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ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Nikola Kalanoski
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Nikola Kalanoski
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Nikola Kalanoski
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+4)
  • ABGSC IT Research
  • Daniel Thorsson
  • Oscar Rönnkvist
  • Simon Granath
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist

Strong growth continues

Q3e: 18% org. sales and 27% org. EBIT growth. Small organic upgrades '25e-'26e, but FX more than offsets. Keep BUY into >40% EPS CAGR '25e-'26e.

ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist

Proving operating leverage

Solid 17% organic growth in Q2, and margin surprisingly strong. We raise adj. EBITA by 6-5% on better cost run-rate. Re-rated again, but still more upside to fair multiples - keep BUY

ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist
ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Oscar Rönnkvist

Another chance at a good entry

Q2e: 19% org. sales growth and 1.5pp adj. EBITA margin uplift y-o-y. Minor organic revisions, negative FX partly offset by M&A. BUY the dip, multiple contraction on a largely unchanged outlook.

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