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Stefan Knutsson
  • Stefan Knutsson

Eurocon Consulting - Profitability continues to impress

Sales in line with ABGSCe, EBIT beat by 20% Estimates raised for Q4, minor revisions for ‘23e & ‘24e Consistent strong demand, only bottleneck is recruitment

Stefan Knutsson
  • Stefan Knutsson

Eurocon Consulting - Recruitment currently the limiting factor

Q2 net sales growth of 16% y-o-y Estimates slightly down after the Q2 report SiteBase is now accretive to group profitability

Stefan Knutsson
  • Stefan Knutsson

Eurocon Consulting - Heading for an impressive 2022

Q1 starts off the year at full steam Positive revisions from profitability surprise SiteBase is finally contributing to the group

Stefan Knutsson
  • Stefan Knutsson

Eurocon Consulting - Accelerating demand throughout 2021

Q4 sales growth of 36% y-o-y Strong net recruitment bodes well for ’22 outlook Proposes a dividend of SEK 0.40 per share

Stefan Knutsson
  • Stefan Knutsson

Eurocon Consulting - Management sees positive outlook

Another quarter above our expectations Positive ‘22e revisions for sales and EBIT of 3% and 7% We think Eurocon will meet its targets in ‘22e

Stefan Knutsson
  • Stefan Knutsson

Eurocon Consulting - Improving business momentum

Q2 numbers above our expectations Higher recruitment pace increases our confidence Investments on the rise in many segments

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Eurocon Consulting - Customers remain cautious

Delays to project starts hurt revenues Profitability above expectations Pent-up demand will be released eventually

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Eurocon Consulting - Resilient performance in Q2

COVID-19 had less impact than expected Higher confidence in long-term recovery EV/EBIT 10.4x on revised 2021e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Eurocon Consulting - Lower COVID-19 impact than feared

Manages to win new orders in Q1 Visibility in H2 lower than normal, a risk Trading at EV/EBIT 8.7x for ’21e, 6.3% div. yield

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Eurocon Consulting - Consultants are the first to go

COVID-19 hits all consultancy firms hard Major revisions to reflect new conditions Trades at ’21e EV/EBIT 12x, div. yield of 6.1%

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Eurocon Consulting - A lacklustre end to 2019

Utilisation set to increase in 2020 Margin recovery rather than growth, short-term Share trades at EV/EBIT 15.2x for 2020e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Eurocon Consulting - Weaker market caused problems

Q3: Disappointing overall performance Customers continue to be cautious Negative revisions, but no reason to panic

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Eurocon Consulting - Project delays hurt utilisation in Q2

Net sales +2% y-o-y, but -5% vs ABGSCe Customers are more cautious regarding investments Trades at EV/EBIT 10.3x for ’20e

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