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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
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

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