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SJR

SJR

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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 2019 2020e 2021e
Sales 416 436 460
Sales growth (%) 4,8 5 5,4
EBITDA 29 43 50
EBITDA margin (%) 6,9 9,8 10,8
EBIT adj 25 39 46
EBIT adj margin (%) 6 9 10
Pretax profit 25 39 46
EPS rep 1,83 2,8 3,29
EPS growth (%) -33,5 53,2 17,2
EPS adj 1,83 2,8 3,29
DPS 1,6 2,5 3
EV/EBITDA (x) 12,9 8,7 7,5
EV/EBIT adj (x) 14,7 9,6 8,1
P/E (x) 20,1 13,1 11,2
P/E adj (x) 20,1 13,1 11,2
EV/sales (x) 0,9 0,9 0,8
FCF yield (%) 2,5 3,2 8,9
Dividend yield (%) 4,3 6,8 8,2
Net IB debt/EBITDA -0,8 -0,5 -0,6
SEKm 2019 2020e 2021e
Sales 416 436 460
COGS 0 0 0
Gross profit 416 436 460
Other operating items -387 -394 -410
EBITDA 29 43 50
Depreciation on tangibles -4 -4 -4
Depreciation on intangibles 0 0 0
EBITA 25 39 46
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 25 39 46
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 39 46
Tax -6 -9 -10
Net profit 20 31 36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 20 31 36
EPS 1,83 2,8 3,29
EPS Adj 1,83 2,8 3,29
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 6,9 9,8 10,8
EBITA margin (%) 6 9 10
EBIT margin (%) 6 9 10
Pretax margin (%) 6 9 10
Net margin (%) 4,7 7 7,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 4,8 5 5,4
EBITDA growth (%) -27,4 49,6 16,1
EBIT growth (%) -33,3 56 17,2
Net profit growth (%) -32,2 55,8 17,2
EPS growth (%) -33,5 53,2 17,2
Profitability 2019 2020 2021
ROE (%) 33,6 44,9 42,8
ROE Adj (%) 33,6 44,9 42,8
ROCE (%) 43,1 57,5 54,8
ROCE Adj(%) 43,1 57,5 54,8
ROIC (%) 48,7 50,3 48,4
ROIC Adj (%) 48,7 50,3 48,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 29 43 50
EBITDA Adj margin (%) 6,9 9,8 10,8
EBITA Adj 25 39 46
EBITA Adj margin (%) 6 9 10
EBIT Adj 25 39 46
EBIT Adj margin (%) 6 9 10
Pretax profit Adj 25 39 46
Net profit Adj 20 31 36
Net profit to shareholders Adj 20 31 36
Net Adj margin (%) 4,7 7 7,8
SEKm 2019 2020e 2021e
EBITDA 29 43 50
Net financial items 0 0 0
Paid tax -6 -9 -10
Non-cash items 0 0 0
Cash flow before change in WC 23 34 40
Change in WC -3 3 -1
Operating cash flow 20 37 38
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -8 -22 0
Free cash flow 10 13 36
Dividend paid -32 -17 -27
Share issues and buybacks 9 9 0
Other non cash items -5 -9 0
Decrease in net IB debt -17 -4 9
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 13 23 23
Indefinite intangible assets 0 0 0
Definite intangible assets 1 1 1
Tangible fixed assets 5 4 3
Other fixed assets 0 20 20
Fixed assets 18 48 46
Inventories 0 0 0
Receivables 79 79 83
Other current assets 0 0 0
Cash and liquid assets 24 20 29
Total assets 121 146 158
Shareholders equity 57 79 88
Minority 0 0 0
Total equity 57 79 88
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 37 39 41
Other current liabilities 24 24 25
Total liabilities and equity 117 119 121
Net IB debt -24 -20 -29
Net IB debt excl. pension debt -24 -20 -29
Capital invested 47 74 74
Working capital 29 26 28
EV breakdown 2019 2020 2021
Market cap. diluted (m) 394 394 401
Net IB debt Adj -24 -20 -29
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 370 374 372
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 345,8 326,4 302,5
Capital invested turnover (%) 1035 719,3 621,7
Capital employed turnover (%) 713,2 641,8 549,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 4,6 2,9 2,9
Payables / sales (%) 6,8 8,8 8,8
Working capital / sales (%) 6,7 6,3 5,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -42,2 -25,1 -32,6
Net debt / market cap (%) -5,7 -5 -7,2
Equity ratio (%) 46,9 54,2 55,8
Net IB debt adj. / equity (%) -42,2 -25,1 -32,6
Current ratio (%) 168,3 154,6 167,8
EBITDA / net interest (%) -71466,2 0 0
Net IB debt / EBITDA (%) -83,8 -46,4 -57,8
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 1,83 2,8 3,29
Dividend per share Adj 1,6 2,5 3
EPS Adj 1,83 2,8 3,29
BVPS 5,31 7,4 8,1
BVPS Adj 4,1 5,17 5,92
Net IB debt / share -2,2 -1,9 -2,6
Share price 39,24 36,8 36,8
Market cap. (m) 420 394 401
Valuation 2019 2020 2021
P/E 20,1 13,1 11,2
EV/sales 0,89 0,86 0,81
EV/EBITDA 12,9 8,7 7,5
EV/EBITA 14,7 9,6 8,1
EV/EBIT 14,7 9,6 8,1
Dividend yield (%) 4,3 6,8 8,2
FCF yield (%) 2,5 3,2 8,9
P/BVPS 6,93 4,97 4,54
P/BVPS Adj 8,98 7,11 6,22
P/E Adj 20,1 13,1 11,2
EV/EBITDA Adj 12,9 8,7 7,5
EV/EBITA Adj 14,7 9,6 8,1
EV/EBIT Adj 14,7 9,6 8,1
EV/cap. employed 6,5 4,7 4,2
Investment ratios 2019 2020 2021
Capex / sales 0,6 0,6 0,6
Capex / depreciation 71,2 69,1 67,1
Capex tangibles / tangible fixed assets 50,8 66,5 100,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 71,3 96,2 149,1

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 Sep 2019
Avanza Pension 11.8 % 6.7 % 31 Dec 2019
Fredrik Lidberg 4.9 % 2.8 % 31 Dec 2019
Nordea Fonder 4.3 % 2.5 % 31 Dec 2019
Mikael Gunnarsson 2.6 % 1.5 % 31 Dec 2019
Nordnet Pensionsförsäkring 2.2 % 1.3 % 31 Dec 2019
Gustav Lindskog 1.1 % 0.6 % 31 Dec 2019
Kjell Arvidsson 1.0 % 0.6 % 31 Dec 2019
Anders Nilsson 1.0 % 0.6 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - SJR

Name Quantity Code Date
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
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

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