* '26e-'28e adj. EBITA down 24-13% * Webstep issues weigh significantly on revenue * Trading at NTM EV/EBITA of 6x A soft report due to drag...
* Sales +4% and adj. EBITA -26% vs. consensus * Consensus EBITA estimates likely down by high single-digits * B3 Poland margin supportive de...
* Continued cautious market * '26e-'28e EBITA down 5-3% * Trading at 4.
* Minor negative estimate revisions due to lower headcount * Continued negative net recruitment trend, but increasing margins * Trading at N...
* Sales -9% but adj. EBITA +7% vs. consensus * Margin improvement supported by cost efforts and Habberstad * Consensus EBITA estimates likel...
* Continued soft demand and hourly prices * '26e-'27e EBITA down 3% * Trading at ~5x NTM EV/EBITA, ~30% below peers Expectations for Q4'25 ...
* CEO Martin Stenström held a general presentation * Gaining more exposure to the defence sector * Currently trading at 7x EV/EBITA, ~30% be...
* A minor miss compared to FactSet consensus expectations * Small signs of improvement, with a flattening utilisation rate y-o-y * Trading a...
* Sales -6% vs. cons, adj. EBITA -14% vs. cons * Continued growth in Poland and Habberstad * Consensus EBITA estimates likely down by LSD Q...
* We cut '25e-'27e adj. EBITA by 4-8% * Expect some EBITA growth in Q3 * NTM EV/EBITA ~9x Expectations for Q3'25 B3 Consulting Group will pu...
Selective recruitment in H2'25 Q2 missed on sales and adj.
Q2'25 report Q2 was a bit softer than expected with respect to both sales and profitability.
- We cut '25e-'27e adj. EBITA by 5-4% - Pressure on demand and hourly prices - NTM EV/EBITA below 7x What to expect in Q2'25 We expect sales...
Minor, positive estimate revisions Stable utilisation rate and positive margin surprise '25e EV/EBITA of ~8x, FVR reiterated Improving cond...
Sales -3% vs. cons, adj. EBITA +21% vs. cons Announces growth initiatives & cost savings efforts Consensus EBITA estimates likely up by low ...
We cut '25e-'27e adj. EBITA by 13-1% Gross profit per consultant at normal levels in '26e '25e EV/EBITA of 7.
Minor estimate revisions due to M&A contribution Utilisation trend is positive '25e EV/EBITA of 8x, FVR reiterated The utilisation is comin...
Sales -5% vs. cons, adj. EBITA -33% vs. cons Enters Norway with Habberstad acquisition Acquisition offsets negative consensus estimate revis...
We cut '25e-'26e adj. EBITA by 10-1% Utilisation should pick up in H2'25e '25e EV/EBITA of ~8x What to expect in Q4'24e We expect sales of ...
- Minor estimate revisions - Decline in utilisation appears to have stopped - '25e EV/EBITA of 8x H2 increasingly likely to mark a trough Al...
Sales +4% vs. cons, adj. EBITA +20% vs. cons Minor positive consensus estimate revisions Awaiting improving market conditions Q3'24 report ...
We cut '24e-'26e EBITA by 21-4%... ...due to weaker IT consulting market data '25e EV/EBITA of ~7x What to expect in Q3'24e We expect sales...
- '24e-'26e adj. EBITA down 3-2% - Increasingly likely that Q3'24 will be the trough - NTM EV/EBITA of ~8x Q4 could be a turning point Q2 wa...
- Sales -2% vs. cons, adj. EBIT -19% vs. cons - Utilisation up due to reduction of unstaffed FTEs - Possible demand recovery in Q4 Q2'24 rep...
What to expect in Q2'24 We expect sales of SEK 266m for Q2'24, implying a y-o-y decline of -11%, along with EBITA of SEK ~9m, corresponding ...
SEK 100m run-rate sales contribution excl. sub-contractors Potential to earn 8-9% EBIT margin Acquired at ~4x EV/EBIT on potential earnings ...
We lower '24e-'26e adj. EBITA by 35-1% Potential for utilisation improvement in H2'24 '24e-'25e EV/EBITA of 12-6x It's still tough out ther...
Sales -6% vs. cons, adj. EBIT -18% vs. cons Drop in utilisation lowered sales by ~9% y-o-y alone Margins prioritised over growth Q1'24 repo...
We lower '24e-'26e adj. EBITA by 10-3%... ...on continued weakness in macro data '24e EV/EBITA of ~8.
We lower '24e and '25e adj. EBITA by 3% and 6% 5% EBITA growth in '24e driven by HQ cost cuts '24e EV/EBITA of ~8x Little can be done to co...
Sales -3% vs. ABGSCe, adj. EBIT -28% vs. ABGSCe Drop in utilisation lowered sales by ~8% y-o-y alone Proactive in stopping underperforming s...
We lower '23e-'25e adj. EBITA by 6-2% Q4 macro data slightly worse than Q3 '24e EV/EBITA of just below 9x What to expect in Q4'23 For Q4'23...
We lower '23e-'25e adj. EBITA by 5-1% B3's lowered '25 targets offset by cost-savings programme '23e-'24e EV/EBITA of ~7x Performed in line...
Sales +2% vs. ABGSCe, adj. EBIT +12% vs. ABGSCe Lowers '25 targets and initiaties cost savings programme Share buybacks of SEK 25m announced...
(Correction refers to the link to the analysis) Provides updated development plan at investor meeting Detailed path forward for different ri...
Provides updated development plan at investor meeting Detailed path forward for different rights issue outcomes NEX-22: CTA submission in Q4...
• We lower '23e-'25e adj. EBITA by 11-10% • Likely to be more cautious on net recruitment • '23e EV/EBITA of ~9x Takeaways from the report a...
• Sales -1% vs. ABGSCe, adj. EBIT -7% vs. ABGSCe • Modest price increases, lower utilisation rate • We expect cons.
• Trading update for Q2 announced • Preliminary sales -0.
- We lower 23e-'25e adj. EBITA by 6% - Conditions for IT services companies worsening - B3 trading at '23e EV/EBITA of 8.
Anette Billing resigns as CEOChairman, Sverre Bjerkeli takes over as interim CEOSearch for a new CEO underwayAnette Billing resigns as CEOAn...
We lower '23e-'25e EBITA by 9-7% Utilisation down to normal levels B3 Poland margin accretive Takeaways from the report and the webcast Q1 ...
Sales -4% vs. ABGSCe, EBITA -9% vs. ABGSCe Increased transparency on B3 Poland We expect cons.
Balanced mix of growth and profitability '23e-'25e EBITA CAGR of 12% Fair value range of SEK 160-220 Diversified sector exposure with attra...
