B3 Consulting Group

* CEO Martin Stenström held a general presentation * Gaining more exposure to the defence sector * Currently trading at 7x EV/EBITA, ~30% below avg. of peers Key takeaways from the presentation Yesterday, Mr. Stenström highlighted the continued strength...

* A minor miss compared to FactSet consensus expectations* Small signs of improvement, with a flattening utilisation rate y-o-y* Trading at NTM EV/EBITA of ~9xMarket remains challenging, but shows some improvementQ3 missed slightly on sales (-5% vs. ...

* Sales -6% vs. cons, adj. EBITA -14% vs. cons* Continued growth in Poland and Habberstad* Consensus EBITA estimates likely down by LSD Q3'25 report Q3 came in softer than anticipated, with sales of SEK 255m, representing a 4% y-o-y growth (-6% vs. FactSet...

* We cut '25e-'27e adj. EBITA by 4-8%* Expect some EBITA growth in Q3* NTM EV/EBITA ~9xExpectations for Q3'25B3 Consulting Group will publish its Q3'25 report on 22 October. We expect sales of SEK 268m, implying 9% y-o-y growth (and an organic decline...

Selective recruitment in H2'25 Q2 missed on sales and adj. EBITA compared to FactSet consensus' expectations. Organically, sales declined ~11% and the adj. EBITA margin was 4.7%, which was ~2.5pp below consensus. The utilisation rate is stable, and that...

Q2'25 report Q2 was a bit softer than expected with respect to both sales and profitability. B3 generated net sales of SEK ~316m (-9% vs. FactSet cons, -8% vs. ABGSCe) and adj. EBITA SEK ~15m (-41% vs. cons, -34% vs. ABGSCe). We note that the organic...

- We cut '25e-'27e adj. EBITA by 5-4% - Pressure on demand and hourly prices - NTM EV/EBITA below 7x What to expect in Q2'25 We expect sales of SEK 343m for Q2'25, implying y-o-y growth of 29% (of which the organic decline is -4%), along with EBITA of...