olivLaw · European equity research
Ework Group AB EWRK.ST
Sweden · Nasdaq Stockholm · ISIN SE0002402701 · Vertical: Listed companies from Sweden
Ework Group AB is a European provider of total talent solutions that links clients with independent consultants and partners. In 2025 the company served more than 500 clients, but demand in Sweden and Norway weakened under economic pressure and legislative changes, which makes geographic diversification relevant.
At the close of 05 Nov 2026, Ework Group AB (EWRK.ST) stock was 50.30 SEK (−0.40% on the day), with market capitalisation 869.5 m SEK, P/E 11.4 on diluted EPS of 4.41 SEK over the last 12 months, beta 0.43, 52-week range 50.30–98.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.3
- weak (30–45)
- Bollinger (20, 2)
- 48.30 – 56.63
- in the lower half of the band · %B 0.24 · band width 15.9%
- SMA 50 / 200
- 55.12 / 63.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.47 / -1.40
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.7% | −0.6% | −10.0 pp | — |
| 3 months | −15.7% | −4.2% | −11.6 pp | — |
| 6 months | −18.9% | +4.3% | −23.2 pp | — |
| Year to date | −47.5% | +7.5% | −55.1 pp | — |
| 1 year | −44.0% | +9.9% | −54.0 pp | −8.3% |
| 3 years | −57.4% | +49.8% | −107.2 pp | +12.0% |
| 5 years | −56.3% | +42.8% | −99.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 17.9, median 19.9, max 21.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 129.0 m | 138.5 m | 76.2 m |
| Net income YoY | unavailable | +7.3% | −45.0% |
| Diluted EPS | 7.46 | 8.01 | 4.41 |
| Diluted EPS YoY | unavailable | +7.4% | −44.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 161.5 m | 175.9 m | 122.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 60.6 m SEK
- Financial debt
- 156.4 m SEK
- Net debt
- 95.8 m SEK
- Equity
- 249.8 m SEK
- Total assets
- 3.2 bn SEK
- Debt / equity
- 0.63x
- Current ratio
- 1.06x
- ROE
- 27.7%
- ROA
- 2.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 194.7 m | 190.0 m | 122.9 m | esef· 26 Oct 2026verified |
| Interest expense | — | 24.1 m | 29.5 m | esef· 26 Oct 2026verified |
| Pre-tax income | 166.8 m | 175.1 m | 95.2 m | esef· 26 Oct 2026verified |
| Income tax | 37.8 m | 36.6 m | 18.9 m | esef· 26 Oct 2026verified |
| Net income | 129.0 m | 138.5 m | 76.2 m | esef· 26 Oct 2026verified |
| Diluted EPS | 7.46 | 8.01 | 4.41 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 17.3 m | 17.3 m | 17.3 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 131.4 m | 127.5 m | 60.6 m | esef· 26 Oct 2026verified |
| Current assets | 4.0 bn | 3.6 bn | 3.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 7.2 m | 3.3 m | 1.2 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 66.5 m | 59.3 m | 30.8 m | esef· 26 Oct 2026verified |
| Total assets | 4.1 bn | 3.7 bn | 3.2 bn | esef· 26 Oct 2026verified |
| Short-term debt | 213.9 m | 194.7 m | 156.4 m | esef· 26 Oct 2026verified |
| Current liabilities | 3.8 bn | 3.4 bn | 3.0 bn | esef· 26 Oct 2026verified |
| Equity | 280.9 m | 301.3 m | 249.8 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 17.3 m | 17.3 m | 17.3 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 164.0 m | 176.1 m | 122.8 m | esef· 26 Oct 2026verified |
| Capex | 2.5 m | 274.0 k | 206.0 k | esef· 26 Oct 2026verified |
| Free cash flow | 161.5 m ≈ | 175.9 m ≈ | 122.6 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -16.9 m | -11.2 m | -10.8 m | esef· 26 Oct 2026verified |
| Financing cash flow | -345.7 m | -169.6 m | -178.4 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 869.5 m SEK
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 27.6% | 96 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 160.8% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.2x | 41 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 22 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 11.4x | 88 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.1% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality97/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation94/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ework Group AB (EWRK.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 27.7%.
The estimated value range is 68.44–149.00 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 93.82 SEK, the price of 50.30 SEK leaves a potential of 86.5% (value / price − 1) and a margin of safety of 46.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 27.6%
- FCF conversion: 160.8%
- P/E (TTM): 11.4x
- FCF yield: 14.1%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for EWRK.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ework Group AB is a European provider of total talent solutions that links clients with independent consultants and partners. In 2025 the company served more than 500 clients, but demand in Sweden and Norway weakened under economic pressure and legislative changes, which makes geographic diversification relevant.
SWOT
Strengths
- Wide network of consultants and partners giving fast access to specialised talent and operational flexibility.
- Business model in which consultants are not employees, reducing risk and supporting cash flow optimisation.
- Presence in several European countries and an integrated Total Talent Solutions offering.
Weaknesses
- Heavy dependence on the Swedish segment, which suffered a significant revenue decline in 2025.
- Results sensitive to client headcount reductions and hiring freezes during slowdowns.
- Profitability under pressure in some segments where price competition has increased.
Opportunities
- Expansion into new markets, including Belgium and the planned entry into Germany, could diversify revenue sources.
- Growing interest in nearshoring and offshore offerings could bring new international clients.
- Digitalisation and artificial intelligence could support more efficient internal processes and new services.
Threats
- A prolonged economic slowdown could reduce demand for consultants across several countries.
- Legislative changes on external workforce could raise compliance costs and constrain the business model.
- Competition from larger and regional providers could squeeze margins and market share.
Risks
- Concentration in Swedenhigh
The revenue decline in Sweden weighed on group results. If demand recovery is delayed, results could remain under pressure.
- Demand tied to the economic cyclehigh
Clients may halt hiring in periods of uncertainty, which quickly affects consultant volumes.
- Regulation of external workforcemedium
Legislation in Norway and Belgium imposes strict rules. Breaches could lead to sanctions or additional costs.
- Pricing pressuremedium
Higher competition in some markets could reduce margins and segment results.
- Execution of expansionlow
Entry into Belgium and planned activity in Germany involve investment and the risk that new markets take time to become profitable.
Investment thesis
What would need to be true (bull case)
- If demand in Sweden recovers, results could quickly benefit from the client base and framework agreements won in 2025.
- The wide network of consultants and partners may offer a competitive advantage in sourcing specialised talent.
- Higher profitability in Poland and Denmark shows that some segments can improve results even in a difficult environment.
What would break the thesis
- If the economic slowdown persists, clients could cut consultant purchases further, weighing on revenue.
- Legislative changes in several countries could raise costs and complicate the business model.
- More intense competition could limit the company's ability to maintain margins in price-sensitive segments.
What to watch
- Development of Swedish revenue and recovery of public sector demandQ1 2027
- Result of the Norway segment as activity stabilises2027
- Contribution of the first months of Belgian operations to revenue2027
- Timing and effects of the German entry announced for 2026next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ework acts as an impartial intermediary between clients and consultants, and consultants are not employed by the company, which allows a flexible model for both sides. The company calls its offer Total Talent Solutions and combines consultant matching with strategic advisory, planning and follow-up. The model aims to reduce risk and optimise cash flows for clients. Ework says it has one of the largest talent networks in northern Europe, with over 240 000 consultant profiles on its platform.
Key areas of expertise include IT, digitalisation, research and development, and technology and business development. The company relies on a network of 35 000 partner firms connected to its platform, which gives it access to a further 300 000 consultants. Through nearshore and offshore offerings, Ework states it can reach an estimated pool of more than 4 million freelancers in Europe. The global agreement with People 2.0 extends the ability to source talent worldwide in line with local labour rules.
Ework has operated in talent services for over 25 years and aims to become a leading European partner for integrated solutions. The company reported 11 100 employees at the end of 2025. Its strategy includes scaling operations, digitising its internal platform and using artificial intelligence for more efficient processes.
Segments
Sweden
The Swedish segment, the group's largest, reported net sales of 9 908 MSEK in 2025, down 15 percent. Clients imposed consultant hiring freezes or reduced headcount, and the company exited some unprofitable client contracts. Segment result fell to 236 MSEK, while Ework won several framework agreements in the public and private sectors.
Poland & Slovakia
In Poland, net sales fell 2 percent to 1 158 MSEK, but segment result rose 22 percent to 45 MSEK. Interest in nearshoring and the appeal of skilled Polish labour support the business, although competition has increased. In Slovakia demand declined in 2025, but growth prospects are considered good.
Belgium
Ework completed its establishment in Ghent, Belgium, in October 2025, one of Europe's largest consultancy markets. The Belgian market has strict legal distinctions between types of external workforce, which required adapting the offer. The expansion is a step toward becoming a full European partner.
Market context
Ework operates in the European talent services market, where demand for specialists is high but sensitive to economic cycles. Economic and geopolitical uncertainty dominated 2025, and in Sweden and Norway clients reduced consultant purchases. Changes to Norwegian labour legislation dampened activity since 2023, and the market gradually stabilised toward the end of the year.
The company identifies three major trends: the future of work, with demand for flexibility; the future of business, where digitalisation and artificial intelligence change skill needs; and the future of society, marked by a global shortage of talent. These trends could favour the Ework model if clients continue to combine permanent and temporary staff.
Trends
- Work flexibilitytailwind
More professionals seek roles offering flexibility and continuous development, and employment status becomes secondary to the option of working as an independent. This could widen Ework's consultant base.
- Digitalisation and artificial intelligencemixed
Digitalisation and AI are changing business models and skill demand, which could raise the need for external specialists but also for more efficient procurement processes.
- Economic slowdownheadwind
Client headcount reductions and postponed hiring, seen in Sweden and Denmark, could reduce volumes and intensify price competition.
- Labour regulationmixed
Legislative changes in Norway and strict rules in Belgium raise compliance costs, but may also create demand for specialised compliance consulting.
Competitive position
The European talent services market is fragmented, with many regional and global providers competing on price and access to consultants. Ework says its advantage lies in its wide partner network and its ability to combine matching with integrated workforce management.
Competition has risen particularly in Sweden and Poland, where weak demand intensified price pressure. Larger competitors may have greater scale or international reach, which could limit Ework's growth if service differentiation does not hold.
- Randstad
Global provider of human resources and recruitment services with significant activity in Europe, present in the same Nordic markets.
- Adecco
International staffing group active in consulting and talent placement across several European countries.
- Manpower
Global temporary staffing and talent services provider, a direct competitor in the consulting segment.
- Hays
Specialist recruitment and placement firm for professionals, active in European markets with demand for technical skills.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ework Group AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.