Analyspodden - bolag & aktier med DNB Carnegie

Avsnitt 300: Initieringsanalys av Job Solution

·21 min·2 clips

Analyst Hjalmar initiated Job Solution with a price range of 34-44 kronor after the stock closed at 29 kronor.

The episode begins with host welcoming analyst Hjalmar to discuss the initiation analysis of Job Solution, a staffing company listed in 2022. Hjalmar explains the initiation price range was 34-44 SEK per share, with the stock previously at 29 SEK. Job Solution's business mix is approximately 60% staffing, 25% consulting, with 2023 proforma revenue of 350 million SEK and 7% EBIT margin. The investment case centers on three key points: strong industry exposure in specialized segments like infrastructure and defense, which require higher-skilled labor and command better pricing. Hjalmar notes Job Solution's adjusted gross margin is about 4% higher than large volume providers like Adeko and Manpower. The second point is operational resilience, with the company reporting 22% organic growth year-to-date in 2024 while the overall staffing market shrank 11%. This is attributed to robust end-markets and a niche segment focus. The third point is valuation, with Job Solution trading at a discount to both blue-collar volume providers and more specialized white-collar peers. The discussion covers the company's acquisition strategy, with seven acquisitions since 2022, all focused on maintaining specialization and done at attractive multiples. Hjalmar describes Job Solution as a holding company that allows acquired firms to operate independently while enabling cross-selling synergies. The company aims for 1 billion SEK revenue by 2026, which will require continued acquisitions. Financial forecasts include 500 million SEK revenue in 2025 and 525 million in 2026, excluding future acquisitions. Debt levels are manageable, with net debt to EBITDA at 2.6x in early 2024, expected to decline to 1.0x by 2026. The episode concludes with a mention of a previous podcast with CEOs Viktor Ön and Carl Rehnman and a disclaimer about the podcast's purpose and risks.

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