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

We expect continued momentum

Return to growth in Q2 bodes well for 9-10% organic growth in H2e. AI and cybersecurity among the drivers, demand remains good. Share has re-rated YTD, trades at 10.5x 2024e EV/adj. EBITA.

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

Well positioned for growing demand

Significant Q1 EBITA beat and comps are getting easier from Q2. Intensified key partnerships and support from cybersecurity/cloud/AI. EBITA +5-12% in '24e-'25e, share trades at 7.3x 2024e EV/EBITA.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Proact IT Group - Continues to deliver from the backlog

Q3 sales grew 21% organically, we estimate 18% in Q4e Adj. EBITA +3-4% 2022-24e 9.1x 2022e EV/adj. EBITA, 17% below peers

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Proact IT Group - System deliveries drove Q3 beat

Q3: 21% org growth and adj. EBITA +12% vs ABG System sales +22% vs ABGe, service +1% vs ABGe Cloud order intake doubled y-o-y, est. to hold up well

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Proact IT Group - Q2 beat and M&A drive positive revisions

21% organic growth in Q2 drove a 21% adj. EBITA beat System sales was the main driver, adj. EBITA up 6-7% 8.0x 2023e EV/adj. EBITA for a 16-17% discount to peers

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Proact IT Group - Value accretive acquisition in Germany

Acquiring German IT services company sepago Adds 7% to 2023e EBITA with >10% margin (est.) Executing on its strategy, deal done at 5-6x EV/EBITA

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Proact IT Group - A solid start to the year

System sales growth should accelerate during 2022e Small estimate revisions, adj. EBITA +1-2% 8.0x EV/adj. EBITA in 2022e, 38% below peers

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Proact IT Group - Good sales development in Q1

But lower gross margin caused -8% adj. EBITA vs ABGe Demand is good but supply chain is challenging Limited estimate revisions for cons

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