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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
Stefan Gauffin
  • Stefan Gauffin

Sinch (Buy, TP: SEK31.00) - FX affecting estimates

We forecast muted growth in Q1, similar to what we saw in Q4. There is no updated consensus, but we are 1% below post-Q4 consensus on gross profit and 4% above on EBITDA. We reiterate our BUY but have lowered our target price to SEK31 (33).

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
Stefan Gauffin
  • Stefan Gauffin

Sinch (Buy, TP: SEK33.00) - Another solid cash-flow quarter

Sinch beat consensus on Q4 EBITDA and cash flow. As the deviation to our forecasts was lower, we have made limited estimate revisions. We have also included a cash payment of the SEK700m tax provision, resulting in lower cash flow in 2025–2026e. We reiterate our BUY and SEK33 target price.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
Stefan Gauffin
  • Stefan Gauffin

Sinch (Buy, TP: SEK33.00) - Exiting a year without growth

2024 was a year of transformation to a new organisational structure. Sinch saw muted growth, and we expect similar in the Q4 report. With consensus cautious and share buy-backs potentially announced, we still see a positive risk/reward. We reiterate our BUY and SEK33 target price.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
Stefan Gauffin
  • Stefan Gauffin

Sinch (Buy, TP: SEK33.00) - Remains a BUY on valuation

Adjusted for a one-off, organic gross profit growth disappointed and the outlook for Q4 and the start of 2025 remains weak. We still see a strong underlying market and reiterate our BUY due to an attractive valuation. We have lowered our target price to SEK33 (37).

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
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