contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Proact IT Group is a specialist in data and information management with a focus on cloud services and data center solutions. The company helps its customers store, connect, protect, secure and create value through data. Proact IT Group carries out projects and operates internationally with a focus on Europe and the USA. The company was founded in 1994 and is headquartered in Solna, Sweden.

Proact IT Group

* Sales beat, lower costs and executing on M&A* Adj. EBITA up 3-4% 2025-27e, 12% adj. EBITA growth '26e* Share at 6.7x 2026e EV/adj. EBITA, 40% below peersNordics & Baltics and the UK shine ...

* Sales beat, lower costs and executing on M&amp;A* Adj. EBITA up 3-4% 2025-27e, 12% adj. EBITA growth '26e* Share at 6.7x 2026e EV/adj. EBITA, 40% below peersNordics &amp; Baltics and the UK shine alongside cloud ordersRegionally, Proact continues to deliver solid earnings growth in both Nordics &amp; Baltics (NOBA) and the UK, with the acquisition of BlakYaks showing particularly strong performance alongside the operating margin in NOBA. We also highlight the 143% y-o-y growth in cloud order intake, with some larger deals won in the West and Central segments (where Proact continues to focus on lower costs and narrowing its offering). This increases the likelihood of returning to positive organic growth in cloud revenue in 2026e, in our view, following the effects of a more hesitant IT spending market. Margin-wise, NOBA remains above a 10% R12m EBITA margin and the UK has shown a clear improvement to 4.4% (2.7% in Q2), while West and Central continue to struggle at -0.2-0.3%. This should mean that Proact continues to evaluate the divestment of the West and Central segments, which we have previously highlighted as a potential trigger. This would increase group profitability and free up excess cash. On a weak note, operating cash flow (OCF) was somewhat soft in the quarter at SEK -28m (83m), with YTD OCF -51% y-o-y.Positive estimate revisionsWe make small underlying estimate changes, but also add the recent acquisition of Consular. All in all, we raise adj. EBITA by 3-4% in 2025-27e and mainly see potential upside risk to margin estimates in 2026-27e.Valuation remains below peersThe share has been weak over the past 12 months (-25%), but estimates now seem to be trending upwards again. With the addition of M&amp;A, cost reductions mainly behind us and a return to cloud revenue growth in 2026e, the valuation has come down to 6.7x 2026e EV/adj. EBITA on our updated estimates. This is 40% below peers, and Proact continues to execute on its buyback programme as well.