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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 361 404 432
Sales growth (%) -13,4 11,9 7,1
EBITDA 17 39 46
EBITDA margin (%) 4,8 9,7 10,6
EBIT adj 15 36 43
EBIT adj margin (%) 4,1 9 10
Pretax profit 15 36 43
EPS rep 1,05 2,64 3,13
EPS growth (%) -38,9 152,3 18,5
EPS adj 1,05 2,64 3,13
DPS 2 1,5 2
EV/EBITDA (x) 11,9 11,1 9,2
EV/EBIT adj (x) 13,9 11,9 9,8
P/E (x) 22,5 16,7 14,1
P/E adj (x) 22,5 16,7 14,1
EV/sales (x) 0,6 1,1 1
FCF yield (%) -0,1 3,3 5,9
Dividend yield (%) 8,5 3,4 4,5
Net IB debt/EBITDA -2,6 -1 -1,1
Lease adj. FCF yield (%) -0,1 3,3 5,9
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 39 46
EBITDA lease Adj margin (%) 4,8 9,7 10,6
Sales 361 404 432
COGS 0 0 0
Gross profit 361 404 432
Other operating items -343 -365 -386
EBITDA 17 39 46
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 15 36 43
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 15 36 43
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 36 43
Tax -4 -8 -9
Net profit 11 28 34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 28 34
EPS 1,05 2,64 3,13
EPS Adj 1,05 2,64 3,13
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,8 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 4,8 9,7 10,6
EBITA margin (%) 4,1 9 10
EBIT margin (%) 4,1 9 10
Pretax margin (%) 4,1 9 10
Net margin (%) 3,1 7 7,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,4 11,9 7,1
EBITDA growth (%) -38,5 124,1 17,5
EBIT growth (%) -39,9 144,2 18,5
Net profit growth (%) -38,9 153,4 18,5
EPS growth (%) -38,9 152,3 18,5
Profitability 2020 2021 2022
ROE (%) 18,5 40,7 41
ROE Adj (%) 18,5 40,7 41
ROCE (%) 24,3 52,2 52,6
ROCE Adj(%) 24,3 52,2 52,6
ROIC (%) 42,3 102 90,7
ROIC Adj (%) 42,3 102 90,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 17 39 46
EBITDA Adj margin (%) 4,8 9,7 10,6
EBITA Adj 15 36 43
EBITA Adj margin (%) 4,1 9 10
EBIT Adj 15 36 43
EBIT Adj margin (%) 4,1 9 10
Pretax profit Adj 15 36 43
Net profit Adj 11 28 34
Net profit to shareholders Adj 11 28 34
Net Adj margin (%) 3,1 7 7,8
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 17 39 46
Net financial items 0 0 0
Paid tax -4 -8 -9
Non-cash items 0 0 0
Cash flow before change in WC 14 31 36
Change in WC 7 -10 -3
Operating cash flow 21 21 33
CAPEX tangible fixed assets 1 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -22 0 0
Free cash flow 0 16 28
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 75 78
Other current assets 0 0 0
Cash and liquid assets 45 39 51
Total assets 120 130 147
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 -39 -51
Net IB debt / EBITDA lease Adj (%) -256,9 -100,1 -110,9
Shareholders equity 66 73 91
Minority 0 0 0
Total equity 66 73 91
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 57 56
Total liabilities and equity 120 130 147
Net IB debt -45 -39 -51
Net IB debt excl. pension debt -45 -39 -51
Capital invested 22 34 40
Working capital 8 18 22
EV breakdown 2020 2021 2022
Market cap. diluted (m) 251 471 473
Net IB debt Adj -45 -39 -51
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 207 432 422
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 302,1 322,8 312,5
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 3,2 4,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -67,5 -53,3 -56
Net debt / market cap (%) -18,2 -8,3 -10,7
Equity ratio (%) 55 56,4 61,8
Net IB debt adj. / equity (%) -67,5 -53,3 -56
Current ratio (%) 197 201,2 228,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -256,9 -100,1 -110,9
Interest cover (%) 0 0 0
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -0,1 3,3 5,9
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 1,05 2,64 3,13
Dividend per share Adj 2 1,5 2
EPS Adj 1,05 2,64 3,13
BVPS 6,19 6,84 8,44
BVPS Adj 5,21 5,86 7,46
Net IB debt / share -4,2 -3,6 -4,7
Share price 23 44 44
Market cap. (m) 246 471 473
Valuation 2020 2021 2022
P/E 22,5 16,7 14,1
EV/sales 0,57 1,07 0,98
EV/EBITDA 11,9 11,1 9,2
EV/EBITA 13,9 11,9 9,8
EV/EBIT 13,9 11,9 9,8
Dividend yield (%) 8,5 3,4 4,5
FCF yield (%) -0,1 3,3 5,9
P/BVPS 3,8 6,43 5,21
P/BVPS Adj 4,51 7,51 5,9
P/E Adj 22,5 16,7 14,1
EV/EBITDA Adj 11,9 11,1 9,2
EV/EBITA Adj 13,9 11,9 9,8
EV/EBIT Adj 13,9 11,9 9,8
EV/cap. employed 3,1 5,9 4,7
Investment ratios 2020 2021 2022
Capex / sales -0,2 1,2 1,2
Capex / depreciation -36 192,3 186,8
Capex tangibles / tangible fixed assets -36 102 69,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 100 53,1 37,3

Equity research

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Media

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

Main shareholders - SJR

Main shareholders Share capital % Voting shares % Verified
Per Ogunro 19.2 % 54.0 % 30 Dec 2020
Avanza Pension 12.8 % 7.3 % 30 Sep 2021
Fredrik Lidberg 4.9 % 2.8 % 30 Sep 2021
Nordea Fonder 4.3 % 2.4 % 30 Sep 2021
Mikael Gunnarsson 3.0 % 1.7 % 30 Sep 2021
Nordnet Pensionsförsäkring 2.0 % 1.1 % 30 Sep 2021
Jurek Rekrytering & Bemanning AB 2.0 % 1.1 % 30 Sep 2021
Agneta Läckström 1.2 % 0.7 % 30 Sep 2021
Gustav Lindskog 1.1 % 0.6 % 30 Sep 2021
Fredrik Stål 1.0 % 0.6 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - SJR

Name Quantity Code Date
Rebecca Dellborg + 3 000 BUY 12 Jul 2021
Fredrik Lidberg + 10 000 BUY 10 Jun 2021
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

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