* We estimate 5-9% organic growth trend to continue in H2e * Guidance upgrade was needed to meet earnings estimates * EBITA -2% 2026e, +2% 2...
* 9% organic growth (cons 2%), adj. EBITA -5% vs cons * 2026 EBITA guidance raised to "significantly better than 2025" (cons at +25%) * Slig...
* Adj. EBITA -3%/-2%/+1% in '26e/'27e/'28e; North America delivers * We estimate positive EBITA growth in 2026e, in line with guidance * 11.
* CEO highlighted AI as a "big friend to our firm at the moment" * Anthropic customer case sounds attractive, while software clients slow * ...
* Sales 0% vs cons (2% organic growth), adj. EBITA +1% vs cons * North America and Europe better, Other markets (southeast Asia) weaker * FY...
* FY guidance as expected, but Q1 comments ahead of plan * '26e adj.
* Sales -1% vs cons, adj. EBITA -14%, but North America guided to grow in Q1e * 2026 guidance: "Better EBITA than in 2025" (cons +12%) but b...
* Q3 was a step back, but 2026e should recover * We cut adj.
* Adj. EBITA -18% vs cons, FY guidance lowered by ~5-10% * Small improvements in North America, but not enough to save 2025 * Reiterate H1'2...
* Europe and other markets continue to perform, North America less so * We reset our expectations-post Q2 PW, adj.
North American weakness behind yesterday's Q2 PW FY guidance cut more than feared Estimates likely down 10-15%, stock closed -12% yesterday ...
US decision-making could have been delayed in Q2 During times of global uncertainty, consulting projects typically see effects of delayed or...
Forward-looking metrics a bit on the soft side Competitor and peer Accenture reported its Q3'25 report on Friday (when Swedish markets were ...
Q1 miss, 2025-27e adj. EBITA cut 4-5% FY guidance kept, we estimate 7% EBITA growth in 2025e Share at 11.
1% organic growth (cons 4%) and EBITA -13% vs cons Reiterates 2025 guidance of EBITA 2024, Q1 EBITA 0% y-o-y See AI related cost savings, es...
Q1 likely solid, Q2 comments on activity in focus We expect FY guidance to be reiterated EBITA -3-4% '25-27e on neg.
Guiding for higher organic growth and margin expansion in 2025e Acquisition of Sounding Board should be followed by more 12.
Acquires US technology company Sounding Board Adds 2.
Another year with raised DPS (16th year of the last 22 years) Q4 sales miss (0% org growth), but adj.
Accenture Q1'25 grew 8% (+3% vs cons), driven by a broad base Raises FY guidance from 3-6% growth to 4-7% Positive read-across and correlati...
European recovery seems to continue Low market share and strong offering provide long runway for growth 10% org growth, price increases and ...
Europe recovered and FY guidance kept EBITA cut 2-4%, eyes starting to shift to 2025e Higher organic growth and potentially more M&A ahead ...
Adj. EBITA -9% vs ABG and -26% vs cons (one large outlier) 5% organic growth (ABG 8%) vs 1% in Q2 and growth in all regions FY guidance unch...
European improvements in H2e key for recovery, but risk remains A miss in Q3 would likely trigger a FY guidance downgrade We make small revi...
European recovery needed in H2 to meet outlook BTS reiterated its FY outlook of better earnings in 2024 than in 2023 in today's Q2 report, d...
Q2 details Sales SEK 730m (-1% vs ABG 740m, 0% vs cons 730m), adj.
Mixed demand between US (better) and Europe (weaker) Recruitment market has improved, and could lead to growth EBITA cut 3-6% on the Q1 miss...
Sämre än marknadens esitmat… Omsättningen i kvartalet uppgick till 619 mkr, vilket motsvarar en valutajusterad tillväxt om 7%.
7% FX adj. growth (cons 8%), EBITA -11% vs cons in a small quarter North America shown better demand in end of Q1, while Europe drags Guidan...
Möter relativt lätta jämförelsetal BTS möter relativt enkla jämförelsetal i Q1’24.
We expect 16% EBITA growth in 2024 from better market & scale Estimates down on European miss and FX, adj.
Avslutar året med ett rekordkvartal Nettoomsättningen i kvartalet uppgick till 768 mkr, vilket motsvarar en valutarensad tillväxt om 6%.
Delivering on FY guidance, Q4 EBITA +21% y-o-y and +15% vs cons North America & RoW better, Europe weaker, cost reductions on plan Guides fo...
Lönsamheten viker i kvartalet Omsättningen i kvartalet uppgick till 633 mkr vilket rensat för valuta motsvarar -1%.
Weak North America behind Q3 miss, Q4 EBITA guided +25% y-o-y With 5% less employees vs year-end, visibility remains low We cut EBITA by 3-7...
Q3 sales -5% vs ABGe, EBITA -36% on weak margins FY guidance unchanged, implying ~25% EBITA gowth in Q4e Estimates slightly down and share t...
2023 is soft but BTS rarely wastes a crisis and is prepared for 2024 Pricing, software and talent mix are key drivers to reach margin target...
Svag tillväxt i kvartalet Omsättningen i kvartalet uppgick till 703 mkr, vilket motsvarar en tillväxt om 6%.
'23-'25e EBITA -2-4% as customers remain cautious We expect 4% EBITA growth in '23e (+16% y-o-y in H2e) Solid growth and margins beyond 2023...
Sales -2% vs ABGe, EBITA +13% vs ABGe from stronger margin 2023 guidance lowered to "EBITA in line with 2022" ("better than") Estimates down...
Q2e: -2% organic growth, EBITA SEK 94m (-16% y-o-y) Keeping FY guidance should be supportive for estimates FX-driven est.
Marknadsledare i fragmenterad marknad BTS utvecklar och levererar program för förändringsarbete och ledarskap för storbolag.
Svag utveckling i techsektorn pressar omsättning och lönsamhet Omsättningen i kvartalet uppgick till 579 mkr vilket motsvarar en tillväxt i ...
Entering a tougher market but BTS is long-term EBITA -3-6% in 2023e-'24e with Boda Group adding 5% 12.
2% org growth (ABGe 6%), EBITA -16% y-o-y, -12% vs ABGe 2023 guidance kept but longer lead-times increase risks Estimates down 5-8% today, s...
Q4 slightly on the soft side, 2023 guidance as expected We expect growth but flat margin 2023e, adj.
Omsättningen något starkare än väntat Omsättningen i kvartalet uppgick till 725 mkr vs vårt estimat om 723 mkr.
North America recovered in Q4 as expected, grew 17% org.
North America focus in Q4 When BTS reported its Q3 the organic growth in its biggest segment, North America, was only 1% amid some software ...
Omsättning i linje med estimat Omsättning i kvartalet uppgick till 617 mkr, vilket motsvarar en tillväxt om 29%, justerat för förändringar i...
Omsättning i linje med estimat Omsättning i kvartalet uppgick till 617 mkr vilket motsvarar en tillväxt om 29%, justerat för förändringar i ...
Q3 miss isolated to the US, which should improve in Q4 Looking at 2008-10, FX adj.
Q3 adj. EBITA -20% vs ABGSCe due to North America Guides for recovery in Q4 and reiterates 2022 guidance Estimates down somewhat, share to f...
Den organiska tillväxten imponerar... Omsättningen uppgick till 664 mkr (EPB 630 mkr), motsvarande en FX-rensad tillväxt om 24%.
Guidance upgrade, but slightly softer comments into H2e EBITA +9% (2% org, 7% FX), expect lower growth ahead 14.
Q2 EBITA +8% vs ABGSCe driven by 10% sales beat Guidance upgrade as expected but highlights slowdown Estimates slightly up on the Q2 beat, n...
Den organiska tillväxten imponerar... Nettoomsättningen uppgick till 524 mkr vilket motsvarar en tillväxt om 24% varav 21% organisk.
Adj. EBITA +4-5% for 2022e-24e post Q1 beat We expect guidance upgrade during 2022 19.
6% sales and 20% EBITA beat vs ABGSCe in Q1 Guidance intact: “2022 adj.
En era tar slut... BTS grundare och huvudägare Henrik Ekelund har meddelat att han efter 36 år kommer att lämna VD-posten den 16e maj.
Avslutar året starkt Omsättningen 2021 uppgick till 1 917 mkr vilket var ca 2% lägre än våra estimat.
Starka siffror och höjd guidance Omsättningen i Q3 uppgick till 478 mkr vilket var i linje med konsensus.
Strengthens the Spanish position through M&A Adds 3.
Nettoomsättningen i Q2'21 uppgick till 480 mkr vs våra estimat om 418 mkr.
Exiting the pandemic in a stronger position H1’21 EBITA already above 2019, guidance upgraded ‘21-’23e EBITA up 4-12%, trades at 25.
Q2 EBITA 13% higher than Q2’19, 45% vs ABGe Broad-based beat from all geographies Raised 2021 EBITA guidance to “2019” from “~2019” Sales SE...
