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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 2019 2020e 2021e
Sales 417 343 397
Sales growth (%) 5,1 -17,6 15,7
EBITDA 28 8 28
EBITDA margin (%) 6,8 2,2 7
EBIT adj 25 4 24
EBIT adj margin (%) 6 1,2 6,1
Pretax profit 25 4 24
EPS rep 1,71 0,3 1,74
EPS growth (%) -37,8 -82,6 486,5
EPS adj 1,71 0,3 1,74
DPS 0 0,5 1,5
EV/EBITDA (x) 13,2 22,5 5,8
EV/EBIT adj (x) 15 41 6,6
P/E (x) 21,6 56,6 9,6
P/E adj (x) 21,6 56,6 9,6
EV/sales (x) 0,9 0,5 0,4
FCF yield (%) 4,9 -7,4 9,8
Dividend yield (%) 0 3 8,9
Net IB debt/EBITDA -0,8 -1,3 -0,8
SEKm 2019 2020e 2021e
Sales 417 343 397
COGS 0 0 0
Gross profit 417 343 397
Other operating items -388 -336 -369
EBITDA 28 8 28
Depreciation on tangibles -4 -3 -4
Depreciation on intangibles 0 0 0
EBITA 25 4 24
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 25 4 24
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 25 4 24
Tax -7 -1 -5
Net profit 18 3 19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 18 3 19
EPS 1,71 0,3 1,74
EPS Adj 1,71 0,3 1,74
Total extraordinary items after tax 0 0 0
Tax rate (%) -26,2 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 6,8 2,2 7
EBITA margin (%) 6 1,2 6,1
EBIT margin (%) 6 1,2 6,1
Pretax margin (%) 6 1,2 6,1
Net margin (%) 4,4 0,9 4,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 5,1 -17,6 15,7
EBITDA growth (%) -28,2 -73,4 268,7
EBIT growth (%) -34 -83,3 486,5
Net profit growth (%) -36,5 -82,4 486,5
EPS growth (%) -37,8 -82,6 486,5
Profitability 2019 2020 2021
ROE (%) 32 5,3 25,6
ROE Adj (%) 32 5,3 25,6
ROCE (%) 42,9 6,6 32,3
ROCE Adj(%) 42,9 6,6 32,3
ROIC (%) 69 7,3 32,8
ROIC Adj (%) 69 7,3 32,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 28 8 28
EBITDA Adj margin (%) 6,8 2,2 7
EBITA Adj 25 4 24
EBITA Adj margin (%) 6 1,2 6,1
EBIT Adj 25 4 24
EBIT Adj margin (%) 6 1,2 6,1
Pretax profit Adj 25 4 24
Net profit Adj 18 3 19
Net profit to shareholders Adj 18 3 19
Net Adj margin (%) 4,4 0,9 4,8
SEKm 2019 2020e 2021e
EBITDA 28 8 28
Net financial items 0 0 0
Paid tax -7 -1 -5
Non-cash items 0 0 0
Cash flow before change in WC 22 7 22
Change in WC 0 4 -2
Operating cash flow 34 11 21
CAPEX tangible fixed assets -6 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -8 -22 0
Free cash flow 19 -14 18
Dividend paid -32 0 -5
Share issues and buybacks 9 9 0
Other non cash items -3 -9 0
Decrease in net IB debt -18 -14 12
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 12 22 22
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 4 4 3
Other fixed assets 1 20 20
Fixed assets 17 47 46
Inventories 0 0 0
Receivables 77 62 71
Other current assets 0 0 0
Cash and liquid assets 25 11 24
Total assets 118 120 141
Shareholders equity 55 67 81
Minority 0 0 0
Total equity 55 67 81
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 1 1 1
Accounts payable 0 0 0
Other current liabilities 62 51 60
Total liabilities and equity 118 120 141
Net IB debt -24 -10 -23
Net IB debt excl. pension debt -24 -10 -23
Capital invested 32 57 58
Working capital 15 10 12
EV breakdown 2019 2020 2021
Market cap. diluted (m) 396 180 183
Net IB debt Adj -24 -10 -23
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 372 170 160
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 351 288,2 304
Capital invested turnover (%) 1570,6 774,5 688,4
Capital employed turnover (%) 719,3 551,3 528,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 10,5 16,6 14
Payables / sales (%) 2,3 0 0
Working capital / sales (%) 3,6 3,6 2,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -42,8 -15 -27,9
Net debt / market cap (%) -5,6 -5,6 -12,4
Equity ratio (%) 46,5 56,1 57,1
Net IB debt adj. / equity (%) -42,8 -15 -27,9
Current ratio (%) 160,5 138,8 156,8
EBITDA / net interest (%) -70750 0 0
Net IB debt / EBITDA (%) -83,4 -133,7 -81,1
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 1,71 0,3 1,74
Dividend per share Adj 0 0,5 1,5
EPS Adj 1,71 0,3 1,74
BVPS 5,15 6,28 7,44
BVPS Adj 4,04 4,16 5,35
Net IB debt / share -2,2 -0,9 -2,1
Share price 39,24 16,8 16,8
Market cap. (m) 420 180 183
Valuation 2019 2020 2021
P/E 21,6 56,6 9,6
EV/sales 0,89 0,49 0,4
EV/EBITDA 13,2 22,5 5,8
EV/EBITA 15 41 6,6
EV/EBIT 15 41 6,6
Dividend yield (%) 0 3 8,9
FCF yield (%) 4,9 -7,4 9,8
P/BVPS 7,19 2,67 2,26
P/BVPS Adj 9,16 4,04 3,14
P/E Adj 21,6 56,6 9,6
EV/EBITDA Adj 13,2 22,5 5,8
EV/EBITA Adj 15 41 6,6
EV/EBIT Adj 15 41 6,6
EV/cap. employed 6,6 2,5 2
Investment ratios 2019 2020 2021
Capex / sales 1,5 0,9 0,8
Capex / depreciation 180 88,1 85,6
Capex tangibles / tangible fixed assets 146,5 77 89,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 81,4 87,4 104,6

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 12.5 % 7.1 % 31 Mar 2020
Kayne Anderson Rudnick 9.7 % 5.5 % 31 Dec 2019
Fredrik Lidberg 4.9 % 2.8 % 31 Mar 2020
Nordea Fonder 4.3 % 2.5 % 31 Mar 2020
Mikael Gunnarsson 2.9 % 1.7 % 31 Mar 2020
Nordnet Pensionsförsäkring 2.1 % 1.2 % 31 Mar 2020
Anders Nilsson 1.6 % 0.9 % 31 Mar 2020
Gustav Lindskog 1.1 % 0.6 % 31 Mar 2020
Kjell Arvidsson 1.0 % 0.6 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - SJR

Name Quantity Code Date
Per Ogunro + 7 500 BUY 16 Mar 2020
Per Ogunro - 20 636 SELL 21 Feb 2020
Per Ogunro - 17 846 SELL 20 Feb 2020
Per Ogunro - 11 518 SELL 19 Feb 2020
Clas Ruthberg + 10 000 BUY 31 Oct 2019
Björn Sprängare + 10 000 BUY 18 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

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