Proact: A bitter end to an otherwise good year - ABG

Surprising Q4 PW and CEO resignation, but likely two isolated events
Volatile systems business behind Q4 EBITA -40% vs cons
2025 estimates likely cut by 5-10%, and multiple could get a hit


Q4 PW and CEO resignation likely two separate events

Proact sent out a surprising Q4 PW and CEO resignation this morning. The CEO, Jonas Hasselberg, has signed on with a PE-owned IT company in Sweden (no competing business) for an opportunity he couldn't resist, and says it is unrelated to the Q4 results. Q4 PW is driven by a volatile (as usual) systems business with large hardware shipments that are lumpy between quarters. Q4 EBITA guided to be down 20-30% y-o-y, which is -40% vs FactSet consensus, driven by weaker Nordics & Baltics after a couple of strong quarters and a challenging German market overall. Proact comments that the development is mainly of a temporary nature.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/proact/Equity-research/2024/12/proact---a-bitter-end-to-an-otherwise-good-year/