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Third party research

B3 Consulting Group: Minor beat amid tough conditions - ABG

B3 Consulting Group

This is a third party research report and does not necessarily reflect our views or values

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Sales +4% vs. cons, adj. EBITA +20% vs. cons
Minor positive consensus estimate revisions
Awaiting improving market conditions


Q3'24 report

Q3 was slightly better than expected. B3 generated net sales of SEK 245m (+4% vs. FactSet cons, +4% vs. ABGSCe) and adj. EBITA SEK ~6m (+11% vs. cons, +20% vs. ABGSCe). We note that organic growth is approx. -7% y-o-y, and that is slightly better than our expected -9%. As we unpack the organic growth decline, we note that it originates primarily from a reduction of consultants, while the minor offsetting factors are primarily a higher share of sub-contractors and a positive calendar effect. Net income is SEK ~75m, and that is due to a non-cash revaluation of B3 Poland because of step-up accounting rules according to IFRS.
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