Growth recovery remains uncertain

Demand fell during Q4

A much-needed move

Cost reductions amid challenging market conditions

Neither growth nor FCF in Q3

Earnings beat but cash flow lags

We downgrade on increased near-term risks

Ipsos PW for Q3

Changing the CEO

No recovery in growth yet

Cost cuts in the sales organisation look defensive. Sales cut 3-7%, 2024e adj. EBITA +14%, 2025-26e unchanged. Stick to a high risk-reward BUY and TP of SEK 16.

Weak growth continues

One step forward and two steps back

New accounting (net revenues and EBITA focus) is a big pro, but growth remains muted and FCF weak, adj. EBITA -8-17%. High/risk reward BUY remains, TP SEK 16 (18).

Q1 looks weak

Cint Group AB - Appoints highly experienced CFO

Olivier Lefranc comes with +20 years relevant experience Joins from Ipsos, has been with Kantar, TNS and Secodip Positive reaction justified

Cint Group AB - Managing the lower growth well

Organic growth to improve ahead (13% Q4e vs 9% Q3) Integration on track to support margins, cash flow good Adj. EBITDA -8%, TP to SEK 110 (130); BUY

Cint Group AB - Org growth dissapointment, but strong OCF

9% organic growth adjusting for FX (vs cons 20%) Margin beat puts adj. EBITDA +1%/+2% vs cons/ABGe Est. down ~5%, share -5-10% as it is priced for growth

Cint Group AB - Time to prove itself in a tougher environment

We reduce H2e org growth to 17% amid macro (20-21%) Margins still on the rise as synergies kick in steadily Adj. EBITDA -5-6%, TP to SEK 130 (150); BUY

Cint Group AB - A justified relief with lots of upside left

Encouraging gross margin development in Q2… …and synergies on track to lift margins in 2023e Estimates up1-4%, TP up to SEK 150 (144): BUY

Cint Group AB - Gross margin improvements drive Q2 beat

19% org growth, adj. EBITDA +19%/25% vs ABG/cons Gross margin beat of 150bps, up q-o-q to 63.1% Solid outlook, estimates and share +5%

Cint Group AB - Focus on gross margin in Q2

Tough comp on org growth – we have 18% in Q2e (unch) Double-digit org growth, profitable and low leverage… …at an attractive valuation, we reiterate BUY