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Ework Group AB
(EWRK)
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Rating:58Neutral
Price Target:
kr53.00
▼(-45.64% Downside)
Action:Reiterated
Date:10/27/26
The score is driven primarily by a mixed financial profile: strong and improving cash generation and manageable leverage are offset by shrinking revenue and very thin, compressing margins. Technicals further weigh on the score due to a clear downtrend (price below major moving averages and negative MACD). Valuation helps via a high dividend yield and a reasonable P/E, while the latest earnings call adds a modestly supportive but still cautious outlook given ongoing demand uncertainty and potential margin pressure.
Positive Factors
Cash Generation
Strong cash conversion indicates that reported earnings are translating into internal funding capacity. This gives Ework greater flexibility to support technology, network, and market investments while reducing reliance on external financing during uneven demand conditions.
Negative Factors
Revenue Contraction
Persistent revenue contraction signals weaker consultant volumes and reduced scale across the business. Lower activity can limit operating leverage, make growth investments harder to absorb, and leave earnings more exposed to further softness in client demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Strong cash conversion indicates that reported earnings are translating into internal funding capacity. This gives Ework greater flexibility to support technology, network, and market investments while reducing reliance on external financing during uneven demand conditions.
Read all positive factors
Ework Group AB (EWRK) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr874.74M
Dividend Yield7.91%
Average Volume (3M)11.77K
Price to Earnings (P/E)16.5
Beta (1Y)0.28
Revenue Growth-12.06%
EPS Growth-50.75%
CountrySE
Employees277
SectorGeneral
Sector StrengthN/A
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)3.06
Shares Outstanding17,287,275
10 Day Avg. Volume13,431
30 Day Avg. Volume11,769
Financial Highlights & Ratios
PEG Ratio-0.48
Price to Book (P/B)6.64
Price to Sales (P/S)0.12
P/FCF Ratio13.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.58
Revenue Forecast (FY)kr12.08B
Ework Group AB Business Overview & Revenue Model
Company Description
Ework Group AB (publ) engages in the provision of total talent solutions for IT/OT, research and development, engineering, and business development in Sweden, Norway, Finland, Germany, Denmark, Poland, the Netherlands, and Slovakia. It offers tale...
How the Company Makes Money
Ework Group makes money primarily by acting as an intermediary in the procurement and delivery of consulting services. When a client needs a consultant for a role or project, Ework sources and matches an independent consultant (from its network an...
Ework Group AB Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Neutral
The call was mixed but cautiously constructive. Current financial performance remained pressured by lower revenue, consultant volumes, gross profit, and order intake, while the broader market recovery is still uncertain and lead times remain long. However, profitability was resilient, gross margin reached a five-year high, EPS increased by 14%, AI demand and requests grew strongly, and the company reported important customer wins, improving activity, and a finalized strategy focused on future growth.Positive Updates
Strategy for 2027-2029 Finalized
Ework finalized its strategy for 2027-2029, with priorities including recapturing volumes, lowering cost to serve, expanding multiple service levels, strengthening statement-of-work offerings, selectively expanding its specialist network, and developing outcome-based delivery and payment models.
Negative Updates
Revenue Declined 8%
Q3 revenue was SEK 2.8 billion versus SEK 3 billion last year, representing a decline of about 8%, due to lower consultant volumes in all markets except Norway.
Read all updates
Q3-2026 Updates
Positive
Negative
Strategy for 2027-2029 Finalized
Ework finalized its strategy for 2027-2029, with priorities including recapturing volumes, lowering cost to serve, expanding multiple service levels, strengthening statement-of-work offerings, selectively expanding its specialist network, and developing outcome-based delivery and payment models.
Read all positive updates
Company Guidance
For 2027-2029, Ework’s strategy prioritizes recapturing volumes, lowering cost to serve, automation in the near term, new AI related and enabled services in the near to medium term, multiple service levels, statement of work, and selectively strengthening its network in engineering, cybersecurity, and multiple AI related fields, particularly in Poland, Germany, and Benelux; volume is our top priority, although that might lead to lower gross margins going forward, while cost discipline will remain and investments will be carefully selected. The full year effect of cost initiatives will be seen in 2027, including SEK 18 million from the reorganization and additional SEK 5 million from reduction in facilities. Over the coming six to 12 months, management expects to move into execution, with primary focus on absolute GP and the ratio between GP and net result; if increased activity continues, it will have a gradual effect, but it is hard to say how fast.Ework Group AB Financial Statement Overview
Summary
Income Statement
43
Neutral
Balance Sheet
58
Neutral
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.54B | 13.74B | 15.76B | 17.25B | 16.07B | 13.19B |
| Gross Profit | 152.44M | 122.92M | 340.27M | 365.11M | 425.60M | 322.41M |
| EBITDA | 135.45M | 186.80M | 234.25M | 246.18M | 212.71M | 161.34M |
| Net Income | 53.01M | 76.23M | 138.51M | 129.03M | 139.19M | 97.99M |
Balance Sheet | ||||||
| Total Assets | 2.85B | 3.22B | 3.71B | 4.14B | 4.80B | 3.72B |
| Cash, Cash Equivalents and Short-Term Investments | 29.35M | 60.62M | 127.45M | 131.45M | 332.01M | 154.50M |
| Total Debt | 196.40M | 189.81M | 222.59M | 260.81M | 461.49M | 235.06M |
| Total Liabilities | 2.62B | 2.97B | 3.41B | 3.86B | 4.54B | 3.53B |
| Stockholders Equity | 228.04M | 249.80M | 301.33M | 280.86M | 260.85M | 198.92M |
Cash Flow | ||||||
| Free Cash Flow | 242.56M | 122.79M | 164.77M | 147.08M | 81.79M | 53.21M |
| Operating Cash Flow | 246.63M | 122.80M | 176.13M | 164.03M | 110.35M | 68.30M |
| Investing Cash Flow | -9.85M | -10.81M | -11.21M | -16.95M | -28.56M | -15.09M |
| Financing Cash Flow | -215.94M | -178.37M | -169.55M | -345.74M | 106.17M | -135.48M |
Ework Group AB Technical Analysis
Negative
97.50
Price Trends
55.71
Negative
57.16
Negative
63.13
Negative
Market Momentum
-1.47
Positive
30.27
Neutral
27.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EWRK, the sentiment is Negative. The current price of 97.5 is above the 20-day moving average (MA) of 53.53, above the 50-day MA of 55.71, and above the 200-day MA of 63.13, indicating a bearish trend. The MACD of -1.47 indicates Positive momentum. The RSI at 30.27 is Neutral, neither overbought nor oversold. The STOCH value of 27.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:EWRK.
Ework Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr614.52M | 12.20 | ― | 2.85% | 9.56% | 20.95% | |
62 Neutral | kr336.27M | 18.51 | 13.61% | 3.27% | -2.39% | ― | |
58 Neutral | kr874.74M | 16.54 | ― | 7.91% | -12.06% | -50.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr336.78M | 22.39 | ― | 5.42% | 137.45% | 77.59% | |
45 Neutral | kr61.80M | -8.54 | ― | 6.83% | -8.44% | 80.14% | |
41 Neutral | kr99.33M | -5.36 | -28.66% | 20.51% | -19.48% | 37.71% |
* General Sector Average
SE:EWRK
Ework Group AB
50.60
-38.89
-43.46%
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Ework Group AB Corporate Events
Ework Group Maintains Profitability Amid Falling Volumes in Q3 2026
Oct 22, 2026
Ework Group AB reported a softer third quarter of 2026, with net sales down 8.0 percent to SEK 2.75 billion and gross profit down 7.3 percent, reflecting fewer professionals on assignment and a weaker order intake. Despite lower volumes, operating...
Ework Group Sets Nomination Committee Ahead of 2027 AGM
Oct 22, 2026
Ework Group has appointed a Nomination Committee for its Annual General Meeting in 2027, naming Magnus Berglind as chair alongside representatives appointed by Investment AB Arawak and Polhavet AB. The committee will prepare proposals for governan...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.