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Nikola Kalanoski ... (+2)
  • Nikola Kalanoski
  • Simon Jönsson

Goodbye Kansas Group - Eventful quarter and a renewed focus

Project postponements carry significant impact We reduce sales estimates by 11-12% for ‘22e-‘23e A reset is coming through restructuring and rights issues

Nikola Kalanoski ... (+2)
  • Nikola Kalanoski
  • Simon Jönsson

Goodbye Kansas Group - Tough Q3, equity issues and restructuring

Q3 sales -41% vs ABGSCe, implying 31% y-o-y decline EBITDA of SEK -27.1m vs ABGSCe 4.2m Equity issues and restructuring initiatives on the way

Nikola Kalanoski ... (+2)
  • Nikola Kalanoski
  • Simon Jönsson

Goodbye Kansas Group - Briefly pausing in order to fast forward

Growth despite postponed projects We reduce sales estimates by 9% for FY’22e The share trades at EV/Sales 0.7x-0.6x for ’22e-‘23e

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Goodbye Kansas Group - Strong market position creates great results

Rapid growth due to demand for Studio’s services We raise sales estimates by 6.6% for FY 2022e The share trades at EV/sales of 0.9x-0.8x for ‘22e-‘23e.

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Goodbye Kansas Group - Profitable on EBITDA level

Q1 sales +27% vs ABGSC, a growth of 54% y-o-y Positive EBITDA at SEK 1.6m (vs ABGSC -1.7m) We expect consensus estimates to come up

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Goodbye Kansas Group - The fourth order announced in one week

High activity in announced orders in the last week Five orders announced in Q1’22 Confirms the strong market for Studios

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Goodbye Kansas Group - EBITDA break-even in H1 2022e

Tailwind for Studios, delivered positive adj. EBITDA in Q4 We expect a divestment of Sayduck in mid-Q2’22 Share trading at ‘22e-‘23e EV/sales of 0.5x-0.4x

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Goodbye Kansas Group - Sales +28% y-o-y and above expectations

Sales +28% y-o-y, +6.5% vs. ABGSCe Strong sales pipeline for Studios Trading at ’22e EV/sales of 0.2x on unrevised estimates

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Goodbye Kansas Group - Many announced orders likely to drive Q4 sales

Q4 report due on Friday, 25 February We expect sales of SEK 73m and EBITDA of SEK -7.8m Share is trading at EV/sales of 0.2x for ‘22e-‘23e

Erik Moberg ... (+3)
  • Erik Moberg
  • Rebecka Gärderup
  • Simon Jönsson

Goodbye Kansas Group - To reach break-even on EBITDA in 2022e

Q3 sales up 29% y-o-y, driven by GBK Studios We expect a 2% EBITDA margin & 26% sales growth ‘22 Trading at 7.3x ‘23e EV/EBITDA

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Simon Granath

Goodbye Kansas Group - Solid start to the year for GBK Group

Q1’21 EBITDA SEK -10m vs. ABGSCe SEK -14m GBK studios deal (SEK 37m) and D&A drive estimates SOTP fair value range SEK 2.0-6.8 (2.1-7.0) per share

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Simon Granath

Goodbye Kansas Group - New financials targets set

Annual average growth target of 20% set combined… …with 20% EBITDA margin target by 2024 Pre-released Q1’21e figures slightly above ABGSCe

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