We argue that actors like eWork benefit well from the current environment, where IT consultants are seeing increased personnel turnover levels after low ratios in 2020. Based on this assessment, in combination with the fact that it has recently strengthened its product portfolio, we forecast continued strong growth in the coming quarters. We raise our ’21-’23 sales estimates by 1% after the report, which drives 4-2% positive EBIT revisions for the same period. After a period with negative estimate revisions, we now note a recently positive trajectory. For 2021, we forecast 7% sales growth and 38% EBIT growth, which compares to the company’s guidance of “improved sales and profitability in 2021 vs. 2020”.
New CEO as of December 2021
After being the helm of eWork since 2014, the current CEO Zoran Covic has recently resigned. However, as the main shareholders intend to propose Mr. Covic as a board member, we find little cause for concern from this. In addition, the company has already found a replacement; Karin Schreil, previously Managing Partner for TietoEvry Sweden (i.e. highly relevant experience), has been appointed and will enter the position in December 2021.
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