Q1 miss mainly driven by FK and SDR Cutting '25e EBITDA/EBIT by 9/15%, small changes to '26e-'27e FVR to DKK 32-68 (34-63), net cash positio...
Q1 revenues 3% below, EBIT DKK -1m vs. ABGSCe DKK 11m FY'25 guidance maintained, as expected Consensus to lower '25e EBITDA by ~10% on Q1 mi...
Q1e: revenues of DKK 320m, EBIT of DKK 11m, 3% margin Minor underlying revisions; major guidance revision likely too early FVR to DKK 34-63,...
Q4 EBIT and guidance pre-announced, portfolio return better Conference call failed to ease three key investor concerns FVR cut to DKK 35-67 ...
Q4: Headline figures pre-announced last week... ...
Very weak SDR guidance triggers hefty estimate cuts Three key investor concerns unlikely to ease in the near term FVR cut to DKK 36-70, net ...
Q4: DKK 155m SDR impairment, adj. EBIT slightly better vs.
Q4e: revenues of DKK 341m, EBIT of DKK 19m, 6% margin At least two good reasons for earnings growth in '25e FVR to DKK 44-83, net cash posit...
Sells Ofir to Jobindex for DKK 20m, or ~DKK 1.0/share.
A weaker-than-expected Q3 on almost all parameters Another PW as extraction of synergies proves costly FVR down to DKK 47-86 (53-90) on esti...
Q3: Revenues 1% below, EBIT DKK -2m vs. ABGSCe +12m FY'24 guidance downgraded again Consensus likely to lower '24 EBIT by 10-15% Q3 revenue...
Q3e: revenues of DKK 311m, EBIT of DKK 12m, 4% margin Small negative operational estimate revisions FVR cut to DKK 53-90, net cash position ...
Q2: Revenues 5% above, EBIT of DKK 41m vs. ABGSCe 30m Cutting EBIT guidance on new investments in SDR and Minetilbud Consensus to lower '24-...
Q2 numbers overall better than expected... Q2 numbers were better than we expected, with revenues of DKK 351m coming in 5% above ABGSCe, cor...
- Q2e: sales +41% y-o-y (0% excl. SDR), ~9% EBIT margin - Lifting '24e EPS by 41% on a DKK 135m Q2e investment gain.
Soft Q1 combined with a downgrade of the FY'24 guidance Synergies unlikely to show in '24e: cutting EBIT by 16-4% FVR down to DKK 57-96, net...
Q1 revenues 4% below ABGSCe, EBIT DKK 10m vs. ABGSCe 33m FY'24 guidance downgraded following more insights from SDR Consensus to lower '24 E...
- Q1e: sales +41% y-o-y, ~10% EBIT margin (SDR now consolidated) - Raising '24e EPS by 22% on huge unrealised Q1e investment gain - Paper pr...
Pre-announced Q4 revenues roughly in line, EBIT 6% below We cut estimates on soft FY'24 guidance - costs to continue up Extent of possible S...
Q4 revenues in line, EBIT 6% below ABGSCe DKK 4.0 DPS as expected, but disappointing FY'24 guidance No comments on synergies; expect cons to...
Q4e: 3.5% y-o-y revenue decline, 16.7% EBITDA margin Updating estimates after close of SDR acquisition '24e-'25e revenues +50-51%, EBIT +10-...
Acquires Svensk Direktreklam for SEK 350m (fully paid in cash).
Solid 14% EBIT beat on slightly higher revenues and lower costs Better visibility narrows FY'23 guidance, with EBIT mid-point up 3% '23e EBI...
Q3e: revenues down ~4% y-o-y, ~12% EBIT margin Paper prices flat since June, but limited Q3 impact Could delay demand recovery; 2% cut to '2...
Q2 revenues 2% below ABGSCe, EBIT 9% below Signs of improving paper demand positive, but not surprising '23e-'25e EBIT cut by 1-2%, FVR of D...
• Q2e: revenues down ~6% y-o-y, ~17% EBIT margin • Paper prices down 26%, but too early for demand recovery • '23e EPS up 19% on Q2 investme...
2% revenue beat; 20% EBIT beat driven by lower costs We take '23e EBIT up ~3% to the higher end of guidance FVR of DKK 58-96 (54-92); '23e D...
Paper prices to decline further, but too late for some customers '23e-'25e revenues down 1-2%, EBIT and adj.
Reached '22 guidance, but disappointing '23 guidance Proposed DPS of DKK 4.
Q4 prelim. revenue 2% below ABGSCe, EBIT 3% below '23e guidance entails 3-8% revenue decline.
Looks set to reach midpoints of FY'22 guidance Expect intensifying Last Mile volume decline from paper prices Fair value range of 55-105/sha...
Q3 revenue 3% lower vs. ABGSCe, much weaker EBIT FY’22 guidance lowered, primarily from weak Last Mile We lower our ’22e revenue est.
We expect Q3 rev. of DKK 236m & a ~19% EBIT margin Downgrade of FY’22 guidance not unlikely Unlikely to raise dividends and initiate share...
Case reaffirmed; mgmt. confident in ’22 guidance No focus on the risk of JaTak supports our estimates Digital Services receiving higher at...
Q2 EBIT of DKK 52m in line with ABGSCe No shift to JaTak expected – cash cow set to continue New 1Y forward FVR of 56-137 (90-140) Q2 EBIT i...
BoligPortal’s new product offering set to release potential Remains on the lookout to acquire new IT companies Capital structure remains sol...
Solid Q2 and softer landing in H2’21 anticipated FK Distribution initiatives seem to be materialising We raise our EPS estimates and FVR by ...
