 16 | 23 | 23 | 22 | 22 | 2 | 2 | 18 | 18 | 22 | 22 | ||
| 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 | 0 | N/A | N/A | 0 | 0 | 5 | 5 | -3 | -3 | -2 | -2 | 0 | 0 | 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 | 2 | N/A | N/A | 5 | 5 | 21 | 21 | 21 | 21 | 21 | 21 | 2 | 2 | 18 | 18 | 22 | 22 | ||
| Tax | -2 | N/A | N/A | -4 | -4 | -7 | -7 | -7 | -7 | -8 | -8 | -2 | -2 | -6 | -6 | -7 | -7 | ||
| Net profit | 0 | N/A | N/A | 2 | 2 | 15 | 15 | 14 | 14 | 13 | 13 | 0 | 0 | 13 | 13 | 15 | 15 | ||
| 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 | 0 | N/A | N/A | 2 | 2 | 15 | 15 | 14 | 14 | 13 | 13 | 0 | 0 | 13 | 13 | 15 | 15 | ||
| EPS | -0,01 | N/A | N/A | 0,11 | 0,11 | 0,87 | 0,87 | 0,8 | 0,8 | 0,74 | 0,74 | -0,01 | -0,01 | 0,75 | 0,75 | 0,91 | 0,91 | ||
| EPS Adj | 0,54 | N/A | N/A | 0,11 | 0,11 | 1,18 | 1,18 | 1,15 | 1,15 | 0,84 | 0,84 | 0,54 | 0,54 | 0,75 | 0,75 | 0,91 | 0,91 | ||
| Total extraordinary items after tax | -9,3 | N/A | N/A | 0 | 0 | -5,3 | -5,3 | -6 | -6 | -1,7 | -1,7 | -9,3 | -9,3 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -105 | N/A | N/A | -66 | -66 | -30,4 | -30,4 | -33,2 | -33,2 | -38 | -38 | -105 | -105 | -30 | -30 | -30 | -30 | ||
| Gross margin (%) | 100 | N/A | N/A | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | 0,7 | N/A | N/A | 1,3 | 1,3 | 2,5 | 2,5 | 3,4 | 3,4 | 3,2 | 3,2 | 0,7 | 0,7 | 2,7 | 2,7 | 3 | 3 | ||
| EBITA margin (%) | 0,3 | N/A | N/A | 0,8 | 0,8 | 2,1 | 2,1 | 2,9 | 2,9 | 2,9 | 2,9 | 0,3 | 0,3 | 2,3 | 2,3 | 2,7 | 2,7 | ||
| EBIT margin (%) | 0,3 | N/A | N/A | 0,8 | 0,8 | 2,1 | 2,1 | 2,9 | 2,9 | 2,9 | 2,9 | 0,3 | 0,3 | 2,3 | 2,3 | 2,7 | 2,7 | ||
| Pretax margin (%) | 0,3 | N/A | N/A | 0,8 | 0,8 | 2,8 | 2,8 | 2,6 | 2,6 | 2,7 | 2,7 | 0,3 | 0,3 | 2,3 | 2,3 | 2,7 | 2,7 | ||
| Net margin (%) | 0 | N/A | N/A | 0,3 | 0,3 | 2 | 2 | 1,7 | 1,7 | 1,6 | 1,6 | 0 | 0 | 1,6 | 1,6 | 1,9 | 1,9 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 1,8 | N/A | N/A | 0 | 0 | 8,1 | 8,1 | 3,6 | 3,6 | -1,7 | -1,7 | 1,8 | 1,8 | 2,6 | 2,6 | 2,8 | 2,8 | ||
| EBITDA growth (%) | -79 | N/A | N/A | 0 | 0 | 112,4 | 112,4 | 41,3 | 41,3 | -7,1 | -7,1 | -79 | -79 | 312,4 | 312,4 | 17,6 | 17,6 | ||
| EBIT growth (%) | -89,6 | N/A | N/A | 0 | 0 | 185,7 | 185,7 | 43,8 | 43,8 | -3,5 | -3,5 | -89,6 | -89,6 | 697,5 | 697,5 | 20,4 | 20,4 | ||
| Net profit growth (%) | -100,8 | N/A | N/A | 0 | 0 | 727,8 | 727,8 | -8,1 | -8,1 | -7,3 | -7,3 | -100,8 | -100,8 | 0 | 0 | 20,4 | 20,4 | ||
| EPS growth (%) | -100,8 | N/A | N/A | 0 | 0 | 727,8 | 727,8 | -8,1 | -8,1 | -7,3 | -7,3 | -100,8 | -100,8 | 0 | 0 | 20,4 | 20,4 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | -0,1 | N/A | N/A | 0 | 0 | 20,8 | 20,8 | 17,4 | 17,4 | 14,9 | 14,9 | -0,1 | -0,1 | 14,9 | 14,9 | 16,3 | 16,3 | ||
| ROE Adj (%) | 10,9 | N/A | N/A | 0 | 0 | 28,2 | 28,2 | 25,1 | 25,1 | 17 | 17 | 10,9 | 10,9 | 14,9 | 14,9 | 16,3 | 16,3 | ||
| ROCE (%) | 3,6 | N/A | N/A | 0 | 0 | 37,9 | 37,9 | 35,2 | 35,2 | 39,2 | 39,2 | 3,6 | 3,6 | 24,9 | 24,9 | 29,5 | 29,5 | ||
| ROCE Adj(%) | 19,2 | N/A | N/A | 0 | 0 | 47,3 | 47,3 | 45,5 | 45,5 | 42,4 | 42,4 | 19,2 | 19,2 | 24,9 | 24,9 | 29,5 | 29,5 | ||
| ROIC (%) | -0,2 | N/A | N/A | 0 | 0 | 19,7 | 19,7 | 26,4 | 26,4 | 26,3 | 26,3 | -0,2 | -0,2 | 17,4 | 17,4 | 20,6 | 20,6 | ||
| ROIC Adj (%) | -1 | N/A | N/A | 0 | 0 | 26,3 | 26,3 | 33,3 | 33,3 | 28,3 | 28,3 | -1 | -1 | 17,4 | 17,4 | 20,6 | 20,6 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 15 | N/A | N/A | 9 | 9 | 24 | 24 | 33 | 33 | 27 | 27 | 15 | 15 | 21 | 21 | 25 | 25 | ||
| EBITDA Adj margin (%) | 1,8 | N/A | N/A | 1,3 | 1,3 | 3,2 | 3,2 | 4,2 | 4,2 | 3,4 | 3,4 | 1,8 | 1,8 | 2,7 | 2,7 | 3 | 3 | ||
| EBITA Adj | 12 | N/A | N/A | 6 | 6 | 21 | 21 | 29 | 29 | 24 | 24 | 12 | 12 | 18 | 18 | 22 | 22 | ||
| EBITA Adj margin (%) | 1,5 | N/A | N/A | 0,8 | 0,8 | 2,8 | 2,8 | 3,7 | 3,7 | 3,1 | 3,1 | 1,5 | 1,5 | 2,3 | 2,3 | 2,7 | 2,7 | ||
| EBIT Adj | 12 | N/A | N/A | 6 | 6 | 21 | 21 | 29 | 29 | 24 | 24 | 12 | 12 | 18 | 18 | 22 | 22 | ||
| EBIT Adj margin (%) | 1,5 | N/A | N/A | 0,8 | 0,8 | 2,8 | 2,8 | 3,7 | 3,7 | 3,1 | 3,1 | 1,5 | 1,5 | 2,3 | 2,3 | 2,7 | 2,7 | ||
| Pretax profit Adj | 11 | N/A | N/A | 5 | 5 | 27 | 27 | 27 | 27 | 22 | 22 | 11 | 11 | 18 | 18 | 22 | 22 | ||
| Net profit Adj | 9 | N/A | N/A | 2 | 2 | 20 | 20 | 20 | 20 | 14 | 14 | 9 | 9 | 13 | 13 | 15 | 15 | ||
| Net profit to shareholders Adj | 9 | N/A | N/A | 2 | 2 | 20 | 20 | 20 | 20 | 14 | 14 | 9 | 9 | 13 | 13 | 15 | 15 | ||
| Net Adj margin (%) | 1,2 | N/A | N/A | 0,3 | 0,3 | 2,7 | 2,7 | 2,5 | 2,5 | 1,9 | 1,9 | 1,2 | 1,2 | 1,6 | 1,6 | 1,9 | 1,9 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5 | N/A | N/A | 9 | 9 | 19 | 19 | 27 | 27 | 25 | 25 | 5 | 5 | 21 | 21 | 25 | 25 | ||
| Net financial items | 0 | N/A | N/A | 0 | 0 | 5 | 5 | -3 | -3 | -2 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Paid tax | -2 | N/A | N/A | -4 | -4 | -7 | -7 | -7 | -7 | -8 | -8 | -2 | -2 | -6 | -6 | -7 | -7 | ||
| Non-cash items | 0 | N/A | N/A | 18 | 18 | -3 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 3 | N/A | N/A | 23 | 23 | 15 | 15 | 17 | 17 | 15 | 15 | 3 | 3 | 16 | 16 | 19 | 19 | ||
| Change in WC | -27 | N/A | N/A | 0 | 0 | 2 | 2 | -4 | -4 | 15 | 15 | -27 | -27 | -1 | -1 | -1 | -1 | ||
| Operating cash flow | 3 | N/A | N/A | 1 | 1 | 17 | 17 | 20 | 20 | 20 | 20 | 3 | 3 | 16 | 16 | 19 | 19 | ||
| CAPEX tangible fixed assets | -4 | N/A | N/A | -1 | -1 | -1 | -1 | -1 | -1 | -5 | -5 | -4 | -4 | 3 | 3 | 3 | 3 | ||
| 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 | -11 | -11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | -1 | N/A | N/A | -1 | -1 | 5 | 5 | 19 | 19 | 15 | 15 | -1 | -1 | 19 | 19 | 22 | 22 | ||
| Dividend paid | -10 | N/A | N/A | 0 | 0 | 0 | 0 | -9 | -9 | -10 | -10 | -10 | -10 | 0 | 0 | -12 | -12 | ||
| 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 | -24 | N/A | N/A | 0 | 0 | 1 | 1 | -6 | -6 | 16 | 16 | -24 | -24 | -7 | -7 | -8 | -8 | ||
| Decrease in net IB debt | -36 | N/A | N/A | 0 | 0 | 6 | 6 | 4 | 4 | 20 | 20 | -36 | -36 | 12 | 12 | 2 | 2 | ||
| 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 | 12 | 12 | 19 | 19 | 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 | 19 | N/A | N/A | 21 | 21 | 19 | 19 | 16 | 16 | 17 | 17 | 19 | 19 | 19 | 19 | 19 | 19 | ||
| Other fixed assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Fixed assets | 37 | N/A | N/A | 34 | 34 | 37 | 37 | 35 | 35 | 36 | 36 | 37 | 37 | 37 | 37 | 38 | 38 | ||
| Inventories | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Receivables | 185 | N/A | N/A | 150 | 150 | 175 | 175 | 174 | 174 | 174 | 174 | 185 | 185 | 189 | 189 | 195 | 195 | ||
| 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 | 32 | N/A | N/A | 14 | 14 | 20 | 20 | 37 | 37 | 43 | 43 | 32 | 32 | 44 | 44 | 46 | 46 | ||
| Total assets | 254 | N/A | N/A | 197 | 197 | 233 | 233 | 246 | 246 | 253 | 253 | 254 | 254 | 271 | 271 | 279 | 279 | ||
| Shareholders equity | 80 | N/A | N/A | 68 | 68 | 76 | 76 | 82 | 82 | 88 | 88 | 80 | 80 | 93 | 93 | 97 | 97 | ||
| Minority | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 80 | N/A | N/A | 68 | 68 | 76 | 76 | 82 | 82 | 88 | 88 | 80 | 80 | 93 | 93 | 97 | 97 | ||
| 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 | 25 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 25 | 25 | 25 | 25 | ||
| Accounts payable | 149 | N/A | N/A | 128 | 128 | 155 | 155 | 150 | 150 | 165 | 165 | 149 | 149 | 152 | 152 | 157 | 157 | ||
| 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 | 246 | N/A | N/A | 0 | 0 | 0 | 0 | 197 | 197 | 233 | 233 | 246 | 246 | 253 | 253 | 254 | 254 | ||
| Net IB debt | -7 | N/A | N/A | -12 | -12 | -18 | -18 | -22 | -22 | -43 | -43 | -7 | -7 | -19 | -19 | -21 | -21 | ||
| Net IB debt excl. pension debt | -7 | N/A | N/A | -12 | -12 | -18 | -18 | -22 | -22 | -43 | -43 | -7 | -7 | -19 | -19 | -21 | -21 | ||
| Capital invested | 73 | N/A | N/A | 56 | 56 | 57 | 57 | 59 | 59 | 46 | 46 | 73 | 73 | 74 | 74 | 76 | 76 | ||
| Working capital | 36 | N/A | N/A | 22 | 22 | 20 | 20 | 24 | 24 | 9 | 9 | 36 | 36 | 37 | 37 | 38 | 38 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 204 | N/A | N/A | 190 | 190 | 212 | 212 | 267 | 267 | 274 | 274 | 204 | 204 | 204 | 204 | 204 | 204 | ||
| Net IB debt Adj | -7 | N/A | N/A | -12 | -12 | -18 | -18 | -22 | -22 | -43 | -43 | -7 | -7 | -19 | -19 | -21 | -21 | ||
| 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 | 197 | N/A | N/A | 178 | 178 | 194 | 194 | 245 | 245 | 231 | 231 | 197 | 197 | 185 | 185 | 183 | 183 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 310 | N/A | N/A | 0 | 0 | 352,5 | 352,5 | 327,8 | 327,8 | 309,3 | 309,3 | 310 | 310 | 307,2 | 307,2 | 301,8 | 301,8 | ||
| Capital invested turnover (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capital employed turnover (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Inventories / sales (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Customer advances / sales (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 19,9 | N/A | N/A | 0 | 0 | 18,7 | 18,7 | 19,5 | 19,5 | 20,4 | 20,4 | 19,9 | 19,9 | 18,7 | 18,7 | 18,6 | 18,6 | ||
| Working capital / sales (%) | 2,9 | N/A | N/A | 0 | 0 | 2,8 | 2,8 | 2,8 | 2,8 | 2,2 | 2,2 | 2,9 | 2,9 | 4,5 | 4,5 | 4,5 | 4,5 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | -8,5 | N/A | N/A | -17,8 | -17,8 | -24,2 | -24,2 | -27,5 | -27,5 | -48,5 | -48,5 | -8,5 | -8,5 | -20 | -20 | -21,6 | -21,6 | ||
| Net debt / market cap (%) | -3,4 | N/A | N/A | -6 | -6 | -9,4 | -9,4 | -9,6 | -9,6 | -16 | -16 | -3,4 | -3,4 | -9,1 | -9,1 | -10,2 | -10,2 | ||
| Equity ratio (%) | 31,6 | N/A | N/A | 34,5 | 34,5 | 32,4 | 32,4 | 33,2 | 33,2 | 34,9 | 34,9 | 31,6 | 31,6 | 34,4 | 34,4 | 34,7 | 34,7 | ||
| Net IB debt adj. / equity (%) | -8,5 | N/A | N/A | -17,8 | -17,8 | -24,2 | -24,2 | -27,5 | -27,5 | -48,5 | -48,5 | -8,5 | -8,5 | -20 | -20 | -21,6 | -21,6 | ||
| Current ratio (%) | 124,7 | N/A | N/A | 127,9 | 127,9 | 125,7 | 125,7 | 140,5 | 140,5 | 131,7 | 131,7 | 124,7 | 124,7 | 131,3 | 131,3 | 132,4 | 132,4 | ||
| EBITDA / net interest (%) | 0 | N/A | N/A | 0 | 0 | -350 | -350 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt / EBITDA (%) | -131,2 | N/A | N/A | -136 | -136 | -96,8 | -96,8 | -83,9 | -83,9 | -172,6 | -172,6 | -131,2 | -131,2 | -86,8 | -86,8 | -82,7 | -82,7 | ||
| Interest cover (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 17 | N/A | N/A | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | ||
| Fully diluted shares Adj | 17 | N/A | N/A | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | ||
| EPS | -0,01 | N/A | N/A | 0,11 | 0,11 | 0,87 | 0,87 | 0,8 | 0,8 | 0,74 | 0,74 | -0,01 | -0,01 | 0,75 | 0,75 | 0,91 | 0,91 | ||
| Dividend per share Adj | 0 | N/A | N/A | 0 | 0 | 0,5 | 0,5 | 0,6 | 0,6 | 0,6 | 0,6 | 0 | 0 | 0,7 | 0,7 | 0,8 | 0,8 | ||
| EPS Adj | 0,54 | N/A | N/A | 0,11 | 0,11 | 1,18 | 1,18 | 1,15 | 1,15 | 0,84 | 0,84 | 0,54 | 0,54 | 0,75 | 0,75 | 0,91 | 0,91 | ||
| BVPS | 4,68 | N/A | N/A | 3,96 | 3,96 | 4,41 | 4,41 | 4,77 | 4,77 | 5,16 | 5,16 | 4,68 | 4,68 | 5,44 | 5,44 | 5,64 | 5,64 | ||
| BVPS Adj | 3,59 | N/A | N/A | 3,24 | 3,24 | 3,33 | 3,33 | 3,67 | 3,67 | 4,06 | 4,06 | 3,59 | 3,59 | 4,34 | 4,34 | 4,54 | 4,54 | ||
| Net IB debt / share | -0,4 | N/A | N/A | -0,7 | -0,7 | -1,1 | -1,1 | -1,3 | -1,3 | -2,5 | -2,5 | -0,4 | -0,4 | -1,1 | -1,1 | -1,2 | -1,2 | ||
| Share price | 11,9 | N/A | N/A | 11,8 | 11,8 | 11,4 | 11,4 | 13,68 | 13,68 | 15,66 | 15,66 | 11,9 | 11,9 | 11,9 | 11,9 | 11,9 | 11,9 | ||
| Market cap. (m) | 204 | N/A | N/A | 202 | 202 | 195 | 195 | 234 | 234 | 268 | 268 | 204 | 204 | 204 | 204 | 204 | 204 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 0 | N/A | N/A | 105,6 | 105,6 | 14,2 | 14,2 | 19,5 | 19,5 | 21,6 | 21,6 | 0 | 0 | 15,8 | 15,8 | 13,1 | 13,1 | ||
| EV/sales | 0,25 | N/A | N/A | 0,25 | 0,25 | 0,26 | 0,26 | 0,31 | 0,31 | 0,3 | 0,3 | 0,25 | 0,25 | 0,23 | 0,23 | 0,22 | 0,22 | ||
| EV/EBITDA | 37,8 | N/A | N/A | 20 | 20 | 10,3 | 10,3 | 9,2 | 9,2 | 9,3 | 9,3 | 37,8 | 37,8 | 8,6 | 8,6 | 7,2 | 7,2 | ||
| EV/EBITA | 85,4 | N/A | N/A | 31,8 | 31,8 | 12,1 | 12,1 | 10,6 | 10,6 | 10,4 | 10,4 | 85,4 | 85,4 | 10,1 | 10,1 | 8,3 | 8,3 | ||
| EV/EBIT | 85,4 | N/A | N/A | 31,8 | 31,8 | 12,1 | 12,1 | 10,6 | 10,6 | 10,4 | 10,4 | 85,4 | 85,4 | 10,1 | 10,1 | 8,3 | 8,3 | ||
| Dividend yield (%) | 0 | N/A | N/A | 0 | 0 | 4 | 4 | 3,8 | 3,8 | 3,8 | 3,8 | 0 | 0 | 5,9 | 5,9 | 6,7 | 6,7 | ||
| FCF yield (%) | -0,6 | N/A | N/A | -0,4 | -0,4 | 2,5 | 2,5 | 7 | 7 | 5,4 | 5,4 | -0,6 | -0,6 | 9,4 | 9,4 | 10,8 | 10,8 | ||
| P/BVPS | 2,54 | N/A | N/A | 2,8 | 2,8 | 2,81 | 2,81 | 3,27 | 3,27 | 3,1 | 3,1 | 2,54 | 2,54 | 2,19 | 2,19 | 2,11 | 2,11 | ||
| P/BVPS Adj | 3,32 | N/A | N/A | 3,43 | 3,43 | 3,72 | 3,72 | 4,25 | 4,25 | 3,94 | 3,94 | 3,32 | 3,32 | 2,74 | 2,74 | 2,62 | 2,62 | ||
| P/E Adj | 22,2 | N/A | N/A | 105,6 | 105,6 | 10,5 | 10,5 | 13,6 | 13,6 | 19 | 19 | 22,2 | 22,2 | 15,8 | 15,8 | 13,1 | 13,1 | ||
| EV/EBITDA Adj | 13,6 | N/A | N/A | 20 | 20 | 8 | 8 | 7,5 | 7,5 | 8,7 | 8,7 | 13,6 | 13,6 | 8,6 | 8,6 | 7,2 | 7,2 | ||
| EV/EBITA Adj | 17 | N/A | N/A | 31,8 | 31,8 | 9,1 | 9,1 | 8,4 | 8,4 | 9,7 | 9,7 | 17 | 17 | 10,1 | 10,1 | 8,3 | 8,3 | ||
| EV/EBIT Adj | 17 | N/A | N/A | 31,8 | 31,8 | 9,1 | 9,1 | 8,4 | 8,4 | 9,7 | 9,7 | 17 | 17 | 10,1 | 10,1 | 8,3 | 8,3 | ||
| EV/cap. employed | 2,7 | N/A | N/A | 3,2 | 3,2 | 3,4 | 3,4 | 4,1 | 4,1 | 5,1 | 5,1 | 2,7 | 2,7 | 2,5 | 2,5 | 2,4 | 2,4 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 0,5 | N/A | N/A | 0,2 | 0,2 | 0,1 | 0,1 | 0,2 | 0,2 | 0,6 | 0,6 | 0,5 | 0,5 | -0,4 | -0,4 | -0,4 | -0,4 | ||
| Capex / depreciation | 144,8 | N/A | N/A | 39,4 | 39,4 | 37,9 | 37,9 | 37,8 | 37,8 | 188,5 | 188,5 | 144,8 | 144,8 | -104,6 | -104,6 | -106,7 | -106,7 | ||
| Capex tangibles / tangible fixed assets | 22,7 | N/A | N/A | 6,1 | 6,1 | 5,8 | 5,8 | 8,6 | 8,6 | 28,3 | 28,3 | 22,7 | 22,7 | -17,3 | -17,3 | -17,6 | -17,6 | ||
| Capex intangibles / definite intangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles / definite intangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on tangibles / tangibles | 15,7 | N/A | N/A | 15,6 | 15,6 | 15,3 | 15,3 | 22,7 | 22,7 | 15 | 15 | 15,7 | 15,7 | 16,5 | 16,5 | 16,5 | 16,5 |
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Poolia kraftsamlar inom interim management: Åsa Bergman-Målbäck blir VD för nya Poolia Interim AB.
18 September 2018
Delårsrapport 1 januari - 30 juni 2018
27 July 2018
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- Morten Werner
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- Human Resource and Employment Services
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- POOL B
- 25 Oct 2018
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- Morten Werner
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