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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
IVSO INVISIO

Tougher comps, but good momentum

Tough comps, we expect -3% org sales growth (119% Q1'23). The Intercom order behind 2024e estimate changes, EBIT +51%. Share trading at 26x EV/EBIT 2024e, 31x 2025e.

04/24/24 April 24, 2024 1 EN
ABGSC Telecom Equipment Research ... (+3)
  • ABGSC Telecom Equipment Research
  • Daniel Thorsson
  • Simon Granath
OVZON-SE OVZON

SSC order offsets soft US sales

Q1 sales hurt by lower US sales, but other regions contributed well. Fine-tuned sales estimates, but we lift our GM assumptions. Ovzon-3 sales to gradually ramp-up in H2e, 10% FCF yield in '25e.

04/22/24 April 22, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Nikola Kalanoski
B3-SE B3 Consulting G...

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.

B3-SE B3 CONSULTING GROUP
04/17/24 April 17, 2024 1 EN
ABGSC Telecom Equipment Research ... (+3)
  • ABGSC Telecom Equipment Research
  • Daniel Thorsson
  • Simon Granath
03/01/24 March 1, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Nikola Kalanoski
QLOSR.B-SE QLOSR GROUP

Potential to improve in 2024

'24e-'25e EBITDA cut by 36-19%. Continued hardware sales to dilute margins. '24e EV/EBITA ~9x.

02/25/24 February 25, 2024 1 EN
ABGSC Services Research ... (+3)
  • ABGSC Services Research
  • Daniel Thorsson
  • Simon Jönsson
BTS.B-SE BTS GROUP

Ready to join the recovery path

We expect 16% EBITA growth in 2024 from better market & scale. Estimates down on European miss and FX, adj. EBITA -5-8%. Share at 14.3x 2024e EV/EBITA with 15% EBITA CAGR '23-'26e.

02/23/24 February 23, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Nikola Kalanoski
QLOSR.B-SE QLOSR GROUP

Path ahead is not frictionless

We cut '23e-'25e adj. EBITDA by 15-2%. Public sector weakness a drag on performance. '24e EV/EBITA 4x.

02/22/24 February 22, 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 ... (+3)
  • ABGSC Services Research
  • Daniel Thorsson
  • Simon Jönsson
AWRD-SE AWARDIT

Sales and EBITA in line, FCF softer

Adj. EBITA of SEK 63m, 0% vs. ABGSCe in Q4. FCF was softer because of negative working capital effect. EBITA ests -4-5%; share is trading at 4.7x-2.7x '24e-'26e EV/EBITA.

02/20/24 February 20, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
FPIP-SE Formpipe Softwa...

More profit growth in '24e

Good ending to 2023 with strong margin improvements. We lift '24e-'25e EBIT by 9-5% on lower opex. Share is trading at 23x and 15x '24e and '25e EV/EBIT.

FPIP-SE FORMPIPE SOFTWARE
02/20/24 February 20, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
EWRK-SE EWORK GROUP

Positive margin outlook

Sales in line, but 10% EBIT beat. We lift '24e adj. EBIT 8% on lower opex assumptions. +17% adj. EBIT growth '24e, 11x EV/EBIT adj.

02/19/24 February 19, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Granath
  • Simon Jönsson
CLAV-SE CLAVISTER

Accelerating growth on the cards

Sales growth +22%, ARR +14% y-o-y in Q4. We raise estimates on new defence order. Good outlook for accelerating growth and improved cash flow.

02/16/24 February 16, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Nikola Kalanoski
B3-SE B3 Consulting G...

Combatting low utilisation

We lower '24e and '25e adj. EBITA by 3% and 6%. 5% EBITA growth in '24e driven by HQ cost cuts. '24e EV/EBITA of ~8x.

B3-SE B3 CONSULTING GROUP
02/16/24 February 16, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
IVSO-SE INVISIO

In the middle of good growth momentum

Sales and orders grew nicely in Q4, but comps are getting tougher. We stick to ~15% annual growth ahead, EBIT cut 2-4% on lower GM. Several growth drivers ahead, share at 34x 2024e EV/EBIT.

02/13/24 February 13, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
PACT-SE PROACT IT GROUP

Hardware market to rebound in 2024e

Well positioned to regain growth from AI and cybersecurity. Adj. EBITA +1-3%, EPS +2-4% from completed buybacks. Share at 7.5x 2024e EV/EBITA, 30% below peers.

02/12/24 February 12, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
PRIC.B-SE PRICER

Stepping stone for further margin recovery

Higher sales and lower costs behind strong margin expansion. We lift '24e EBIT by 12% on lower opex assumptions. Good outlook for higher margins in '24e, 8x '24e EV/EBIT.

02/12/24 February 12, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Nikola Kalanoski
B3-SE B3 Consulting G...

Weighed down by weak market

We lower '23e-'25e adj. EBITA by 6-2%. Q4 macro data slightly worse than Q3. '24e EV/EBITA of just below 9x.

B3-SE B3 CONSULTING GROUP
02/09/24 February 9, 2024 1 EN
ABGSC Telecom Operators Research ... (+3)
  • ABGSC Telecom Operators Research
  • Daniel Thorsson
  • Simon Granath
BRE2-SE Bredband2 i Ska...

Operational leverage driving earnings growth

Sales +5% y-o-y, EBITA +38% y-o-y. We lift '24e-'25e EBITA by 3% on 1% lower opex. 10x '24e EV/EBITA, we estimate 14% EBITA growth in '24.

BRE2-SE BREDBAND2 I SKANDINAVIEN
02/07/24 February 7, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
IVSO-SE INVISIO

Demand remains good, FX hits estimates

We expect 22% organic growth in Q4 and EBIT up 35% y-o-y. 2024e-25e EBIT down 6% as FX shaves 2% off top line. Share trading at 32x 2024e EV/EBIT.

02/07/24 February 7, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
PACT-SE PROACT IT GROUP

Data storage starting to see some AI demand

Tough comps in Q4e but tailwinds into 2024e. Cost reductions to yield margin expansion ahead. Share at 7.1x 2024e EV/EBITA, -37% vs . IT re-seller peers.

01/30/24 January 30, 2024 1 EN
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