Proact: Note the strong Q1 last year - ABG

We estimate -2% organic growth and -22% adj. EBITA y-o-y in Q1e
BlakYaks adds to the UK business and is margin enhancing
Trading at 7.9x EV/EBITA 2025e, ~35% below peers


Note the tough comp in Q1

Even though Proact's suppliers Dell and NetApp are experiencing some turmoil due to the global tariff discussions, Proact remains a fully European company, which limits the exposure to the US market and is therefore more dependent on general IT demand. We still view the current European IT landscape as uncertain and challenging, especially on the hardware side, although signs of improvements should be seen during 2025. However, most recent outlook comments (from the likes of Bechtle and Dustin) remain cautious. Proact has managed the recent market well, in our view, but we highlight the tough comp from Q1'24 (especially on the gross margin side, driven by some high-margin system deliveries last year) ahead of the Q1'25e report. All in all, we estimate -2% organic growth and adj. EBITA of SEK 73m, down 22% y-o-y, which does not differ much from normal quarterly volatility.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/proact/Equity-research/2025/4/proact---note-the-strong-q1-last-year/