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SJR

SJR

Staffing and recruitment agency

SJR is a staffing and recruitment company focused on providing mainly specialists and managers to companies in Finance, IT, HR and Supply Chain. In general, SJR has a larger share of recruitment than traditional staffing companies. It was founded by Per Ogunro in 1993 with the aim of finding employment for bankers in the Swedish bank crisis. Many of SJR’s recruiters and sales personnel have experience in their respective focus areas.

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 flows and high payout ratios, meaning room for good dividends. SJR has shown growth for several years with stable margins. It has found a recipe of success in the larger cities of Sweden and is now expanding to new locations, which will support further growth. In addition it focuses on staffing specialists, making it more protected against the structural decline of simple work that is becoming automated.

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, SJR is naturally sensitive to changes in the business cycle.

SEKm 2020 2021e 2022e
Sales 361 393 420
Sales growth (%) -13,4 9 6,9
EBITDA 17 28 37
EBITDA margin (%) 4,8 7,1 8,9
EBIT adj 15 25 34
EBIT adj margin (%) 4,1 6,4 8,2
Pretax profit 15 25 34
EPS rep 1,05 1,83 2,51
EPS growth (%) -38,9 75 37,2
EPS adj 1,05 1,83 2,51
DPS 2 1,5 2
EV/EBITDA (x) 11,9 11,8 8,7
EV/EBIT adj (x) 13,9 13,1 9,4
P/E (x) 22,5 18,4 13,4
P/E adj (x) 22,5 18,4 13,4
EV/sales (x) 0,6 0,8 0,8
FCF yield (%) -0,1 2,1 6
Dividend yield (%) 8,5 4,5 5,9
Net IB debt/EBITDA -2,6 -1,1 -1
Lease adj. FCF yield (%) -0,1 2,1 6
Lease adj. ND/EBITDA -2,6 -1,1 -1
SEKm 2020 2021e 2022e
Depreciation and amortisation -3 -3 -3
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 17 28 37
EBITDA lease Adj margin (%) 4,8 7,1 8,9
Sales 361 393 420
COGS 0 0 0
Gross profit 361 393 420
Other operating items -343 -365 -383
EBITDA 17 28 37
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 15 25 34
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 15 25 34
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 15 25 34
Tax -4 -6 -8
Net profit 11 20 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 20 27
EPS 1,05 1,83 2,51
EPS Adj 1,05 1,83 2,51
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,8 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 4,8 7,1 8,9
EBITA margin (%) 4,1 6,4 8,2
EBIT margin (%) 4,1 6,4 8,2
Pretax margin (%) 4,1 6,4 8,2
Net margin (%) 3,1 5 6,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,4 9 6,9
EBITDA growth (%) -38,5 60,5 33,8
EBIT growth (%) -39,9 68,7 37,2
Net profit growth (%) -38,9 75 37,2
EPS growth (%) -38,9 75 37,2
Profitability 2020 2021 2022
ROE (%) 18,5 30 38,5
ROE Adj (%) 18,5 30 38,5
ROCE (%) 24,3 38,5 49,4
ROCE Adj(%) 24,3 38,5 49,4
ROIC (%) 42,3 71,3 74,2
ROIC Adj (%) 42,3 71,3 74,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 17 28 37
EBITDA Adj margin (%) 4,8 7,1 8,9
EBITA Adj 15 25 34
EBITA Adj margin (%) 4,1 6,4 8,2
EBIT Adj 15 25 34
EBIT Adj margin (%) 4,1 6,4 8,2
Pretax profit Adj 15 25 34
Net profit Adj 11 20 27
Net profit to shareholders Adj 11 20 27
Net Adj margin (%) 3,1 5 6,4
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 17 28 37
Net financial items 0 0 0
Paid tax -4 -6 -8
Non-cash items 0 0 0
Cash flow before change in WC 14 22 30
Change in WC 7 -10 -3
Operating cash flow 21 13 26
CAPEX tangible fixed assets 1 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -22 0 0
Free cash flow 0 8 21
Dividend paid 0 -21 -16
Share issues and buybacks 9 0 0
Other non cash items 12 0 0
Decrease in net IB debt 21 -14 5
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 10 10 10
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 3 5 7
Other fixed assets 1 1 1
Fixed assets 14 16 18
Inventories 0 0 0
Receivables 62 73 76
Other current assets 0 0 0
Cash and liquid assets 45 31 36
Total assets 120 119 130
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -45 -31 -36
Net IB debt / EBITDA lease Adj (%) -256,9 -110,7 -97,1
Shareholders equity 66 64 75
Minority 0 0 0
Total equity 66 64 75
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 0 0 0
Other current liabilities 54 55 55
Total liabilities and equity 120 119 130
Net IB debt -45 -31 -36
Net IB debt excl. pension debt -45 -31 -36
Capital invested 22 33 39
Working capital 8 18 21
EV breakdown 2020 2021 2022
Market cap. diluted (m) 251 360 360
Net IB debt Adj -45 -31 -36
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 207 329 324
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 302,1 327,8 337
Capital invested turnover (%) 1361,1 1429,8 1159,9
Capital employed turnover (%) 589,4 602 601,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 16,1 13,9 13,1
Payables / sales (%) 0 0 0
Working capital / sales (%) 3,1 3,3 4,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -67,5 -48 -48,2
Net debt / market cap (%) -18,2 -8,6 -10,1
Equity ratio (%) 55 53,9 57,9
Net IB debt adj. / equity (%) -67,5 -48 -48,2
Current ratio (%) 197 188,3 204,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -256,9 -110,7 -97,1
Interest cover (%) 0 0 0
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -0,1 2,1 6
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 1,05 1,83 2,51
Dividend per share Adj 2 1,5 2
EPS Adj 1,05 1,83 2,51
BVPS 6,19 6,02 7,03
BVPS Adj 5,21 5,04 6,05
Net IB debt / share -4,2 -2,9 -3,4
Share price 23 33,65 33,65
Market cap. (m) 246 360 360
Valuation 2020 2021 2022
P/E 22,5 18,4 13,4
EV/sales 0,57 0,84 0,77
EV/EBITDA 11,9 11,8 8,7
EV/EBITA 13,9 13,1 9,4
EV/EBIT 13,9 13,1 9,4
Dividend yield (%) 8,5 4,5 5,9
FCF yield (%) -0,1 2,1 6
P/BVPS 3,8 5,59 4,79
P/BVPS Adj 4,51 6,68 5,56
P/E Adj 22,5 18,4 13,4
EV/EBITDA Adj 11,9 11,8 8,7
EV/EBITA Adj 13,9 13,1 9,4
EV/EBIT Adj 13,9 13,1 9,4
EV/cap. employed 3,1 5,1 4,3
Investment ratios 2020 2021 2022
Capex / sales -0,2 1,3 1,2
Capex / depreciation -36 178,6 173,4
Capex tangibles / tangible fixed assets -36 106,4 73,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 100 59,6 42,6

Equity research

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Media

SJR - Interview with CEO Per Ogunro (in Swedish)
SJR - Company presentation with CEO Per Ogunro (in Swedish)

Main shareholders - SJR

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 19.3 % 54.1 % 16 Mar 2020
Avanza Pension 12.0 % 6.8 % 31 Dec 2020
Fredrik Lidberg 4.9 % 2.8 % 31 Dec 2020
Nordea Fonder 4.3 % 2.5 % 28 Feb 2021
Mikael Gunnarsson 2.9 % 1.7 % 31 Dec 2020
Nordnet Pensionsförsäkring 2.2 % 1.2 % 31 Dec 2020
Anders Nilsson 1.7 % 1.0 % 31 Dec 2020
Jurek Rekrytering & Bemanning AB 1.4 % 0.8 % 31 Dec 2020
Gustav Lindskog 1.1 % 0.6 % 31 Dec 2020
Christer Steingruber AB 1.0 % 0.6 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - SJR

Name Quantity Code Date
Kent Sangler + 5 500 BUY 4 Dec 2020
Clas Ruthberg + 5 000 BUY 26 Nov 2020
Rickard Karl Gustav Hellekant + 1 000 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 2 500 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 626 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 274 BUY 19 Nov 2020
Rickard Karl Gustav Hellekant + 2 500 BUY 18 Nov 2020
Per Ogunro + 7 500 BUY 16 Mar 2020
Per Ogunro - 20 636 SELL 21 Feb 2020
Per Ogunro - 17 846 SELL 20 Feb 2020

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