Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Portfolio
  • Forum
  • Q&A
  • About Us
    • Our Coverage
    • Team
Third party research

Ogunsen: Tough Q2, but it's not getting worse - ABG

Ogunsen

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

Download report (PDF)
Organic sales decline of 7% y-o-y
EBIT margin of 4.6% (7.1%)
Recruitment profitability under pressure


Unexpected drop in profitability, but demand is still OK

Q2 numbers were weaker than expected for sales (-5% vs ABGSCe) and especially for EBIT (-49% vs ABGSCe), as profitability in the recruitment business area was clearly lower y-o-y with an EBIT margin of 20% (34.5%). This could be an effect of a few deals not going as planned, or signs of high competition in a depressed market that leads to price pressure. We think the latter is more likely. There is currently no clear trend in demand: Q3 has started on the same level as in Q2, and in Q2 the demand pictured improved every month, meaning the situation is not getting worse. Rather, it paints a cautiously optimistic picture for H2e. Cash flow was strong from favourable working capital movements, and the company still has SEK 40m in cash after the dividend payout of SEK 37m in Q2.
Find us on social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Get in touch
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.