B3 Consulting Group: Stabilisation of conditions ahead - ABG

We cut '25e-'26e adj. EBITA by 10-1%
Utilisation should pick up in H2'25e
'25e EV/EBITA of ~8x


What to expect in Q4'24e

We expect sales of SEK 354m for Q4'24e, implying y-o-y growth of 21% (org. -5%, M&A +25%, FX +0.4%), along with EBITA of ~SEK 23m, corresponding to an EBITA margin of 6.4%. January data showed a stabilisation of demand, hourly prices, and net recruitment for IT consultants, albeit from a low base. We therefore expect positive momentum to start in H2'25, as positive net recruitment is likely to commence once utilisation rates recover.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/b3-consulting-group/Equity-research/2025/2/b3-consulting-group---stabilisation-of-conditions-ahead/