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Stefan Knutsson
  • Stefan Knutsson

Ogunsen - An impressive Q3 on the books

EBIT beat of 32% vs ABGSCe We are cautious to extrapolate, ’23e EBIT up 4% ’23e EV/EBIT of 7.5x, 8.2% expected dividend yield

Stefan Knutsson
  • Stefan Knutsson

Ogunsen - Still strong demand in Q2

Q2 sales +6% above ABGSCe We make positive revisions on the back of the report Good start to Q3, monitoring any market weakness

Stefan Knutsson
  • Stefan Knutsson

Ogunsen - Good start to the year, EBIT up <100% y-o-y

Demand is holding up well initially in Q2 Small negative adjustments for ’22e-’23e Share of recruitment revenues normalising in Q1

Stefan Knutsson
  • Stefan Knutsson

Ogunsen - Beats financial targets for 2021

Q4 EBIT in top end of pre-announced range High demand has continued in Q1‘22 Proposes dividend of SEK 3.30 (2.00) per share

Stefan Knutsson
  • Stefan Knutsson

Ogunsen - Strong results for Q4 pre-announced

Net sales +34% y-o-y, EBIT of SEK 15-16m We think momentum can be extrapolated to ‘22e In a good position to reach financial targets next year

Stefan Knutsson
  • Stefan Knutsson

SJR in Scandinavia - Demand remains high

Impressive profitability in Q3 Estimates up on higher expected margins Changing name to Ogunsen AB

Stefan Knutsson
  • Stefan Knutsson

SJR in Scandinavia - Strong recovery in Q2

Recruitment business bounces back Positive revisions, mainly from increased margins Company adopts new growth strategy

Stefan Knutsson
  • Stefan Knutsson

SJR in Scandinavia - Q2 likely stronger than expected

EBIT margin rebound in Q2 Positive revisions from increased margin assumption Share trading at a P/E of 11.9x for ‘22e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - Gradual improvement during Q1

Profitability has bounced back Positive estimate revisions on higher margins Share trades at EV/EBIT 11.0x for ’21e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - Signs of a recovery starting to show

We were a bit optimistic about the timing of a recovery Negative revisions as a consequence Trading at a ‘21e EV/EBIT of 8.2x

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - Manages to show profit in a tough Q2

Staffing demand held up better than expected Recruiting looks more challenging short-term Positive EBIT revisions of 7-3% for ‘21e-‘22e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - Low demand for recruitment

Staffing less affected by COVID-19 in Q1 Short-term layoffs from April Trading at 6.6x EV/EBIT ’21e, 8.9% div. yield

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - Capable of enduring this crisis

Facing demand uncertainties due to COVID-19 Major revisions to reflect current conditions Trades at ’21e EV/EBIT of 6.1x, div. yield of 10%

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - Solid performance in a challenging year

Ending 2019 with cautious optimism New office in Uppsala should drive growth in 2020 Staffing market outlook still cumbersome

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - A surprisingly strong Q3

Sales up 11%, 8% above ABGSCe Remember that Q3 is a small quarter EV/EBIT 9.1x for 2020e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

SJR in Scandinavia - Challenges persist in Q2

Sales up 1% y-o-y, 2% below ABGSCe Uncertainty regarding growth leads to estimate cuts EV/EBIT 8.2x for 2020e

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

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