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ABGSC Services Research ... (+3)
  • ABGSC Services Research
  • Daniel Thorsson
  • Simon Jönsson

Terminating coverage

Due to the end of the contractual period with the company, ABG Sundal Collier has ceased coverage of Awardit.

Awardit AB: 1 director

A director at Awardit AB sold 1,011,950 shares at 129.700SEK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

ABGSC Services Research ... (+3)
  • ABGSC Services Research
  • Daniel Thorsson
  • Simon Jönsson

Sales and adj. EBITA beat, strong FCF

Sales 5% vs. ABGSCe, adj. EBITA 7% vs. ABGSCe. No material estimate changes. Trading at 9-6x EV/EBITA on '24e-'26e (8-11% FCF yields).

ABGSC Services Research ... (+3)
  • ABGSC Services Research
  • Daniel Thorsson
  • Simon Jönsson

Continued stabilisation in sight

Q1e: -2% organic growth, adj. EBITA +12% y-o-y. We cut adj. EBITA by 13-4% on slightly lower sales and higher costs. 8-5x EV/adj. EBITA and 8-12% FCF yields on '24e-'26e.

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Ambitious targets for Q4

23% org. growth in Q3, and strong trading update for Oct. We cut EBITA by 1%, 2%, and 3% on ’22e-’24e Share trades at 10x EV/EBITA and 9% FCF yield on ’23e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Strong sales growth but muted margins

Organic growth 22% vs. ABGSCe 8% EBITA of SEK 20m (-14% vs. ABGSCe) FCF was strong, at SEK 33m

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Well-positioned for further growth

Reports Q3 numbers on 11 Nov We forecast 8% organic growth and SEK 23m EBITA Share trading at 9x EV/EBITA on 2023e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Restoring confidence with a strong Q2

EBITA +77% vs. ABGSCe, 20% organic growth Positive wording around M&A Share trades at 9.4x EV/EBITA, 9% FCF yield on 2023e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Very strong report

Reported EBITA of SEK 28m, +74% vs. ABGSCe Back to normal sooner than expected Share trading at 8x EV/EBITA on 2023e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - ABGSC’s Investor Days feedback

Temporary issues isolated to H1, back to normal in H2 Organic development continues to be strong We are optimistic about the growth prospects in Germany

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Short-term issues but long-term outlook solid

Q1 EBITA hit by temporary problems in Germany Client activity in Germany to return to normal in H2’22e Share trades at 14x-9x EV/EBITA on 2022e and 2023e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Q1 on the softer side

Q1 sales -15% vs. ABG, EBITA margin 3% vs. ABG 12% Consensus estimates to come down Conference call at 10:00 CET

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Beating expectations again

Sales +7% and EBITA +32% vs. ABGSCe We raise ’22e-‘23e EBITA by 7% and 8% 19x ‘22e EV/EBITA – 30% EBITA/share CAGR ’19-‘24e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Strong growth and profitability

Adj. EBITA +32% vs. ABGSCe Expect cons. to up EBITA est by 5-10% +54% org growth in Jan 2022

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Feedback from ABGSC Investor Days

Focus remains on becoming a European market leader Scale effects yield above market growth M&A pipe remains solid while competition limited

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - The stars are aligned

+74% organic EBITA growth y-o-y We raise sales and EBITA on a strong trading update New fair value range of SEK 230-430 (180-390)

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Strong outlook for organic growth

Sales of SEK 126m, +4% vs. ABGSCe Strong outlook for organic growth in Q4 Conference call at 10:00 CET

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - Expect continued solid momentum in Q3

Q3 due on 12 November ‘21e EBITA up 3% driven by raised sales forecast 14x-12x ‘22e-‘23e EV/EBITA, 30% ‘21-‘23e EBITA CAGR

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Jönsson

Awardit - The gift that keeps on giving

Solutions that drive employee and customer retention Impressive combination of organic growth and M&A 32% EBITA CAGR ’21e-’23e; 16.8x ’22e EV/EBITA

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