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Third party research

B3 Consulting Group: Stabilisation of conditions ahead - ABG

B3 Consulting Group

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

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We cut '25e-'26e adj. EBITA by 10-1%
Utilisation should pick up in H2'25e
'25e EV/EBITA of ~8x


What to expect in Q4'24e

We expect sales of SEK 354m for Q4'24e, implying y-o-y growth of 21% (org. -5%, M&A +25%, FX +0.4%), along with EBITA of ~SEK 23m, corresponding to an EBITA margin of 6.4%. January data showed a stabilisation of demand, hourly prices, and net recruitment for IT consultants, albeit from a low base. We therefore expect positive momentum to start in H2'25, as positive net recruitment is likely to commence once utilisation rates recover.
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