Poolia: We expect a solid end to the year - ABG
This is a third party research report and does not necessarily reflect our views or values
Retroactive compensation from AFA
Acquires Roi Rekrytering
‘22e P/E of 12.5x, expected div. yield of 4.3%
Q4e: Sales +21% y-o-y, adj. EBIT margin of 4.2%
2021 has been a good year for Poolia so far, and with only one quarter left to put in the books, it is clear that profitability is higher than pre-pandemic. We expect an adj. EBIT margin in Q4 of 4.2% (1.7%) corresponding to an FY margin of 4.4% (1.2%). On top of that, Poolia has seen a strong rebound in sales growth. We anticipate Q4 sales growth of 21% y-o-y, taking the FY to 27% y-o-y. We did have easy comparables in 2020, of course, but the company was only down 13% in ’20, so we find it impressive that it came back as strongly as it has this year. Going forward, we are a bit more cautious regarding the profitability in Uniflex Sweden, as the market is highly competitive and it is usually hard to maintain EBIT margins above 4%. However, the margin improvement we have seen in Poolia Sweden should be more sustainable, as the business has a higher focus on quality than price. Poolia also announced in December that it will start a consultancy business called QRIOS within IT, Life Science and Engineering. It is not a start-up, but rather an ongoing business within Poolia Sweden that will be reported separately.
Includes the acquisition and AFA compensation
In November, Poolia announced that it will receive retroactive compensation from AFA Sjukfösäkringar of SEK 19m. We have included this as an extraordinary item in this update. Furthermore, Poolia announced in February that it had acquired Roi Rekrytering for a total consideration of SEK 32.5m. Roi had a turnover of SEK 24m and an EBIT of SEK 3m in 2021, but it has also developed a SaaS recruitment platform called Workspace Recruit that aims to help SMBs with admin regarding its recruitment process. Poolia will aim to cross-sell that within its existing customer base.
Will communicate a business plan in 2022
During 2022, we expect Poolia to communicate a forward-
...Läs mer på Introduce
Acquires Roi Rekrytering
‘22e P/E of 12.5x, expected div. yield of 4.3%
Q4e: Sales +21% y-o-y, adj. EBIT margin of 4.2%
2021 has been a good year for Poolia so far, and with only one quarter left to put in the books, it is clear that profitability is higher than pre-pandemic. We expect an adj. EBIT margin in Q4 of 4.2% (1.7%) corresponding to an FY margin of 4.4% (1.2%). On top of that, Poolia has seen a strong rebound in sales growth. We anticipate Q4 sales growth of 21% y-o-y, taking the FY to 27% y-o-y. We did have easy comparables in 2020, of course, but the company was only down 13% in ’20, so we find it impressive that it came back as strongly as it has this year. Going forward, we are a bit more cautious regarding the profitability in Uniflex Sweden, as the market is highly competitive and it is usually hard to maintain EBIT margins above 4%. However, the margin improvement we have seen in Poolia Sweden should be more sustainable, as the business has a higher focus on quality than price. Poolia also announced in December that it will start a consultancy business called QRIOS within IT, Life Science and Engineering. It is not a start-up, but rather an ongoing business within Poolia Sweden that will be reported separately.
Includes the acquisition and AFA compensation
In November, Poolia announced that it will receive retroactive compensation from AFA Sjukfösäkringar of SEK 19m. We have included this as an extraordinary item in this update. Furthermore, Poolia announced in February that it had acquired Roi Rekrytering for a total consideration of SEK 32.5m. Roi had a turnover of SEK 24m and an EBIT of SEK 3m in 2021, but it has also developed a SaaS recruitment platform called Workspace Recruit that aims to help SMBs with admin regarding its recruitment process. Poolia will aim to cross-sell that within its existing customer base.
Will communicate a business plan in 2022
During 2022, we expect Poolia to communicate a forward-
...Läs mer på Introduce