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- 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...
