* Market remains challenging; soft near-term outlook * We lower '26e-'27e adj.
* Sales +1% vs. ABGSCe (-13% y-o-y), adj. EBIT +9% vs.
* Market conditions remain challenging, lowering Q4e volumes * We lower '25e-'27e adj.
* CFO and new CEO gave a general presentation * Some positive market signs, mainly in public and telecom sectors * Stock trading at 12x-10x ...
* Continued gross margin expansion, but the market remains tough * We take a more cautious view on the recovery * We cut '25e-'27e adj.
Continued gross margin expansion, but the market remains tough We take a more cautious view on the recovery We cut '25e-'27e adj.
* Sales -1% vs. ABGSCe (-7% y-o-y), adj. EBIT -8% vs.
* Ework enters its eighth market: Germany * Cost-effective action, while moving along existing clients into new markets * 2025e will be a ch...
The market remains challenging As in recent quarters, Ework's Q2 was affected by a weak market, with ongoing macroeconomic turmoil weighing ...
Q2 results Q2 sales were SEK 3,601m (+1% vs. ABGSCe 3,550m), -13% y-o-y.
Karin Schreil, CEO, leaves her position at the end of 2025 She has implemented significant internal changes since 2021 Surprising, but undra...
Portfolio rebalancing and weak market behind PW We lower '25e-'27e EBIT by 31-22% on lower sales We expect some market recovery in '26e Sti...
Preliminary Q1 figures: sales -17% y-o-y, -13% vs. ABGSCe Weak market and client phase-outs, but surprising softness Full report due 14 May;...
Weak market coupled with portfolio rebalancing headwinds We lower '25e-'26e EBIT by 4-3% Poised for improved margins, 11x '25e EV/EBIT Mark...
Sales -4% vs. ABGSCe (-11% y-o-y), EBIT -24% vs. ABGSCe Weaker orders but improving margins, partly from portfolio rebalancing We expect con...
Ework is not just a consultancy broker Demand will gradually pick up, but the pace is uncertain Margins to improve with better GMs and incre...
- Slower recovery, but positive gross margin trend - We lower '24e-'26e adj.
Sales -8% vs. ABGSCe (-11% y-o-y), adj. EBIT -7% vs.
- Q2 was likely the trough - Small estimate revisions, good prospects for a better H2 - Poised for improved margins as demand returns, 11x '...
- Sales +1% vs. ABGSCe (-5% y-o-y), EBIT +4% vs. ABGSCe - Ework continues to see recovery in demand in H2 - We expect cons to do small estim...
Adj. EBIT +3% y-o-y, despite a 7% sales drop y-o-y We make small estimate revisions +16% adj.
Sales -2% vs. ABGSCe, -7% y-o-y Ework expects sales to decline H1'24 but to recover in H2'24 We expect cons to cut '24e EBIT by c.
Ework enters its sixth market: Slovakia Solid track record of geographical expansion More remote work post-pandemic likely in part behind th...
Sales in line, but 10% EBIT beat We lift '24e adj. EBIT 8% on lower opex assumptions +17% adj.
- Sales +1% vs. ABGSCe, EBIT +10% on better GM - Expects sales to decline H1'24 but recover well in H2'24 - Expect cons to raise '24e EBIT c...
Decelerating growth in Q3 due to the weakened market Ework is prioritising profitability over growth near-term We cut '24e EBIT by 3% - 8.
Sales +1% vs. ABGSCe, EBIT +50% on lower opex Outlook: expects the weak market to linger in the near-term Expect cons to raise '23e EBIT c.
• Market saw a further sequential slowdown in Q2 • We cut '23e-'25e sales 9-3% on the weaker outlook • We now expect 8% growth '23e – 13x '2...
• Sales in line, EBIT below - mainly on lower capitalised costs • Sequentially weaker market in Q2 • Expect relatively small estimate cuts o...
Solid start to 2023, but weakness in some industries We lower '23e-'25e sales by 2-1% 14% adj.
Sales +16% y-o-y, -1% vs. ABGSCe EBIT SEK 54m, +2% vs.
8% EBIT miss, but new, forward-leaning 2025 targets Still solid demand: '23e-'24e EBIT up by 15-21% 13x '23e EV/EBIT, in line with its 5Y av...
Q4 results Q4 sales of SEK 4,687m (+2% vs. ABGSCe 4,596m), up 21% y-o-y.
3% sales beat and better GM drove 49% adj. EBIT beat We raise ’22e-‘24e adj.
Sales +19% y-o-y, but EBIT only grew 4% y-o-y Minor changes to sales estimates, but -11% on ‘22e EBIT 14x-11x ‘22e-‘24e EV/EBIT vs.
Ability to work remotely is important for IT specialists Ework is benefitting from this trend 12x ‘22e EV/EBIT is 18% below IT services peer...
Sales +24% y-o-y, +5% vs. ABGSCe We lift ‘22e-‘23e EBIT by 12-13% 13x-12x ’22e-‘23e EV/EBIT, ~25% discount to peers Strong Q1 results acros...
Broad-based recovery continued in Q2 eWork continues to recover well after a soft 2020, as it managed to beat our sales and EBIT forecasts b...
