Industrials · Staffing & Employment Services · Nasdaq Stockholm · Sweden
kr 51.10-2.29%
Market cap kr 883MNext earnings 2026-10-22Updated Oct 23, 2026
Our verdict
Trades 37% below our fair value
Price
kr 51.10
Model fair valueConfidence: good
kr 81.15
Model range
kr 37.86 to kr 117
Fair value kr 81.15
Price kr 51.10
4 models fit Ework Group AB (publ) and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionEwork Group AB (publ) (EWRK.ST)
Fair value (4 models)
kr 81.15
ACCE price target
kr 55.00
Rating
Undervalued
Horizon
12 months
Fair value published on 23 Oct 2026, 12:04 CEST; previously kr 71.35 since 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 51.10 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
37.0% below
+58.8% to fair value
ACCE score
37
out of 100
P/E
16.6x
forward 4.9x
1-year return
-47.6%
Dividend yield
7.65%
Ework Group AB (publ) in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Ework Group is a Swedish staffing firm that places contract consultants and temporary workers, mainly in engineering, IT and healthcare, through its Ework and Academic Work-type brands, earning a thin spread on each placement. Its edge is the consultant-matching model and a large, repeat contractor base, though with a 2.0% gross margin and 0.9% operating margin, the business has almost no cushion when demand softens. Revenue fell 13.0% in the latest year, so the near-term catalyst is a cyclical recovery in Nordic hiring, which would lift billed hours faster than fixed costs. The stock trades at 17.8 times trailing earnings but only 5.0 times forward earnings, a gap that signals the market expects earnings to fall sharply before any rebound. A 23.3% return on equity says the capital base is lean, but the thin margins mean the forward multiple depends entirely on whether the earnings estimates hold. It deserves a deeper look mainly to test whether the forward earnings are credible given the revenue decline.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Revenue and earnings shrinking
Revenue fell 13.0% year on year and earnings fell 47.9%, while the 5y revenue CAGR is only +2.3%. Growth has reversed sharply in the latest period.
moderate
Thin operating margin
Operating margin is 0.9% and net margin 0.4%, on a gross margin of 2.0%. Little cushion remains if staffing demand softens further.
moderate
Forward P/E above trailing
Forward P/E of 23.9 sits above the trailing P/E of 17.8, implying the market expects earnings to fall further. The current price of kr 51.10 reflects that expectation.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months reached SEK 123M, showing the business still turns sales into real cash.
Return on equity of 23.3% and return on invested capital of 14.2% show the business earns strong returns on the capital it uses.
The stock offers a free cash flow yield of 13.6% and a dividend yield of 7.6%, paying owners well at today's price.
Why it could disappoint
Revenue fell 13.0% year over year, well below its five-year average growth of 2.3% a year.
A net margin of just 0.4% leaves almost no profit from each krona of sales, so small setbacks hit earnings hard.
Earnings per share missed expectations by 9.1%, and the forward P/E of 23.9x sits above the trailing 17.8x, implying earnings are expected to fall.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where EWRK.ST's valuation models land
Price
kr 51.10
Model fair value
kr 81.15
Model range
kr 37.86 to kr 117
Fair value kr 81.15
Price kr 51.10
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
PRO
In one line
Trades are only made public after a delay. We show the delay so you know how old the news is.