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Ework Group

Ework Group

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Ework is a global provider of talent solutions, with a network of over 160,000 professionals specialising in IT/digital, R&D, engineering and business development. The company is a market leader in Northern Europe, helping public and private sector clients with a wide range of talent acquisition needs. Ework’s shares are listed on Nasdaq Stockholm. It operates in Sweden, Denmark, Norway, Finland and Poland.

Sustainability Information

Consultancy is generally a cyclical sector. Hence, the demand for Ework’s services could decrease in worse times. Since the company does not employ the consultants, the profitability should have a somewhat limited downside, but the revenue growth could be affected. There is also a risk that more consultants may seek employment in a recession, thereby having a safety net, which could also have a negative effect on revenues.

Financials

SEKm 2025 2026e 2027e
Sales 13782 12165 12921
Sales growth (%) -12,8 -11,7 6,2
EBITDA 187 127 155
EBITDA margin (%) 1,4 1 1,2
EBIT adj. 149 109 125
EBIT adj. margin (%) 1,1 0,9 1
Pretax profit 95 81 110
EPS 4,43 3,74 5,07
EPS growth (%) -44,9 -15,4 35,5
EPS adj. 5,65 4,16 5,07
DPS 4 3,5 4,5
EV/EBITDA (x) 6,1 9 7,3
EV/EBIT adj. (x) 7,6 10,4 9
P/E (x) 13,4 15,8 11,7
P/E adj. (x) 10,5 14,3 11,7
EV/sales (x) 0,08 0,09 0,09
FCF yield (%) 11 7,2 8,8
Le. adj. FCF yld. (%) 8,7 5,6 7,3
Dividend yield (%) 6,7 5,9 7,6
Net IB debt/EBITDA (x) 0,6 0,9 0,7
Le. adj. ND/EBITDA (x) 0,4 0,8 0,6
SEKm 2025 2026e 2027e
Sales 13782 12165 12921
COGS -13215 -11667 -12411
Gross profit 567 499 510
Other operating items -381 -371 -355
EBITDA 187 127 155
Depreciation and amortisation -64 -27 -30
of which leasing depreciation -23 -16 -16
EBITA 123 100 125
EO Items -26 -9 0
Impairment and PPA amortisation 0 0 0
EBIT 123 100 125
Net financial items -28 -19 -15
Pretax profit 95 81 110
Tax -19 -17 -23
Net profit 76 65 87
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 65 87
EPS 4,43 3,74 5,07
EPS adj. 5,65 4,16 5,07
Total extraordinary items after tax -21 -7 0
Leasing payments -23 -16 -16
Tax rate (%) 19,8 20,7 20,7
Gross margin (%) 4,1 4,1 3,9
EBITDA margin (%) 1,4 1 1,2
EBITA margin (%) 0,9 0,8 1
EBIT margin (%) 0,9 0,8 1
Pre-tax margin (%) 0,7 0,7 0,9
Net margin (%) 0,6 0,5 0,7
Sales growth (%) -12,8 -11,7 6,2
EBITDA growth (%) -20,3 -32 22,2
EBITA growth (%) -35,3 -18,3 24,8
EBIT growth (%) -35,3 -18,3 24,8
Net profit growth (%) -44,9 -15,4 35,5
EPS growth (%) -44,9 -15,4 35,5
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 27,7 26 33,5
ROE adj. (%) 35,3 28,8 33,5
ROCE (%) 19,8 17,6 22,2
ROCE adj. (%) 25,2 19,6 22,2
ROIC (%) 26,5 21,9 26,7
ROIC adj. (%) 32,2 23,8 26,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 213 136 155
EBITDA adj. margin (%) 1,5 1,1 1,2
EBITDA lease adj. 190 120 139
EBITDA lease adj. margin (%) 1,4 1 1,1
EBITA adj. 149 109 125
EBITA adj. margin (%) 1,1 0,9 1
EBIT adj. 149 109 125
EBIT adj. margin (%) 1,1 0,9 1
Pretax profit Adj. 121 90 110
Net profit Adj. 97 72 87
Net profit to shareholders adj. 97 72 87
Net adj. margin (%) 0,7 0,6 0,7
SEKm 2025 2026e 2027e
EBITDA 187 127 155
Goodwill 0 0 0
Net financial items -28 -19 -15
Other intangible assets 31 30 25
Paid tax -19 -17 -23
Tangible fixed assets 1 1 2
Non-cash items -23 -16 0
Right-of-use asset 36 27 27
Cash flow before change in WC 117 76 117
Total other fixed assets 16 16 16
Change in working capital 6 5 -17
Fixed assets 84 74 70
Operating cash flow 123 80 100
Inventories 0 0 0
Capex tangible fixed assets -2 -1 -2
Receivables 3023 2636 2799
Capex intangible fixed assets -9 -6 -9
Other current assets 56 72 72
Acquisitions and Disposals 0 0 0
Cash and liquid assets 61 103 117
Free cash flow 112 73 90
Total assets 3224 2884 3058
Dividend paid -121 -69 -60
Shareholders equity 250 247 274
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -23 -16 -16
Total equity 250 247 274
Other non-cash items -2 7 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 33 27 27
Total other long-term liabilities 0 0 0
Short-term debt 156 209 209
Accounts payable 2677 2308 2451
Other current liabilities 107 93 96
Total liabilities and equity 3224 2884 3058
Net IB debt 113 118 104
Net IB debt excl. pension debt 113 118 104
Net IB debt excl. leasing 80 91 77
Capital employed 440 484 511
Capital invested 363 365 379
Working capital 295 307 324
Market cap. diluted (m) 1022 1022 1022
Net IB debt adj. 113 118 104
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1135 1140 1127
Total assets turnover (%) 397,7 398,3 434,9
Working capital/sales (%) 2,1 2,5 2,4
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 45,3 47,8 38
Net debt / market cap (%) 11,1 11,6 10,2
Equity ratio (%) 7,7 8,6 9
Net IB debt adj. / equity (%) 45,3 47,8 38
Current ratio 1,07 1,08 1,08
EBITDA/net interest 6,7 6,7 10,4
Net IB debt/EBITDA (x) 0,6 0,9 0,7
Net IB debt/EBITDA lease adj. (x) 0,4 0,8 0,6
Interest coverage N/A N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 17 17 17
Diluted shares adj. 17 17 17
EPS 4,43 3,74 5,07
Dividend per share 4 3,5 4,5
EPS adj. 5,65 4,16 5,07
BVPS 14,49 14,35 15,92
BVPS adj. 12,7 12,61 14,45
Net IB debt/share 6,56 6,85 6,04
Share price 59,3 59,3 59,3
Market cap. (m) 1022 1022 1022
P/E (x) 13,4 15,8 11,7
EV/sales (x) 0,1 0,1 0,1
EV/EBITDA (x) 6,1 9 7,3
EV/EBITA (x) 9,2 11,4 9
EV/EBIT (x) 9,2 11,4 9
Dividend yield (%) 6,7 5,9 7,6
FCF yield (%) 11 7,2 8,8
Le. adj. FCF yld. (%) 8,7 5,6 7,3
P/BVPS (x) 4,09 4,13 3,72
P/BVPS adj. (x) 4,09 4,13 3,72
P/E adj. (x) 10,5 14,3 11,7
EV/EBITDA adj. (x) 5,3 8,4 7,3
EV/EBITA adj. (x) 7,6 10,4 9
EV/EBIT adj. (x) 7,6 10,4 9
EV/CE (x) 2,6 2,4 2,2
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 0,1 0,1 0,1
Capex/depreciation 0,3 0,7 0,7
Capex tangibles / tangible fixed assets 135,2 99,7 90,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 516,3 100,7 84,1

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Main shareholders - Ework Group

Main shareholders Share capital % Voting shares % Verified
Investment AB Arawak 43.3 % 43.3 % 26 Jun 2026
Magnus Berglind 13.2 % 13.2 % 18 Sep 2024
Avanza Pension 3.5 % 3.5 % 26 Jun 2026
Patrik Salén 2.3 % 2.3 % 26 Jun 2026
Katarina Salén 1.6 % 1.6 % 26 Jun 2026
Decland AB 1.3 % 1.3 % 26 Jun 2026
Livförsäkringsbolaget Skandia 1.3 % 1.3 % 26 Jun 2026
Mikael Gunnarsson 1.3 % 1.3 % 26 Jun 2026
Handelsbanken Liv Försäkring AB 1.2 % 1.2 % 26 Jun 2026
Futur Pension 1.1 % 1.1 % 26 Jun 2026
Source: Holdings by Modular Finance AB