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: Waiting for the recovery to start - 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 7.6% (7.9%)
Positive signs in the recruiting business


Demand still muted but profitability improves q-o-q

Ogunsen reported Q3 sales of SEK 103m (111m), down 7% y-o-y and 7% behind ABGSCe. The y-o-y drop was caused by lower staffing revenues. Recruiting revenues, on the other hand grew 5% y-o-y, marking the first quarter with growth since Q3'22, which is a positive signal. The revenue mix helped improve profitability from the levels seen in Q2, as the recruiting business usually has higher profitability. EBIT was SEK 7.8m (8.7m) for an EBIT margin of 7.6% (7.9%); this was 10% above ABGSCe. FCF was negative in Q3 from a timing issue and a subsequent working capital build-up. We have no reason to believe this a long-term issue, and think it will revert in Q4.
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.