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- Nordic Waterproofing
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- Pricer
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Staffing and recruitment agency
SJR
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.
Financials
SJR
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 403 | 247 | 247 | 298 | 298 | 329 | 329 | 342 | 342 | 385 | 385 | 403 | 403 | 472 | 472 | 525 | 525 | ||
| Sales growth (%) | 4,5 | N/A | N/A | 20,8 | 20,8 | 10,5 | 10,5 | 3,8 | 3,8 | 12,7 | 12,7 | 4,5 | 4,5 | 17,2 | 17,2 | 11,2 | 11,2 | ||
| EBITDA | 42 | 22 | 22 | 31 | 31 | 36 | 36 | 37 | 37 | 42 | 42 | 42 | 42 | 52 | 52 | N/A | N/A | ||
| EBITDA margin (%) | 11 | 9 | 9 | 9 | 9 | 10,3 | 10,3 | 11,1 | 11,1 | 10,9 | 10,9 | 11 | 11 | 10,5 | 10,5 | 11,1 | 11,1 | ||
| EBIT adj | 41 | 21 | 21 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | ||
| EBIT adj margin (%) | 10,6 | 8,6 | 8,6 | 8,6 | 8,6 | 10 | 10 | 10,7 | 10,7 | 10,5 | 10,5 | 10,6 | 10,6 | 10,1 | 10,1 | 10,6 | 10,6 | ||
| Pretax profit | 41 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | 57 | 57 | ||
| EPS rep | 3,03 | 1,56 | 1,56 | 2,2 | 2,2 | 2,58 | 2,58 | 2,6 | 2,6 | 2,97 | 2,97 | 3,03 | 3,03 | 3,59 | 3,59 | 4,06 | 4,06 | ||
| EPS growth (%) | 2 | N/A | N/A | 40,9 | 40,9 | 17,3 | 17,3 | 0,7 | 0,7 | 14,3 | 14,3 | 2 | 2 | 18,5 | 18,5 | 13 | 13 | ||
| EPS adj | 3,03 | 1,56 | 1,56 | 2,2 | 2,2 | 2,58 | 2,58 | 2,6 | 2,6 | 2,97 | 2,97 | 3,03 | 3,03 | 3,59 | 3,59 | 4,06 | 4,06 | ||
| DPS | 2,9 | 1,5 | 1,5 | 2,07 | 2,07 | 2,47 | 2,47 | 2,55 | 2,55 | 2,9 | 2,9 | 2,9 | 2,9 | 3,4 | 3,4 | 3,9 | 3,9 | ||
| EV/EBITDA (x) | 12 | 8,9 | 8,9 | 10,2 | 10,2 | 9,5 | 9,5 | 9,3 | 9,3 | 10,2 | 10,2 | 12 | 12 | 10,4 | 10,4 | 9,2 | 9,2 | ||
| EV/EBIT adj (x) | 12,5 | 9,3 | 9,3 | 10,5 | 10,5 | 9,8 | 9,8 | 9,7 | 9,7 | 10,6 | 10,6 | 12,5 | 12,5 | 10,8 | 10,8 | 9,5 | 9,5 | ||
| P/E (x) | 17,5 | 14,1 | 14,1 | 15,3 | 15,3 | 14,6 | 14,6 | 14,5 | 14,5 | 15,1 | 15,1 | 17,5 | 17,5 | 14,7 | 14,7 | 13 | 13 | ||
| P/E adj (x) | 17,5 | 14,1 | 14,1 | 15,3 | 15,3 | 14,6 | 14,6 | 14,5 | 14,5 | 15,1 | 15,1 | 17,5 | 17,5 | 14,7 | 14,7 | 13 | 13 | ||
| EV/sales (x) | 1,3 | 0,8 | 0,8 | 1 | 1 | 1,1 | 1,1 | 1 | 1 | 1,1 | 1,1 | 1,3 | 1,3 | 1,1 | 1,1 | 1 | 1 | ||
| FCF yield (%) | 13,7 | 6,3 | 6,3 | 6,7 | 6,7 | 7 | 7 | 6,8 | 6,8 | 6,3 | 6,3 | 13,7 | 13,7 | 6,8 | 6,8 | 7,6 | 7,6 | ||
| Dividend yield (%) | 5,5 | 6,8 | 6,8 | 6,2 | 6,2 | 6,5 | 6,5 | 6,8 | 6,8 | 6,4 | 6,4 | 5,5 | 5,5 | 6,4 | 6,4 | 7,4 | 7,4 | ||
| Net IB debt/EBITDA | -1,1 | -1,5 | -1,5 | -1,3 | -1,3 | -1,3 | -1,3 | -1,3 | -1,3 | -1 | -1 | -1,1 | -1,1 | -0,5 | -0,5 | -0,7 | -0,7 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 403 | 247 | 247 | 298 | 298 | 329 | 329 | 342 | 342 | 385 | 385 | 403 | 403 | 472 | 472 | 525 | 525 | ||
| COGS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 403 | 247 | 247 | 298 | 298 | 329 | 329 | 342 | 342 | 385 | 385 | 403 | 403 | 472 | 472 | 525 | 525 | ||
| Other operating items | -360 | -225 | -225 | -268 | -268 | -293 | -293 | -305 | -305 | -343 | -343 | -360 | -360 | -420 | -420 | -466 | -466 | ||
| EBITDA | 42 | 22 | 22 | 31 | 31 | 36 | 36 | 37 | 37 | 42 | 42 | 42 | 42 | 52 | 52 | 59 | 59 | ||
| Depreciation on tangibles | -2 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | ||
| Depreciation on intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBITA | 41 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | 57 | 57 | ||
| Goodwill impairment charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | 41 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | 57 | 57 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Associated income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 41 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | 57 | 57 | ||
| Tax | -9 | -5 | -5 | -7 | -7 | -8 | -8 | -9 | -9 | -10 | -10 | -9 | -9 | -11 | -11 | -12 | -12 | ||
| Net profit | 32 | 16 | 16 | 23 | 23 | 27 | 27 | 27 | 27 | 31 | 31 | 32 | 32 | 39 | 39 | 44 | 44 | ||
| Minority interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 32 | 16 | 16 | 23 | 23 | 27 | 27 | 27 | 27 | 31 | 31 | 32 | 32 | 39 | 39 | 44 | 44 | ||
| EPS | 3,03 | 1,56 | 1,56 | 2,2 | 2,2 | 2,58 | 2,58 | 2,6 | 2,6 | 2,97 | 2,97 | 3,03 | 3,03 | 3,59 | 3,59 | 4,06 | 4,06 | ||
| EPS Adj | 3,03 | 1,56 | 1,56 | 2,2 | 2,2 | 2,58 | 2,58 | 2,6 | 2,6 | 2,97 | 2,97 | 3,03 | 3,03 | 3,59 | 3,59 | 4,06 | 4,06 | ||
| Total extraordinary items after tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -21,9 | -23 | -23 | -23 | -23 | -23,2 | -23,2 | -24 | -24 | -23,3 | -23,3 | -21,9 | -21,9 | -22 | -22 | -22 | -22 | ||
| Gross margin (%) | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | 10,5 | 9 | 9 | 10,3 | 10,3 | 11,1 | 11,1 | 10,9 | 10,9 | 11 | 11 | 10,5 | 10,5 | 11,1 | 11,1 | 11,2 | 11,2 | ||
| EBITA margin (%) | 10,1 | 8,6 | 8,6 | 10 | 10 | 10,7 | 10,7 | 10,5 | 10,5 | 10,6 | 10,6 | 10,1 | 10,1 | 10,6 | 10,6 | 10,8 | 10,8 | ||
| EBIT margin (%) | 10,1 | 8,6 | 8,6 | 10 | 10 | 10,7 | 10,7 | 10,5 | 10,5 | 10,6 | 10,6 | 10,1 | 10,1 | 10,6 | 10,6 | 10,8 | 10,8 | ||
| Pretax margin (%) | 10,1 | 8,6 | 8,6 | 10,1 | 10,1 | 10,7 | 10,7 | 10,5 | 10,5 | 10,6 | 10,6 | 10,1 | 10,1 | 10,6 | 10,6 | 10,8 | 10,8 | ||
| Net margin (%) | 7,9 | 6,6 | 6,6 | 7,7 | 7,7 | 8,2 | 8,2 | 8 | 8 | 8,1 | 8,1 | 7,9 | 7,9 | 8,3 | 8,3 | 8,4 | 8,4 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 4,5 | N/A | N/A | 20,8 | 20,8 | 10,5 | 10,5 | 3,8 | 3,8 | 12,7 | 12,7 | 4,5 | 4,5 | 17,2 | 17,2 | 11,2 | 11,2 | ||
| EBITDA growth (%) | 0,3 | N/A | N/A | 38,3 | 38,3 | 18,6 | 18,6 | 2,2 | 2,2 | 13,7 | 13,7 | 0,3 | 0,3 | 23 | 23 | 12,5 | 12,5 | ||
| EBIT growth (%) | -0,1 | N/A | N/A | 40,4 | 40,4 | 18,1 | 18,1 | 1,7 | 1,7 | 13,6 | 13,6 | -0,1 | -0,1 | 23,2 | 23,2 | 13 | 13 | ||
| Net profit growth (%) | 2 | N/A | N/A | 40,9 | 40,9 | 17,3 | 17,3 | 0,7 | 0,7 | 14,3 | 14,3 | 2 | 2 | 23 | 23 | 13 | 13 | ||
| EPS growth (%) | 2 | N/A | N/A | 40,9 | 40,9 | 17,3 | 17,3 | 0,7 | 0,7 | 14,3 | 14,3 | 2 | 2 | 18,5 | 18,5 | 13 | 13 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | 51,6 | N/A | N/A | 50,4 | 50,4 | 52 | 52 | 49 | 49 | 53,1 | 53,1 | 51,6 | 51,6 | 54,8 | 54,8 | 49,7 | 49,7 | ||
| ROE Adj (%) | 51,6 | N/A | N/A | 50,4 | 50,4 | 52 | 52 | 49 | 49 | 53,1 | 53,1 | 51,6 | 51,6 | 54,8 | 54,8 | 49,7 | 49,7 | ||
| ROCE (%) | 227,9 | N/A | N/A | 324,3 | 324,3 | 435,8 | 435,8 | 502,1 | 502,1 | 297,1 | 297,1 | 227,9 | 227,9 | 139,2 | 139,2 | 98,4 | 98,4 | ||
| ROCE Adj(%) | 227,9 | N/A | N/A | 324,3 | 324,3 | 435,8 | 435,8 | 502,1 | 502,1 | 297,1 | 297,1 | 227,9 | 227,9 | 139,2 | 139,2 | 98,4 | 98,4 | ||
| ROIC (%) | 178,5 | N/A | N/A | 248,9 | 248,9 | 334,6 | 334,6 | 381,8 | 381,8 | 229,1 | 229,1 | 178,5 | 178,5 | 108,6 | 108,6 | 76,7 | 76,7 | ||
| ROIC Adj (%) | 178,5 | N/A | N/A | 248,9 | 248,9 | 334,6 | 334,6 | 381,8 | 381,8 | 229,1 | 229,1 | 178,5 | 178,5 | 108,6 | 108,6 | 76,7 | 76,7 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 42 | 22 | 22 | 31 | 31 | 36 | 36 | 37 | 37 | 42 | 42 | 42 | 42 | 52 | 52 | 59 | 59 | ||
| EBITDA Adj margin (%) | 10,5 | 9 | 9 | 10,3 | 10,3 | 11,1 | 11,1 | 10,9 | 10,9 | 11 | 11 | 10,5 | 10,5 | 11,1 | 11,1 | 11,2 | 11,2 | ||
| EBITA Adj | 41 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | 57 | 57 | ||
| EBITA Adj margin (%) | 10,1 | 8,6 | 8,6 | 10 | 10 | 10,7 | 10,7 | 10,5 | 10,5 | 10,6 | 10,6 | 10,1 | 10,1 | 10,6 | 10,6 | 10,8 | 10,8 | ||
| EBIT Adj | 41 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | 57 | 57 | ||
| EBIT Adj margin (%) | 10,1 | 8,6 | 8,6 | 10 | 10 | 10,7 | 10,7 | 10,5 | 10,5 | 10,6 | 10,6 | 10,1 | 10,1 | 10,6 | 10,6 | 10,8 | 10,8 | ||
| Pretax profit Adj | 41 | 21 | 21 | 30 | 30 | 35 | 35 | 36 | 36 | 41 | 41 | 41 | 41 | 50 | 50 | 57 | 57 | ||
| Net profit Adj | 32 | 16 | 16 | 23 | 23 | 27 | 27 | 27 | 27 | 31 | 31 | 32 | 32 | 39 | 39 | 44 | 44 | ||
| Net profit to shareholders Adj | 32 | 16 | 16 | 23 | 23 | 27 | 27 | 27 | 27 | 31 | 31 | 32 | 32 | 39 | 39 | 44 | 44 | ||
| Net Adj margin (%) | 7,9 | 6,6 | 6,6 | 7,7 | 7,7 | 8,2 | 8,2 | 8 | 8 | 8,1 | 8,1 | 7,9 | 7,9 | 8,3 | 8,3 | 8,4 | 8,4 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 42 | 22 | 22 | 31 | 31 | 36 | 36 | 37 | 37 | 42 | 42 | 42 | 42 | 52 | 52 | 59 | 59 | ||
| Net financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Paid tax | -9 | -5 | -5 | -7 | -7 | -8 | -8 | -9 | -9 | -10 | -10 | -9 | -9 | -11 | -11 | -12 | -12 | ||
| Non-cash items | 0 | 4 | 4 | 1 | 1 | -3 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 34 | 22 | 22 | 25 | 25 | 25 | 25 | 29 | 29 | 33 | 33 | 34 | 34 | 41 | 41 | 46 | 46 | ||
| Change in WC | 4 | N/A | N/A | -1 | -1 | 4 | 4 | 1 | 1 | -12 | -12 | 4 | 4 | -2 | -2 | -3 | -3 | ||
| Operating cash flow | 40 | 15 | 15 | 24 | 24 | 30 | 30 | 30 | 30 | 31 | 31 | 40 | 40 | 41 | 41 | 46 | 46 | ||
| CAPEX tangible fixed assets | -2 | 0 | 0 | -1 | -1 | -2 | -2 | -3 | -3 | -1 | -1 | -2 | -2 | -2 | -2 | -2 | -2 | ||
| CAPEX intangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Acquisitions and disposals | 38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38 | 38 | 0 | 0 | 0 | 0 | ||
| Free cash flow | 76 | 15 | 15 | 24 | 24 | 28 | 28 | 27 | 27 | 30 | 30 | 76 | 76 | 39 | 39 | 44 | 44 | ||
| Dividend paid | -31 | -12 | -12 | -16 | -16 | -22 | -22 | -26 | -26 | -27 | -27 | -31 | -31 | -21 | -21 | -27 | -27 | ||
| Share issues and buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | -40 | N/A | N/A | -1 | -1 | 2 | 2 | 0 | 0 | -11 | -11 | -40 | -40 | -40 | -40 | -3 | -3 | ||
| Decrease in net IB debt | 5 | N/A | N/A | 7 | 7 | 8 | 8 | 1 | 1 | -8 | -8 | 5 | 5 | -22 | -22 | 14 | 14 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38 | 38 | 38 | 38 | ||
| Indefinite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tangible fixed assets | 6 | 2 | 2 | 2 | 2 | 3 | 3 | 5 | 5 | 5 | 5 | 6 | 6 | 5 | 5 | 6 | 6 | ||
| Other fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Fixed assets | 6 | 2 | 2 | 2 | 2 | 3 | 3 | 5 | 5 | 5 | 5 | 6 | 6 | 43 | 43 | 44 | 44 | ||
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Receivables | 68 | 44 | 44 | 49 | 49 | 52 | 52 | 55 | 55 | 71 | 71 | 68 | 68 | 83 | 83 | 89 | 89 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 46 | 33 | 33 | 40 | 40 | 48 | 48 | 49 | 49 | 41 | 41 | 46 | 46 | 44 | 44 | 38 | 38 | ||
| Total assets | 120 | 79 | 79 | 90 | 90 | 104 | 104 | 109 | 109 | 117 | 117 | 120 | 120 | 171 | 171 | 171 | 171 | ||
| Shareholders equity | 62 | 42 | 42 | 49 | 49 | 55 | 55 | 57 | 57 | 61 | 61 | 62 | 62 | 81 | 81 | 97 | 97 | ||
| Minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 62 | 42 | 42 | 49 | 49 | 55 | 55 | 57 | 57 | 61 | 61 | 62 | 62 | 81 | 81 | 97 | 97 | ||
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 20 | 0 | 0 | ||
| Pension debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 57 | 37 | 37 | 41 | 41 | 49 | 49 | 52 | 52 | 56 | 56 | 57 | 57 | 70 | 70 | 73 | 73 | ||
| Other current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total liabilities and equity | 109 | N/A | N/A | N/A | N/A | 79 | 79 | 90 | 90 | 104 | 104 | 109 | 109 | 117 | 117 | 120 | 120 | ||
| Net IB debt | -46 | -33 | -33 | -40 | -40 | -48 | -48 | -49 | -49 | -41 | -41 | -46 | -46 | -24 | -24 | -38 | -38 | ||
| Net IB debt excl. pension debt | -46 | -33 | -33 | -40 | -40 | -48 | -48 | -49 | -49 | -41 | -41 | -46 | -46 | -24 | -24 | -38 | -38 | ||
| Capital invested | 16 | 9 | 9 | 10 | 10 | 7 | 7 | 8 | 8 | 20 | 20 | 16 | 16 | 56 | 56 | 59 | 59 | ||
| Working capital | 10 | 7 | 7 | 8 | 8 | 3 | 3 | 2 | 2 | 15 | 15 | 10 | 10 | 13 | 13 | 16 | 16 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 557 | 231 | 231 | 353 | 353 | 395 | 395 | 396 | 396 | 473 | 473 | 557 | 557 | 567 | 567 | 577 | 577 | ||
| Net IB debt Adj | -46 | -33 | -33 | -40 | -40 | -48 | -48 | -49 | -49 | -41 | -41 | -46 | -46 | -24 | -24 | -38 | -38 | ||
| Market value of minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 510 | 198 | 198 | 313 | 313 | 347 | 347 | 347 | 347 | 431 | 431 | 510 | 510 | 543 | 543 | 539 | 539 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 340 | N/A | N/A | 352,9 | 352,9 | 339,9 | 339,9 | 322 | 322 | 341,7 | 341,7 | 340 | 340 | 324,8 | 324,8 | 307,1 | 307,1 | ||
| Capital invested turnover (%) | 2257,5 | N/A | N/A | 3223,8 | 3223,8 | 4066,7 | 4066,7 | 4783,2 | 4783,2 | 2823,4 | 2823,4 | 2257,5 | 2257,5 | 1308,6 | 1308,6 | 909,2 | 909,2 | ||
| Capital employed turnover (%) | 2251,2 | N/A | N/A | 3223,8 | 3223,8 | 4066,7 | 4066,7 | 4783,2 | 4783,2 | 2813,1 | 2813,1 | 2251,2 | 2251,2 | 1308,6 | 1308,6 | 909,2 | 909,2 | ||
| 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 (%) | 14,1 | N/A | N/A | 13 | 13 | 13,6 | 13,6 | 14,8 | 14,8 | 14 | 14 | 14,1 | 14,1 | 13,5 | 13,5 | 13,7 | 13,7 | ||
| Working capital / sales (%) | 3,1 | N/A | N/A | 2,5 | 2,5 | 1,7 | 1,7 | 0,8 | 0,8 | 2,2 | 2,2 | 3,1 | 3,1 | 2,5 | 2,5 | 2,7 | 2,7 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | -74,4 | -78,7 | -78,7 | -80,8 | -80,8 | -87,8 | -87,8 | -86,6 | -86,6 | -67,5 | -67,5 | -74,4 | -74,4 | -30,3 | -30,3 | -39,2 | -39,2 | ||
| Net debt / market cap (%) | -9,2 | -17,1 | -17,1 | -14 | -14 | -13,1 | -13,1 | -12,9 | -12,9 | -9,4 | -9,4 | -9,2 | -9,2 | -4,3 | -4,3 | -6,6 | -6,6 | ||
| Equity ratio (%) | 52,1 | 53,5 | 53,5 | 54,8 | 54,8 | 52,8 | 52,8 | 52,1 | 52,1 | 52,2 | 52,2 | 52,1 | 52,1 | 47,2 | 47,2 | 57 | 57 | ||
| Net IB debt adj. / equity (%) | -74,4 | -78,7 | -78,7 | -80,8 | -80,8 | -87,8 | -87,8 | -86,6 | -86,6 | -67,5 | -67,5 | -74,4 | -74,4 | -30,3 | -30,3 | -39,2 | -39,2 | ||
| Current ratio (%) | 199,1 | 209,5 | 209,5 | 217,2 | 217,2 | 205,3 | 205,3 | 198,7 | 198,7 | 199,6 | 199,6 | 199,1 | 199,1 | 181,4 | 181,4 | 173,5 | 173,5 | ||
| EBITDA / net interest (%) | 0 | 0 | 0 | -30700 | -30700 | 0 | 0 | 0 | 0 | 42300 | 42300 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt / EBITDA (%) | -109,5 | -149,5 | -149,5 | -130 | -130 | -132,1 | -132,1 | -131,7 | -131,7 | -97,4 | -97,4 | -109,5 | -109,5 | -46,7 | -46,7 | -65 | -65 | ||
| 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. | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | ||
| Fully diluted shares Adj | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | ||
| EPS | 3,03 | 1,56 | 1,56 | 2,2 | 2,2 | 2,58 | 2,58 | 2,6 | 2,6 | 2,97 | 2,97 | 3,03 | 3,03 | 3,59 | 3,59 | 4,06 | 4,06 | ||
| Dividend per share Adj | 2,9 | 1,5 | 1,5 | 2,1 | 2,1 | 2,5 | 2,5 | 2,5 | 2,5 | 2,9 | 2,9 | 2,9 | 2,9 | 3,4 | 3,4 | 3,9 | 3,9 | ||
| EPS Adj | 3,03 | 1,56 | 1,56 | 2,2 | 2,2 | 2,58 | 2,58 | 2,6 | 2,6 | 2,97 | 2,97 | 3,03 | 3,03 | 3,59 | 3,59 | 4,06 | 4,06 | ||
| BVPS | 5,95 | 4,02 | 4,02 | 4,7 | 4,7 | 5,22 | 5,22 | 5,39 | 5,39 | 5,81 | 5,81 | 5,95 | 5,95 | 7,53 | 7,53 | 8,95 | 8,95 | ||
| BVPS Adj | 5,95 | 4,02 | 4,02 | 4,7 | 4,7 | 5,22 | 5,22 | 5,39 | 5,39 | 5,81 | 5,81 | 5,95 | 5,95 | 3,98 | 3,98 | 5,46 | 5,46 | ||
| Net IB debt / share | -4,4 | -3,2 | -3,2 | -3,8 | -3,8 | -4,6 | -4,6 | -4,7 | -4,7 | -3,9 | -3,9 | -4,4 | -4,4 | -2,3 | -2,3 | -3,5 | -3,5 | ||
| Share price | 47,93 | 18,5 | 18,5 | 27,07 | 27,07 | 34,96 | 34,96 | 36,25 | 36,25 | 41,66 | 41,66 | 47,93 | 47,93 | 53 | 53 | 53 | 53 | ||
| Market cap. (m) | 503 | 194 | 194 | 284 | 284 | 367 | 367 | 381 | 381 | 437 | 437 | 503 | 503 | 567 | 567 | 577 | 577 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 17,5 | 14,1 | 14,1 | 15,3 | 15,3 | 14,6 | 14,6 | 14,5 | 14,5 | 15,1 | 15,1 | 17,5 | 17,5 | 14,7 | 14,7 | 13 | 13 | ||
| EV/sales | 1,27 | 0,8 | 0,8 | 1,05 | 1,05 | 1,05 | 1,05 | 1,01 | 1,01 | 1,12 | 1,12 | 1,27 | 1,27 | 1,15 | 1,15 | 1,03 | 1,03 | ||
| EV/EBITDA | 12 | 8,9 | 8,9 | 10,2 | 10,2 | 9,5 | 9,5 | 9,3 | 9,3 | 10,2 | 10,2 | 12 | 12 | 10,4 | 10,4 | 9,2 | 9,2 | ||
| EV/EBITA | 12,5 | 9,3 | 9,3 | 10,5 | 10,5 | 9,8 | 9,8 | 9,7 | 9,7 | 10,6 | 10,6 | 12,5 | 12,5 | 10,8 | 10,8 | 9,5 | 9,5 | ||
| EV/EBIT | 12,5 | 9,3 | 9,3 | 10,5 | 10,5 | 9,8 | 9,8 | 9,7 | 9,7 | 10,6 | 10,6 | 12,5 | 12,5 | 10,8 | 10,8 | 9,5 | 9,5 | ||
| Dividend yield (%) | 5,5 | 6,8 | 6,8 | 6,2 | 6,2 | 6,5 | 6,5 | 6,8 | 6,8 | 6,4 | 6,4 | 5,5 | 5,5 | 6,4 | 6,4 | 7,4 | 7,4 | ||
| FCF yield (%) | 13,7 | 6,3 | 6,3 | 6,7 | 6,7 | 7 | 7 | 6,8 | 6,8 | 6,3 | 6,3 | 13,7 | 13,7 | 6,8 | 6,8 | 7,6 | 7,6 | ||
| P/BVPS | 8,91 | 5,47 | 5,47 | 7,14 | 7,14 | 7,22 | 7,22 | 6,99 | 6,99 | 7,75 | 7,75 | 8,91 | 8,91 | 7,04 | 7,04 | 5,92 | 5,92 | ||
| P/BVPS Adj | 8,91 | 5,47 | 5,47 | 7,14 | 7,14 | 7,22 | 7,22 | 6,99 | 6,99 | 7,75 | 7,75 | 8,91 | 8,91 | 13,32 | 13,32 | 9,7 | 9,7 | ||
| P/E Adj | 17,5 | 14,1 | 14,1 | 15,3 | 15,3 | 14,6 | 14,6 | 14,5 | 14,5 | 15,1 | 15,1 | 17,5 | 17,5 | 14,7 | 14,7 | 13 | 13 | ||
| EV/EBITDA Adj | 12 | 8,9 | 8,9 | 10,2 | 10,2 | 9,5 | 9,5 | 9,3 | 9,3 | 10,2 | 10,2 | 12 | 12 | 10,4 | 10,4 | 9,2 | 9,2 | ||
| EV/EBITA Adj | 12,5 | 9,3 | 9,3 | 10,5 | 10,5 | 9,8 | 9,8 | 9,7 | 9,7 | 10,6 | 10,6 | 12,5 | 12,5 | 10,8 | 10,8 | 9,5 | 9,5 | ||
| EV/EBIT Adj | 12,5 | 9,3 | 9,3 | 10,5 | 10,5 | 9,8 | 9,8 | 9,7 | 9,7 | 10,6 | 10,6 | 12,5 | 12,5 | 10,8 | 10,8 | 9,5 | 9,5 | ||
| EV/cap. employed | 31,9 | 22 | 22 | 32,9 | 32,9 | 51,9 | 51,9 | 45,6 | 45,6 | 21,8 | 21,8 | 31,9 | 31,9 | 9,7 | 9,7 | 9,1 | 9,1 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 0,5 | 0 | 0 | 0,2 | 0,2 | 0,7 | 0,7 | 0,9 | 0,9 | 0,3 | 0,3 | 0,5 | 0,5 | 0,4 | 0,4 | 0,4 | 0,4 | ||
| Capex / depreciation | 118,7 | 0 | 0 | 75 | 75 | 200 | 200 | 246,2 | 246,2 | 86,7 | 86,7 | 118,7 | 118,7 | 94,4 | 94,4 | 104,9 | 104,9 | ||
| Capex tangibles / tangible fixed assets | 36,6 | 0 | 0 | 35,3 | 35,3 | 66,7 | 66,7 | 61,5 | 61,5 | 25,5 | 25,5 | 36,6 | 36,6 | 34,9 | 34,9 | 38,1 | 38,1 | ||
| 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 | 30,8 | 45 | 45 | 47,1 | 47,1 | 33,3 | 33,3 | 25 | 25 | 29,4 | 29,4 | 30,8 | 30,8 | 37 | 37 | 36,3 | 36,3 |
Equity research
SJR
SJR - Value-creating acquisition of WES
19 December 2018 SJR Estimate changes
SJR - Showing strength, in tough quarter
27 November 2018 SJR Post-results comment
SJR - Slower Q3 y-o-y expected due to transition
8 November 2018 SJR Preview of results
Media
SJR
Company news
SJR
Kommuniké från extra bolagsstämma i SJR in Scandinavia AB (publ)
19 December 2018
Kallelse till extra bolagsstämma i SJR in Scandinavia AB (publ)
3 December 2018
Main shareholders
SJR
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Per Ogunro | 21.6 % | 55.8 % | 15 Mar 2018 | |
| Kayne Anderson Rudnick | 15.7 % | 8.9 % | 31 Dec 2018 | |
| Avanza Pension | 10.1 % | 5.7 % | 31 Dec 2018 | |
| Fredrik Lidberg | 5.0 % | 2.8 % | 31 Dec 2018 | |
| Nordea Fonder | 4.4 % | 2.5 % | 31 Dec 2018 | |
| Mikael Gunnarsson | 2.5 % | 1.4 % | 31 Dec 2018 | |
| Nordnet Pensionsförsäkring | 1.3 % | 0.8 % | 31 Dec 2018 | |
| Gustav Lindskog | 1.1 % | 0.6 % | 31 Dec 2018 | |
| Kjell Arvidsson | 1.0 % | 0.6 % | 31 Dec 2018 | |
| Björn Sprängare | 0.8 % | 0.5 % | 31 Dec 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
SJR
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Clas Ruthberg | + 5 000 | BUY | + 5 000 | 3 Dec 2018 |
| Per Ogunro | - 142 149 | SELL | - 142 149 | 15 Mar 2018 |
| Per Ogunro | - 7 851 | SELL | - 7 851 | 14 Mar 2018 |
| Per Ogunro | - 75 000 | SELL | - 75 000 | 8 Dec 2017 |
| Per Ogunro | - 103 911 | SELL | - 103 911 | 7 Dec 2017 |
| Per Ogunro | - 16 122 | SELL | - 16 122 | 6 Dec 2017 |
| Per Ogunro | - 4 534 | SELL | - 4 534 | 5 Dec 2017 |
| Per Ogunro | - 4 433 | SELL | - 4 433 | 4 Dec 2017 |
| Per Ogunro | - 994 | SELL | - 994 | 1 Dec 2017 |
| Björn Sprängare | + 2 508 | BUY | + 2 508 | 26 Oct 2017 |
QUICK FACTS
- Per Ogunro
- Björn Sprängare
- Services
- www.sjr.se
- First North
- 556,5 MSEK
- SJR
- Q4 Report 15 Feb 2019
QUICK FACTS
- CEO
- Per Ogunro
- Chairman
- Björn Sprängare
- List
- First North
- Sector
- Services
QUICK FACTS
- Market Cap
- 556,5 MSEK
- Ticker
- SJR
- Next Event
- 15 Feb 2019
- Website
- www.sjr.se
Latest articles
-
SJR - Value-creating acquisition of WES
19 Dec 2018 / Analys
-
Kommuniké från extra bolagsstämma i SJR in Scandinavia AB (publ)
19 Dec 2018 / Press release
-
SJR - Interview with CEO Per Ogunro (in Swedish)
5 Dec 2018 / Media
-
Kallelse till extra bolagsstämma i SJR in Scandinavia AB (publ)
3 Dec 2018 / Press release
-
SJR ingår avtal om förvärv av samtliga aktier i Women Executive Search Sweden
30 Nov 2018 / Press release
