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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Nikola Kalanoski
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Nikola Kalanoski
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Nikola Kalanoski
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist

Revised estimates amid market delays

We cut '24e-'26e sales by 5-3% on outlook downgrade. Delays should result in pent-up demand. Share is trading at 12x-8x '24e-'26e EV/EBITA adj.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist

Holding out for H2 acceleration

Q2: stable top line despite headwinds, margins keep improving y-o-y. Tweaked '24e, as we look for 15% adj. EBITA CAGR. Share is trading at 10-7x '24e-'26e EV/EBITA adj.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist

Market delays remain a headwind

Q2e: 6% organic sales growth y-o-y, 9% adj. EBITA margin. Expect a softer Q2, partly on further market delays. Trading at 9.5x-8x '24e-'25e EV/EBITA adj.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist

Small streams make great rivers

Q1: growth recovery and margin improvements with solid FCF. We tweak our '24e sales and adj. EBITA estimates. Share is trading at 8.6x '24e EV/EBITA adj.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Alice Beer
  • Oscar Rönnkvist
Oscar Rönnkvist
  • Oscar Rönnkvist

Careium - Still strong on top line, but UK a major concern

15% FX adj. organic growth looks reassuring Adj. EBIT margin of -9.1% pressured by the UK Estimate cuts reflect more cautious expectations

Oscar Rönnkvist
  • Oscar Rönnkvist

Careium - UK cost pressure continue

Sales 1% above ABGSCe – 15% organic growth ex. FX Weak margins mainly explained by UK cost pressure Ambition to increase annual EBIT by 60-80m by year-end

Oscar Rönnkvist
  • Oscar Rönnkvist

Careium - Awaiting visible UK synergies

Q3e: sales up 23% y-o-y but margins remain pressured We expect 2023e to show improvements Small positive sales revisions, but costs up as well

Oscar Rönnkvist
  • Oscar Rönnkvist

Careium - A slight postponement to the margin recovery

Strong top line, 3% above ABGSC Underlying profitability weak, set to improve from now CEO announced he is leaving

Oscar Rönnkvist
  • Oscar Rönnkvist

Careium - Strong sales but weaker profitability

Sales came in 3% above ABGSCe Normalised EBIT of SEK -6.9m (ABGSCe 1.7m) Trading at 9x ‘23e EV/EBITA on our current estimates

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