* Cost actions showing up in margin improvements * Memory prices could support near-term growth recovery * Adj.
* Sales -5% vs ABG, adj. EBITA +23% on lower opex * West and Central continue to struggle, UK positive driver * Raised DPS shows financial s...
* AI should drive data storage demand, but RAM prices are an issue * Small reductions to estimates, adj.
* NetApp +5% on EPS beat, but reiterated low growth revenue guidance * Dell +3%, storage revenues declined -1%, outlook suggests small impro...
* Sales beat, lower costs and executing on M&A * Adj.
* -5% organic growth (cons -7%) and adj. EBITA +18% vs cons * Cloud orders up 142% y-o-y, Nordics & Baltics and the UK strongest * Estimates...
* Acquires NetApp partner Consular for DKK 65m, adds 3% to sales, 7% to EBITA * 4.
Cancom Q2 PW and cut FY'25 EBITA guidance by -25%, stock -8% Blames reluctant customers, and particularly weak Germany Germany is 16% for Pr...
Two different pictures in the company While both Nordics & Baltics and the UK progressed well with positive organic growth and improved earn...
Q2 details Sales SEK 1,172m (0% vs ABG 1,170m, no cons).
Adjusting the organisation, at cost of top line and near-term earnings Expect Q2-Q3 headwinds; we cut '25e-'27e adj.
Cost reduction initiatives in DE and NL short-term Focus on margin improvement journey and selective M&A Adj.
We hosted the new CEO Magnus Lönn this morning Strategy to replicate the Nordic & Baltics success to other regions Focus on margin improveme...
2% organic growth (ABG -2%), adj. EBITA +8% vs ABG (-16% y-o-y) Service revenues declined more than expected, some soft cloud KPI's Small po...
We estimate -2% organic growth and -22% adj. EBITA y-o-y in Q1e BlakYaks adds to the UK business and is margin enhancing Trading at 7.
Acquiring consulting company BlakYaks at 10.7x EV/EBITA Seems to be a good growing and highly profitable business Adds 1% to sales, 5% to EB...
Q4 better than expected, adj. EBITA +0-2% Financial flexibility for divi, buybacks & M&A with current net cash Guides for positive org.
Stronger end to Q4 vs the PW in Dec Adj. EBITA 18% higher than guided for Estimates up slightly today, share could regain some lost ground ...
IT market weakness hitting Proact After showing good resilience so far this year, Proact had to profit warn for Q4 amid weakening IT markets...
Surprising Q4 PW and CEO resignation, but likely two isolated events Volatile systems business behind Q4 EBITA -40% vs cons 2025 estimates l...
CEO highlighted an accelerating market for mission-critical IT infrastructure Main drivers are cybersecurity, cloud, AI and Microsoft-relate...
Organic growth and earnings growth to remain high in Q4e Small estimate changes, adj.
- 9% organic growth (ABG 9%) and EBITA -6% vs ABG - Positive development in all markets, Systems grew 20% organically - Small negative revis...
Product sales (+13% y-o-y) and new billings (+12%) with the strongest growth rates in 2 years Uncertain macro but strong execution behind sm...
- Return to growth in Q2 bodes well for 9-10% organic growth in H2e - AI and cybersecurity among the drivers, demand remains good - Share ha...
- Q2: Gross margin lead the way to a 9% adj. EBITA beat vs cons - Positive comments on demand across all regions - Buybacks to continue, est...
Redeye expects a solid Q2 report from Proact, although we want to highlight that investors should not expect as high margins as in Q1.
Dell storage and NetApp billings show improved momentum We estimate increased organic growth rates ahead for Proact Share trades at 9.
Redeye raises its Base Case and forecasts following a strong Q1 report, with the strong gross margin, high new cloud contracts intake, and s...
Significant Q1 EBITA beat and comps are getting easier from Q2 Intensified key partnerships and support from cybersecurity/cloud/AI EBITA +5...
Flattish sales on tough comps, EBITA +31% vs cons on higher GM Stabilised market with improvements in Germany Strong OCF, buybacks continue,...
Redeye will likely increase its forecasts and Base Case following a strong Q1 report, with high gross margin and continued solid organic gro...
NetApp and Dell beat expectations and guide for better growth ahead Storage/server revenues were main drivers, and AI a potential Supports o...
Well positioned to regain growth from AI and cybersecurity Adj.
Redeye retains its positive view of Proact following a solid Q4 report with EBITA matching our forecast.
- Sales better than expected on tough comps (org -7% vs ABG -17%) - Adj.
Redeye sees a solid Q4 report from Proact with EBITA matching our expectations, following somewhat stronger System sales and higher sales an...
Tough comps in Q4e but tailwinds into 2024e Cost reductions to yield margin expansion ahead Share at 7.
NetApp reported strong numbers with share +12%... .
Redeye retains its positive view of Proact following a solid Q3 report, with the positive highlights being strong organic growth in recurrin...
An in line report on adj. EBITA and -8% org growth (ABGSCe -7%) Cost reductions bear fruit, adj.
- Q3 org growth -8% (ABGe -7%), 1% adj. EBITA beat on lower costs - Operating cash flow at SEK 133m (-74m Q3'22) and up 194% YTD - Small rev...
Redeye sees a solid Q3 report from Proact despite sales and EBITA coming in slightly short of our expectations.
Redeye retains its positive view of Proact following a solid Q2 report, with the positive highlights being strong organic growth in recurrin...
• Sales -1-2% as we estimate neg. organic growth in Q3-Q4e • Cost reduction programme makes us raise adj.
• -2% organic growth (ABGe 3%) amid tough comps • Adj.
Redeye retains its positive view of Proact following a strong Q2 report showing solid cost control and robust organic growth in recurring re...
Redeye retains its positive view of Proact despite somewhat reducing our Base Case and 2023-2024 EBITA forecasts.
Sales remain at a stable level, but we are cautious for H2 Cost inflation hurt Q1 margin, cost program yet to be announced Adj.
Sales in-line, adj. EBITA -22% vs cons on cost inflation Initiates a cost savings-program to reach its 8% margin target Cons 2023e estimates...
Redeye will likely slightly lower its forecast and Base Case following the Q1 report.
Redeye retains its positive view of Proact following a strong Q4 report fueled by System sales.
Momentum looks solid Proact delivered an impressive Q4 report, growing sales 40% organically y-o-y, and we are encouraged by the breadth of ...
40% org growth (ABGSCe 18%), adj. EBITA +37% vs consFourth consecutive organic growth quarterCons estimates up 5-10%, share at 8.
Redeye reinforces its positive view of Proact following a strong Q4 report.
Q3 sales grew 21% organically, we estimate 18% in Q4e Adj.
Redeye strengthens its positive view of Proact following a solid Q3 report in basically every aspect.
Q3: 21% org growth and adj. EBITA +12% vs ABG System sales +22% vs ABGe, service +1% vs ABGe Cloud order intake doubled y-o-y, est.
Redeye strengthens its positive view of Proact following a Q3 report we believe was strong on every line.
Redeye retains its positive view on Proact following a strong Q2 report with high System sales with healthy margins.
21% organic growth in Q2 drove a 21% adj. EBITA beat System sales was the main driver, adj.
Redeye retains its positive view on Proact following a solid Q2 report where strong System sales positively impacted EBITA.
Acquiring German IT services company sepago Adds 7% to 2023e EBITA with 10% margin (est.
Redeye retains its positive view on Proact following a mixed Q1 report with a solid outlook.
System sales growth should accelerate during 2022e Small estimate revisions, adj.
But lower gross margin caused -8% adj. EBITA vs ABGe Demand is good but supply chain is challenging Limited estimate revisions for cons Q1 ...
Redeye sees a mixed Q1 report from Proact, with solid organic growth in both Cloud and Support being the highlight, while the gross margin c...
Redeye raises its forecasts and Base Case slightly following a, considering the conditions, solid Q4 report.
Redeye takes a more positive stance towards Proact following the Q4 report, despite showing declining EBITA y/y.
Lumpy system sales and cloud order intake miss in Q2 Given a challenging market in 2020 due to COVID-19, Proact performed reasonably well.
