Analyser av B3 Consulting

B3 Consulting Group: Organic growth comps easy in '25e - ABG

- Minor estimate revisions - Decline in utilisation appears to have stopped - '25e EV/EBITA of 8x H2 increasingly likely to mark a trough Al...

ABG Sundal Collier • 25 Oct 11:40

B3 Consulting Group: Minor beat amid tough conditions - ABG

Sales +4% vs. cons, adj. EBITA +20% vs. cons Minor positive consensus estimate revisions Awaiting improving market conditions Q3'24 report ...

ABG Sundal Collier • 24 Oct 11:53

B3 Consulting Group: IT consulting market remains challenging - ABG

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...

ABG Sundal Collier • 15 Oct 07:30

B3 Consulting Group: Easy comps to start in Q4 - ABG

- '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...

ABG Sundal Collier • 18 Jul 06:50

B3 Consulting Group: Likely at the trough - ABG

- 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...

ABG Sundal Collier • 17 Jul 08:35

B3 Consulting Group: B3 Poland consolidation coming up - ABG

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 ...

ABG Sundal Collier • 01 Jul 12:33

B3 Consulting Group: Acquires Webstep's Swedish operations - ABG

SEK 100m run-rate sales contribution excl. sub-contractors Potential to earn 8-9% EBIT margin Acquired at ~4x EV/EBIT on potential earnings ...

ABG Sundal Collier • 27 May 08:23

B3 Consulting Group: Recovery still awaits - ABG

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...

ABG Sundal Collier • 26 Apr 10:18

B3 Consulting Group: Parrying lower utilisation with more cost cuts - ABG

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...

ABG Sundal Collier • 25 Apr 09:13

B3 Consulting Group: Awaiting more beneficial conditions - ABG

We lower '24e-'26e adj. EBITA by 10-3%... ...on continued weakness in macro data '24e EV/EBITA of ~8.

ABG Sundal Collier • 18 Apr 07:23

B3 Consulting Group: Combatting low utilisation - ABG

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...

ABG Sundal Collier • 16 Feb 09:07

B3 Consulting Group: No one is immune against a weak market - ABG

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...

ABG Sundal Collier • 15 Feb 08:38

B3 Consulting Group: Weighed down by weak market - ABG

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...

ABG Sundal Collier • 09 Feb 07:29

B3 Consulting Group: Fighting a tough market with cost optimisation - ABG

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...

ABG Sundal Collier • 27 Oct 2023 08:54

B3 Consulting Group - Q3: Downward trend in utilisation continues - ABG

Sales +2% vs. ABGSCe, adj. EBIT +12% vs. ABGSCe Lowers '25 targets and initiaties cost savings programme Share buybacks of SEK 25m announced...

ABG Sundal Collier • 26 Oct 2023 09:52

B3 Consulting Group: Unfavourable setup for H2'23 and H1'24 - ABG (R)

(Correction refers to the link to the analysis) Provides updated development plan at investor meeting Detailed path forward for different ri...

ABG Sundal Collier • 10 Oct 2023 09:09

B3 Consulting Group: Unfavourable setup for H2'23 and H1'24 - ABG

Provides updated development plan at investor meeting Detailed path forward for different rights issue outcomes NEX-22: CTA submission in Q4...

ABG Sundal Collier • 10 Oct 2023 09:07

B3 Consulting Group: Margins holding up better than peers so far - ABG

• 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...

ABG Sundal Collier • 24 Jul 2023 08:19

B3 Consulting Group: In line with pre-announced figures - ABG

• Sales -1% vs. ABGSCe, adj. EBIT -7% vs. ABGSCe • Modest price increases, lower utilisation rate • We expect cons.

ABG Sundal Collier • 21 Jul 2023 08:42

B3 Consulting Group: Trading update marginally below ABGSCe - ABG

• Trading update for Q2 announced • Preliminary sales -0.

ABG Sundal Collier • 12 Jul 2023 08:36

B3 Consulting Group: Negative calendar effect starting in Q2 - ABG

- We lower 23e-'25e adj. EBITA by 6% - Conditions for IT services companies worsening - B3 trading at '23e EV/EBITA of 8.

ABG Sundal Collier • 10 Jul 2023 09:44

B3 Consulting Group: CEO Anette Billing resigns voluntarily - ABG

Anette Billing resigns as CEOChairman, Sverre Bjerkeli takes over as interim CEOSearch for a new CEO underwayAnette Billing resigns as CEOAn...

ABG Sundal Collier • 21 Jun 2023 08:26

B3 Consulting Group: '23e: more competition and normal margins - ABG

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 ...

ABG Sundal Collier • 02 May 2023 09:32

B3 Consulting Group Q1: Utilisation & demand down to normal levels - ABG

Sales -4% vs. ABGSCe, EBITA -9% vs. ABGSCe Increased transparency on B3 Poland We expect cons.

ABG Sundal Collier • 28 Apr 2023 10:16

B3 Consulting Group: A consultant with a capital return mission - ABG

Balanced mix of growth and profitability '23e-'25e EBITA CAGR of 12% Fair value range of SEK 160-220 Diversified sector exposure with attra...

ABG Sundal Collier • 10 Mar 2023 07:46

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