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

Cint Group AB - Poor communication around CFO departure

CFO Joakim Andersson to leave his position The PM is badly written, the CFO leaves on his choice Reaction (-11%) is understandable, but likely unjustified

Cint Group AB - Short-term pain, long-term gain

Q1 gross margin a bit weak, but synergy guidance raised Adj. EBITDA -6% 2022e, +3% 2023-24e 14.9x 2023e EV/adj. EBITDA, we stick to BUY

Cint Group AB - Strong momentum, raising synergy potential

Organic beat (28% vs 21%), adj. EBITDA -12% vs cons Guiding for EUR >40m synergies (from 40m) and earlier Estimates down ‘22e, up for ’23-24e, share slightly up

Cint Group AB - First quarter with Lucid coming up

Estimates hold up well, 133% growth Q1e (20% organic) More visibility on synergies should give estimate support Adj. EBITDA +1%; BUY, TP 144 (146) on lower EURSEK

Cint Group AB - A transformative 2022 merging with Lucid

Solid organic growth story (36% in ‘21, 20% in ‘22e) 2022 estimates down on later synergies and one-offs High growth market leader; BUY - TP SEK 146 (168)

Cint Group AB - Q4 ended a strong year in the same manner

28% org growth (cons 24%), adj. EBITDA 0% vs cons Reiterates financial targets, Lucid integration on track Solid but relatively undramatic report, share could recover

Cint Group AB - Consolidating Lucid into numbers, keep BUY

Cint becomes dominant market leader with new deal We increase sales and adj. EBITDA by 82-130% Upside to int. software companies, TP SEK 168 (130)

Cint Group AB - Strong business momentum and M&A on track

Momentum continues, lack of supply the main challenge Lucid acq. on track, synergies enable material upside Creating a clear market leader in the insights industry

Cint Group AB - A winner’s move

Acquires largest competitor, Lucid, for SEK 9.2bn Doubles the size of Cint, raises growth & margin targets Highly accretive post-synergy multiples, share up ~20%

Cint Group AB - Well placed in a structurally growing market

Organic growth beat despite supply squeeze Adj. EBITDA up 2-4%, amort. hurt EBIT and EPS (-1-2%) Strong momentum, M&A likely; BUY TP SEK 130

Cint Group AB - Another beat to the records

34% organic growth in Q3, adj. EBITDA +25% vs cons FY 2021 guidance upgrade, mid-term reiterated Consensus up 3-5%, share likely a bit more today