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ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
PREV B PREVAS B

Signs of a better market ahead

Prevas saw Q1 organic growth on the same level as in Q4. As it had negative calendar effects, however, it was a slight improvement q-o-q.

12h / 26m 12h / 26m 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Stefan Knutsson
44P POLYGIENE AB

Addmaster continues its resurgence

On the right track after a challenging 2023. Positive revisions, >10% EBIT margins looks achievable. We raise our fair value range to reflect estimate revisions.

05/02/24 May 2, 2024 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
SVIK STUDSVIK

Solid start to the year

More positive news for Scandpower. Profitability has always been volatile. Minor revisions with '24e EBIT down 1%.

04/29/24 April 29, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Stefan Knutsson
PENG B Projektengagema...

Clear profitability improvement in Q1

Excellent cost control behind beat. Market conditions still challenging. Positive update on cost savings for office space.

PENG B PROJEKTENGAGEMANG SWEDEN AB
04/29/24 April 29, 2024 1 EN
ABGSC Services Research ... (+4)
  • ABGSC Services Research
  • Julia Sundvall
  • Simon Jönsson
  • Stefan Knutsson
COOR-SE Coor Service Ma...

On track to deliver profitability gains

We raise adj. EBITA by 2-1-0% on '24e-'26e. Adj. EBITA expected to grow 12% y-o-y in H2'24e. 10-8x EBITA on '24e-'26e (8-12% FCFy), ~10% below peers.

COOR-SE COOR SERVICE MANAGEMENT
04/24/24 April 24, 2024 1 EN
ABGSC Services Research ... (+4)
  • ABGSC Services Research
  • Julia Sundvall
  • Simon Jönsson
  • Stefan Knutsson
COOR-SE Coor Service Ma...

Cleaning up in a resilient market

A leading consolidator in a steadily growing, fragmented market. Capital-light growth, margin expansion, >15% M&A growth potential. 9% adj. EBITA CAGR '23-'26e, 11-8x EBITA '24-'26e, 6% div. yield.

COOR-SE COOR SERVICE MANAGEMENT
04/16/24 April 16, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Jönsson
  • Stefan Knutsson
FLEXM-SE FLEXION MOBILE

Positive growth momentum

Adj. EBITDA of GBP 2m in line with pre-annoucement (ABGSCe 3m). We trim sales but raise '24e EBIT from GBP -2m to 2m on lower D&A. Share is trading at 12-6x EV/EBIT; 22% EBIT CAGR '24e-'26e.

03/24/24 March 24, 2024 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
03/04/24 March 4, 2024 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
PION.B-SE PION GROUP

Battling a grim market

Sales down 9% y-o-y in Q4. Adj. EBITA marginally in the black. QRIOS the bright spot as growth accelerates.

02/29/24 February 29, 2024 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
OGUN.B-SE OGUNSEN

Biding its time

Organic sales decline of 7% y-o-y. EBIT margin of 9.5% (13.2%). We look for a rebound in H2'24.

02/28/24 February 28, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Stefan Knutsson
POLYG-SE POLYGIENE GROUP

Recovery is gaining momentum

2nd quarter in a row with q-o-q sales growth. Freshness unit is driving the recovery. Same story in the early part of Q1'24.

02/26/24 February 26, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Stefan Knutsson
GENI-SE GENERIC SWEDEN

2024 outlook still looks solid

12% organic sales growth y-o-y.Opex increase and IAC affect Q4. Profitability assumptions down on slightly higher opex.

02/21/24 February 21, 2024 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
PREV.B-SE PREVAS

Slower end to '23 but positive market signals

1% organic sales growth y-o-y. Profitability still at a good level. Lower utilisation rather than drop in demand.

02/15/24 February 15, 2024 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
DEDI-SE DEDICARE

Exceptional growth in Norway cools off

Sweden still affected by cautious hiring policy. Positive development in UK. Normalisation before next growth phase?

02/13/24 February 13, 2024 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
SVIK-SE STUDSVIK

Mixed end to 2023

Scandpower excels through licence sales. Higher sick leave in Decommissioning. Minor revisions with '24e EBIT down 1%.

02/13/24 February 13, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Stefan Knutsson
PENG.B-SE Projektengagema...

The last cost initiative done for now?

Q4 hit by restructuring costs. We lower estimates again. Positive update on the cost savings for office space.

PENG.B-SE PROJEKTENGAGEMANG
02/11/24 February 11, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Jönsson
  • Stefan Knutsson
FLEXM-SE FLEXION MOBILE

Well positioned to accelerate

Q3 soft, as expected, but we see a ramp-up in Q4e. EU's Digital Markets Act could fuel growth in 2024. Share is trading at 7.6-4.6x EV/EBITDA on '23e-'25e.

11/24/23 November 24, 2023 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
OGUN.B-SE OGUNSEN

Challenges persist in Q3

Organic sales decline of 6% y-o-y. EBIT margin of 7.9% (13.2%). Q4 demand on same level as Q3.

11/21/23 November 21, 2023 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Stefan Knutsson
GENI-SE GENERIC SWEDEN

Solid Q3, softer outlook for '24e

15% organic sales growth y-o-y. Inera volumes slightly delayed. Minimal changes to long-term estimates.

11/21/23 November 21, 2023 1 EN
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
PION.B-SE PION GROUP

Cost initiatives bite in Q3

Back into black numbers, adj. EBITA SEK 10.8m (21.6m). Lower sales but higher EBIT for '24e. Stable demand despite weak and uncertain market.

11/14/23 November 14, 2023 1 EN
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