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


Q3'23 report

B3 generated Q3'23 net sales of SEK 223m (+2% vs. ABGSCe 218m) and adj. EBIT SEK 13m (+12% vs. ABGSCe 11m). Compared to FactSet consensus, reported sales was 1% above and adj. EBIT was in line. While sales surprised slightly on the upside, EBIT was slightly better than our estimate in absolute terms. However, earnings are down nearly 60% y-o-y. The weak utilisation rate is the main culprit behind the y-o-y decline in earnings, carrying an impact of SEK -22m. Interestingly, the negative trend in the utilisation rate continued during Q3.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/b3-consulting-group/Equity-research/2023/10/b3-consulting-group---q3-downward-trend-in-utilisation-continues/