BTS Group: Europe recovered in Q3 - ABG
Adj. EBITA -9% vs ABG and -26% vs cons (one large outlier)
5% organic growth (ABG 8%) vs 1% in Q2 and growth in all regions
FY guidance unchanged, estimates and share neutral to slightly down
Q3 details
Sales SEK 657m (-3% vs ABG 676m, -3% vs cons 677m), adj. EBITA 60m (-9% vs ABG 66m, -26% vs cons 81m), adj. EBITA margin 9.2% (ABG 9.8%, cons 11.9%). FX adj growth 8% (vs ABG 10%). Net income was positively affected by a SEK 166m reversed earn-out for the Netmind acquisition, explaining the EPS beat.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/bts-group/Equity-research/2024/11/bts-group---europe-recovered-in-q3/