B3 Consulting Group: First step in recovery is underway - ABG

Minor estimate revisions due to M&A contribution
Utilisation trend is positive
'25e EV/EBITA of 8x, FVR reiterated


The utilisation is coming back

Q4 missed slightly on sales and adj. EBITA compared with consensus' expectations. Organically, sales declined ~12% and the adj. EBITA margin was ~4.5%, which is low compared to historical levels. That said, utilisation is on the rise again, partly thanks to a reduction of FTEs with zero to low utilisation rates, but also thanks to an underlying improvement as B3 has been managing the worsened conditions in the last two years.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/b3-consulting-group/Equity-research/2025/2/b3-consulting-group---first-step-in-recovery-is-underway/