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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.

Financials

SEKm 2018 2019e 2020e
Sales 397 416 436
Sales growth (%) 2,9 4,8 5
EBITDA 39 29 43
EBITDA margin (%) 9,9 6,9 9,8
EBIT adj 38 25 39
EBIT adj margin (%) 9,5 6 9
Pretax profit 38 25 39
EPS rep 2,75 1,83 2,8
EPS growth (%) -7,4 -33,5 53,2
EPS adj 2,75 1,83 2,8
DPS 3 1,6 2,5
EV/EBITDA (x) 10,7 12,5 8,4
EV/EBIT adj (x) 11,2 14,2 9,2
P/E (x) 16 19,4 12,7
P/E adj (x) 16 19,4 12,7
EV/sales (x) 1,1 0,9 0,8
FCF yield (%) 6,7 2,6 3,3
Dividend yield (%) 6,8 4,5 7
Net IB debt/EBITDA -1,1 -0,8 -0,5
SEKm 2018 2019e 2020e
Sales 397 416 436
COGS 0 0 0
Gross profit 397 416 436
Other operating items -357 -387 -394
EBITDA 39 29 43
Depreciation on tangibles -2 -4 -4
Depreciation on intangibles 0 0 0
EBITA 38 25 39
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 38 25 39
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 38 25 39
Tax -9 -6 -9
Net profit 29 20 31
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 20 31
EPS 2,75 1,83 2,8
EPS Adj 2,75 1,83 2,8
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,1 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 9,9 6,9 9,8
EBITA margin (%) 9,5 6 9
EBIT margin (%) 9,5 6 9
Pretax margin (%) 9,5 6 9
Net margin (%) 7,3 4,7 7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 2,9 4,8 5
EBITDA growth (%) -6,9 -27,4 49,6
EBIT growth (%) -7,8 -33,3 56
Net profit growth (%) -7,4 -32,2 55,8
EPS growth (%) -7,4 -33,5 53,2
Profitability 2018 2019 2020
ROE (%) 47,9 33,6 44,9
ROE Adj (%) 47,9 33,6 44,9
ROCE (%) 62,3 43,1 57,5
ROCE Adj(%) 62,3 43,1 57,5
ROIC (%) 109,8 48,7 50,3
ROIC Adj (%) 109,8 48,7 50,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 39 29 43
EBITDA Adj margin (%) 9,9 6,9 9,8
EBITA Adj 38 25 39
EBITA Adj margin (%) 9,5 6 9
EBIT Adj 38 25 39
EBIT Adj margin (%) 9,5 6 9
Pretax profit Adj 38 25 39
Net profit Adj 29 20 31
Net profit to shareholders Adj 29 20 31
Net Adj margin (%) 7,3 4,7 7
SEKm 2018 2019e 2020e
EBITDA 39 29 43
Net financial items 0 0 0
Paid tax -8 -6 -9
Non-cash items 14 0 0
Cash flow before change in WC 45 23 34
Change in WC -12 -3 3
Operating cash flow 33 20 37
CAPEX tangible fixed assets -2 -2 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 -8 -22
Free cash flow 31 10 13
Dividend paid -30 -32 -17
Share issues and buybacks 0 9 9
Other non cash items -12 -5 -9
Decrease in net IB debt 0 -17 -4
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 13 23
Indefinite intangible assets 0 0 0
Definite intangible assets 0 1 1
Tangible fixed assets 6 5 4
Other fixed assets 0 0 20
Fixed assets 6 18 48
Inventories 0 0 0
Receivables 71 79 79
Other current assets 0 0 0
Cash and liquid assets 41 24 20
Total assets 119 121 146
Shareholders equity 60 57 79
Minority 0 0 0
Total equity 60 57 79
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 3 3 3
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 19 37 39
Other current liabilities 37 24 24
Total liabilities and equity 109 117 119
Net IB debt -41 -24 -20
Net IB debt excl. pension debt -41 -24 -20
Capital invested 33 47 74
Working capital 26 29 26
EV breakdown 2018 2019 2020
Market cap. diluted (m) 462 381 381
Net IB debt Adj -41 -24 -20
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 421 357 361
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 336,1 345,8 326,4
Capital invested turnover (%) 1507,4 1035 719,3
Capital employed turnover (%) 657,3 713,2 641,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 3,2 4,6 2,9
Payables / sales (%) 9,5 6,8 8,8
Working capital / sales (%) 5,2 6,7 6,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -69,4 -42,2 -25,1
Net debt / market cap (%) -8,2 -6,3 -5,2
Equity ratio (%) 50,1 46,9 54,2
Net IB debt adj. / equity (%) -69,4 -42,2 -25,1
Current ratio (%) 200,9 168,3 154,6
EBITDA / net interest (%) 0 -71466,2 0
Net IB debt / EBITDA (%) -105,1 -83,8 -46,4
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 2,75 1,83 2,8
Dividend per share Adj 3 1,6 2,5
EPS Adj 2,75 1,83 2,8
BVPS 5,68 5,31 7,4
BVPS Adj 5,68 4,1 5,17
Net IB debt / share -3,9 -2,2 -1,9
Share price 47,93 35,6 35,6
Market cap. (m) 503 381 381
Valuation 2018 2019 2020
P/E 16 19,4 12,7
EV/sales 1,06 0,86 0,83
EV/EBITDA 10,7 12,5 8,4
EV/EBITA 11,2 14,2 9,2
EV/EBIT 11,2 14,2 9,2
Dividend yield (%) 6,8 4,5 7
FCF yield (%) 6,7 2,6 3,3
P/BVPS 7,74 6,7 4,81
P/BVPS Adj 7,74 8,69 6,88
P/E Adj 16 19,4 12,7
EV/EBITDA Adj 10,7 12,5 8,4
EV/EBITA Adj 11,2 14,2 9,2
EV/EBIT Adj 11,2 14,2 9,2
EV/cap. employed 7 6,3 4,6
Investment ratios 2018 2019 2020
Capex / sales 0,6 0,6 0,6
Capex / depreciation 138,4 71,2 69,1
Capex tangibles / tangible fixed assets 42,1 50,8 66,5
Capex intangibles / definite intangibles N/A 0 0
Depreciation on intangibles / definite intangibles N/A 0 0
Depreciation on tangibles / tangibles 30,4 71,3 96,2

Equity research

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Media

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

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Main shareholders - SJR

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 19.7 % 54.3 % 4 Oct 2019
Kayne Anderson Rudnick 15.2 % 8.6 % 30 Jun 2019
Avanza Pension 9.6 % 5.5 % 30 Sep 2019
Fredrik Lidberg 4.9 % 2.8 % 30 Sep 2019
Nordea Fonder 4.3 % 2.5 % 30 Sep 2019
Mikael Gunnarsson 2.2 % 1.3 % 30 Sep 2019
Nordnet Pensionsförsäkring 1.2 % 0.7 % 30 Sep 2019
Gustav Lindskog 1.1 % 0.6 % 30 Sep 2019
Kjell Arvidsson 1.0 % 0.6 % 30 Sep 2019
Anders Nilsson 1.0 % 0.6 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - SJR

Name Quantity Code Date
Clas Ruthberg + 10 000 BUY 31 Oct 2019
Per Ogunro + 7 500 BUY 4 Oct 2019
Per Ogunro + 5 000 BUY 3 Oct 2019
Per Ogunro + 5 000 BUY 2 Oct 2019
Per Ogunro + 10 000 BUY 18 Sep 2019
Clas Ruthberg + 5 000 BUY 22 Aug 2019
Björn Sprängare + 2 259 BUY 27 May 2019
Björn Sprängare + 2 000 BUY 24 May 2019
Björn Sprängare + 2 000 BUY 23 May 2019
Per Ogunro - 94 543 SELL 22 Feb 2019

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