ABG Sundal Collier Sponsored

ABG Sundal Collier is the independent, Nordic investment banking powerhouse, developed over 30 years, founded on a hard working partnership culture and the ability to attract top talent.

Our strategy is to be an advisor and an intermediary, and the core product offering comprise corporate advisory services, corporate financing services and investor research and brokerage services.

Our corporate advisory team offers access to a broad financial and industrial network and unparalleled transaction experience. We provide financing to corporates through our superior Nordic and international distribution platform, and we are optimally structured for naturally matching trading flows, delivering best execution for clients.

The group employ approx. 250 staff working from the Nordic offices in Norway, Sweden and Denmark and in the offices in the key international markets US, UK and Germany. 


ABGSC Food & Beverage Research ... (+3)
  • ABGSC Food & Beverage Research
  • Benjamin Wahlstedt
  • Nikola Kalanoski

Margin recovery to continue

We cut '24e-'26e adj. EBITA by 8-4%. Should break seven-quarter negative org. decline streak. Trading at '24e EV/adj. EBITA of ~10x.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Nikola Kalanoski

Awaiting comeback in B2C momentum

'24e-'26e ARR cut by 2-3% on continued macro weakness. B2C business momentum likely to return in H2'24. EV/ARR ~2x, '24e EV/EBITDA ~11x.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Mikkel Kousgaard Rasmussen
  • Oliver Jepsen

Likely not the last guidance upgrade in '24

Solid Q1 with 33% ARR growth and 15% adj. EBITDA margin. Raising '24e-'26e ARR by ~1%, EBITDA by 19-10%. More guidance upgrades in sight; FVR of DKK 5-14 (5-13).

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani

Wood M&A lifts '24e-'26e EPS by 4-6%

Wood M&A lifts '24e-'26e EPS by 4-6%, EBITA up 12-17%. Share now trading at 9.1x '24e EV/EBITA. CEO Sonny Mirborn stepping down in Oct. 24.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Nikola Kalanoski

Awaiting more beneficial conditions

We lower '24e-'26e adj. EBITA by 10-3% on continued weakness in macro data. '24e EV/EBITA of ~8.5x.

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