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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 417 431 453
Sales growth (%) 5,1 3,5 5
EBITDA 28 40 47
EBITDA margin (%) 6,8 9,4 10,3
EBIT adj 25 37 43
EBIT adj margin (%) 6 8,5 9,5
Pretax profit 25 37 43
EPS rep 1,71 2,64 3,08
EPS growth (%) -37,8 54 16,7
EPS adj 1,71 2,64 3,08
DPS 1,6 2,4 2,8
EV/EBITDA (x) 13,2 4,2 3,5
EV/EBIT adj (x) 15 4,6 3,9
P/E (x) 21,6 6,6 5,7
P/E adj (x) 21,6 6,6 5,7
EV/sales (x) 0,9 0,4 0,4
FCF yield (%) 4,9 5 17,7
Dividend yield (%) 4,3 13,8 16,1
Net IB debt/EBITDA -0,8 -0,4 -0,5
SEKm 2019 2020e 2021e
Sales 417 431 453
COGS 0 0 0
Gross profit 417 431 453
Other operating items -388 -391 -406
EBITDA 28 40 47
Depreciation on tangibles -4 -4 -4
Depreciation on intangibles 0 0 0
EBITA 25 37 43
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 25 37 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 25 37 43
Tax -7 -8 -9
Net profit 18 29 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 18 29 33
EPS 1,71 2,64 3,08
EPS Adj 1,71 2,64 3,08
Total extraordinary items after tax 0 0 0
Tax rate (%) -26,2 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 6,8 9,4 10,3
EBITA margin (%) 6 8,5 9,5
EBIT margin (%) 6 8,5 9,5
Pretax margin (%) 6 8,5 9,5
Net margin (%) 4,4 6,6 7,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 5,1 3,5 5
EBITDA growth (%) -28,2 42,6 15,6
EBIT growth (%) -34 48 16,7
Net profit growth (%) -36,5 56,1 16,7
EPS growth (%) -37,8 54 16,7
Profitability 2019 2020 2021
ROE (%) 32 43,8 42,1
ROE Adj (%) 32 43,8 42,1
ROCE (%) 42,9 55,3 53,2
ROCE Adj(%) 42,9 55,3 53,2
ROIC (%) 69 62,9 56,2
ROIC Adj (%) 69 62,9 56,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 28 40 47
EBITDA Adj margin (%) 6,8 9,4 10,3
EBITA Adj 25 37 43
EBITA Adj margin (%) 6 8,5 9,5
EBIT Adj 25 37 43
EBIT Adj margin (%) 6 8,5 9,5
Pretax profit Adj 25 37 43
Net profit Adj 18 29 33
Net profit to shareholders Adj 18 29 33
Net Adj margin (%) 4,4 6,6 7,4
SEKm 2019 2020e 2021e
EBITDA 28 40 47
Net financial items 0 0 0
Paid tax -7 -8 -9
Non-cash items 0 0 0
Cash flow before change in WC 22 32 37
Change in WC 0 2 -1
Operating cash flow 34 34 37
CAPEX tangible fixed assets -6 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -8 -22 0
Free cash flow 19 9 34
Dividend paid -32 -17 -26
Share issues and buybacks 9 9 0
Other non cash items -3 -9 0
Decrease in net IB debt -18 -8 8
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 78 82
Other current assets 0 0 0
Cash and liquid assets 25 17 25
Total assets 118 141 152
Shareholders equity 55 76 83
Minority 0 0 0
Total equity 55 76 83
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 65 68
Total liabilities and equity 118 141 152
Net IB debt -24 -16 -24
Net IB debt excl. pension debt -24 -16 -24
Capital invested 32 60 59
Working capital 15 13 14
EV breakdown 2019 2020 2021
Market cap. diluted (m) 396 186 189
Net IB debt Adj -24 -16 -24
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 372 170 165
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 351 332,1 308,5
Capital invested turnover (%) 1570,6 947,4 761,1
Capital employed turnover (%) 719,3 649,5 562,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 10,5 14,7 14,6
Payables / sales (%) 2,3 0 0
Working capital / sales (%) 3,6 3,2 2,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -42,8 -21,1 -28,6
Net debt / market cap (%) -5,6 -8,6 -12,6
Equity ratio (%) 46,5 53,4 54,7
Net IB debt adj. / equity (%) -42,8 -21,1 -28,6
Current ratio (%) 160,5 143,9 154,2
EBITDA / net interest (%) -70750 0 0
Net IB debt / EBITDA (%) -83,4 -39,6 -51,1
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 2,64 3,08
Dividend per share Adj 1,6 2,4 2,8
EPS Adj 1,71 2,64 3,08
BVPS 5,15 7,06 7,66
BVPS Adj 4,04 4,94 5,57
Net IB debt / share -2,2 -1,5 -2,2
Share price 39,24 17,4 17,4
Market cap. (m) 420 186 189
Valuation 2019 2020 2021
P/E 21,6 6,6 5,7
EV/sales 0,89 0,39 0,36
EV/EBITDA 13,2 4,2 3,5
EV/EBITA 15 4,6 3,9
EV/EBIT 15 4,6 3,9
Dividend yield (%) 4,3 13,8 16,1
FCF yield (%) 4,9 5 17,7
P/BVPS 7,19 2,47 2,27
P/BVPS Adj 9,16 3,53 3,12
P/E Adj 21,6 6,6 5,7
EV/EBITDA Adj 13,2 4,2 3,5
EV/EBITA Adj 15 4,6 3,9
EV/EBIT Adj 15 4,6 3,9
EV/cap. employed 6,6 2,2 2
Investment ratios 2019 2020 2021
Capex / sales 1,5 0,7 0,7
Capex / depreciation 180 82,4 80
Capex tangibles / tangible fixed assets 146,5 82 104,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 81,4 99,5 130,3

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 19.3 % 54.1 % 16 Mar 2020
Avanza Pension 11.8 % 6.7 % 31 Dec 2019
Kayne Anderson Rudnick 9.7 % 5.5 % 31 Dec 2019
Fredrik Lidberg 4.9 % 2.8 % 31 Dec 2019
Nordea Fonder 4.3 % 2.5 % 29 Feb 2020
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
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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