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 Online Gaming Research ... (+3)
  • ABGSC Online Gaming Research
  • Oscar Rönnkvist
  • Simon Jönsson

Approaching the split with a solid Q1e

12% organic growth on tough P&S comps while we expect an acceleration from Q2. Trading at ~6x '24e EV/EBITDA, 15% below peers avg.

ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Nikola Kalanoski

Doing all the right things

'24e-'26e EBITA down 7-1% primarily due to changes in capitalisation policy. '24e-'25e lease adj. FCFE yield excl. earn-outs of ~8%.

ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Nikola Kalanoski

Taking action amid tough conditions

We cut '24e and '25e EBITDA by 17% and 8%. Refocusing of Aurdel to improve margin stability. '25e EV/EBIT of ~11x.

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

Expect gradual improvements throughout '24e

Q1e: still some de-stocking weighing on Medical. Minor revisions, '25e-'26e EBITA up by 1% on FX. Strong recent performance, cons. f12m EV/EBITA 17x.

ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf

Major vacancy to hit in 2025

Rec. PTP 4% below ABGSCe. CEPS est. down by 3-4% for '25-'26e. Share trading at ~10% premium on '25e P/CEPS.

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