B3 Consulting Group

* '26e-'28e adj. EBITA down 24-13% * Webstep issues weigh significantly on revenue * Trading at NTM EV/EBITA of 6x A soft report due to drag from Webstep B3 missed our sales estimates by 6% in Q1, with negative organic growth of 13%. The Webstep AB acquisition...

* Sales +4% and adj. EBITA -26% vs. consensus * Consensus EBITA estimates likely down by high single-digits * B3 Poland margin supportive despite soft revenue Q1'26 report B3 reported Q1'26 sales of SEK 305m (-6% vs. ABGSCe 324m, +4% vs. FactSet consensus...

* Continued cautious market * '26e-'28e EBITA down 5-3% * Trading at 4.8x NTM EV/EBITA, ~50% below peers Expectations for Q1'26 B3 Consulting Group will publish its Q1'26 report on 28 April. We expect sales of SEK 324m, implying flat growth held back...

* Minor negative estimate revisions due to lower headcount * Continued negative net recruitment trend, but increasing margins * Trading at NTM EV/EBITA of 5.5x Q4 report B3 missed slightly on sales, at SEK 315m (-8% vs. ABGSCe SEK 343m). This was partly...