B3 Consulting Group: Trading update marginally below ABGSCe - ABG

• Trading update for Q2 announced
• Preliminary sales -0.5% vs. ABGSCe
• Prel. EBIT ~22m vs. ABGSCe 23.6m & consensus 29m

Trading update details
B3 Consulting Group pre-announced its preliminary Q2 sales of SEK 299.3m and EBIT of ~22m. This implies that the preliminary figures were 0.5% and 6.6% below our sales and EBIT estimates, respectively. Compared to FactSet consensus, the preliminary figures were 2.3% and 24% below sales and EBIT estimates, respectively. We note that there is a possibility that one or several participants in the FactSet consensus could include a full consolidation of B3 Poland, which we do not consolidate in our estimates but rather treat as an associate investment. Therefore, the consensus figures may not be perfectly comparable to the figures in the trading update, making the deviation to consensus potentially lower in magnitude.

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/a37a0d2e26c44781ad5b14793e57ef45/pdf/trading-update-marginally-below-abgsce.pdf