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PACT ProAct IT Group...

ProAct IT Group AB: 1 director

A director at ProAct IT Group AB sold 10,690 shares at 5.900EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...

PACT PROACT IT GROUP AB
09/01/23 September 1, 2023 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Acquires ahd in Germany for EUR 26.2m

Adds 8% to 2022e sales and 12% to EBITA Acquisition multiple 9.0x EV/EBITA vs Proact ‘22e 9.4x Improves services mix and raises margin, positive

PACT PROACT IT GROUP AB
10/26/21 October 26, 2021 4 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - 2022e likely to show pent-up demand

Cloud sales have troughed, system faces easier comps Estimates up in 2021e, small changes to 2022-23e 9.6x 2022e EV/EBITA is a 43% discount to peers

PACT PROACT IT GROUP AB
10/21/21 October 21, 2021 14 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Highest adj. EBITA margin in more than 5 years

Sales declined -9% organically, -5% vs ABG Adj. EBITA 19% vs ABG due to gross margin beat Consulting revenues +24% y-o-y, estimates ~unchanged

PACT PROACT IT GROUP AB
10/21/21 October 21, 2021 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - A bump in the road

Both System sales and Cloud orders disappointed in Q2 Adj. EBITA coming down 2-5% in 2021e-23e 9.1x ‘22e EV/adj. EBITA is 40% below peers

PACT PROACT IT GROUP AB
07/15/21 July 15, 2021 14 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
PACT ProAct IT Group...

Proact IT Group - Longer lead times for system sales

Adj. EBITA in line (-2% vs ABG) despite sales miss (-7%) Good cost control and service sales helped System sales miss has little extrapolation effect

PACT PROACT IT GROUP AB
07/14/21 July 14, 2021 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - A slower start to the year than expected

Weaker-than-expected Q1, adj. EBITA -2% y-o-y We reduce our ‘21e EBITA by 10% and ’22-‘23e by 4-2% 12x ‘21e EV/EBITA, ’20-‘23e adj. EBITA CAGR of 7%

PACT PROACT IT GROUP AB
04/23/21 April 23, 2021 10 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Profits hurt by soft performance in West

Q1: adj. EBITA -23% vs. ABGSCe and -2% y-o-y Cloud revenue +1% organic growth y-o-y We expect cons. to lower estimates for 2021

PACT PROACT IT GROUP AB
04/22/21 April 22, 2021 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Acquires Conoa

Acquires Swedish-based Conoa for 10.5x EV/EBITA… …which looks appealing at a first glance Seems to be a “low-risk” acquisition

PACT PROACT IT GROUP AB
04/12/21 April 12, 2021 4 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - EBITA in line with forecast, despite weak sales

Q4 EBITA +2% vs ABGSCe (+36% y-o-y) +7% organic growth in cloud service revenue 11.1x ’21e EV/EBITA is a 33% discount vs. peers

PACT PROACT IT GROUP AB
02/15/21 February 15, 2021 14 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Another solid performance with lower costs

Q4: Adj EBITA +2% vs consensus and +36% y-o-y Cloud revenue: +7% organic growth Integration of Cetus Solutions on plan, limited revisions

PACT PROACT IT GROUP AB
02/11/21 February 11, 2021 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Feedback from ABGSC Investor Days

Good momentum continues in Q4, pent-up demand seen Cetus Solutions acquisition integration on track Multi-cloud is the future rather than pure cloud

PACT PROACT IT GROUP AB
12/02/20 December 2, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Q3: Growth, lower costs and M&A - check

Q3 beat driven by costs, cloud orders need to improve Acquires Cetus for 8x EV/EBITA, adds 5% to EBITA 8.7x 2021e EV/EBITA is 41% discount to peers

PACT PROACT IT GROUP AB
10/25/20 October 25, 2020 15 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Another strong report and closed M&A

Q3: Adj. EBITA +32% vs cons, driven by lower costs Acquires Cetus in the UK at 8x EV/EBITA, +5% to group Consensus likely to raise estimates around 10%

PACT PROACT IT GROUP AB
10/23/20 October 23, 2020 6 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - The strongest Q2 in the company’s history

Boost in IT investments and turnaround in West Cost-savings programme boosts margin potential Adj. EBITA up 9-13%, share at 7.6x ‘21e EV/EBITA

PACT PROACT IT GROUP AB
07/15/20 July 15, 2020 13 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Q2 better than expected

Better revenues and earnings than Proact expected System sales surprised positively, cloud more cautious Adj. EBITA +5-14%, share trades at 7.5x ‘21e EV/EBITA

PACT PROACT IT GROUP AB
06/22/20 June 22, 2020 13 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Good cost control delivered flat EBITA in Q1

Service revenue and margin mix better than expected Estimates down 2-3% on lower system sales 5.1x ‘21e EV/EBITA vs ’17-’19 average of 8.6x

PACT PROACT IT GROUP AB
04/24/20 April 24, 2020 13 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - IT market points towards -15-20% in 2020e

Entering the downturn from already-weak development ’20e-’21e sales -8-9% and EBIT -17-22% 4.9x ’21e EV/EBITA vs. ’16-’19 average of 8.6x

PACT PROACT IT GROUP AB
04/16/20 April 16, 2020 13 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Cloud progresses well, but margins fell short

Q4 sales and adj. EBITA -2% and -16% vs. ABGSCe ’20-’20e EBITA down 5% on lower margins 8x adj. EV/EBITA ‘20e, 8% lease adj. FCF yield

PACT PROACT IT GROUP AB
02/07/20 February 7, 2020 16 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PACT ProAct IT Group...

Proact IT Group - Pre-announced Q4 figures 16% below ABGSCe

UK and West (Netherlands & Germany) behind the miss Operational challenges continue 8.3x NTM EV/EBITA as of Friday close (5-year avg. 7.4x)

PACT PROACT IT GROUP AB
01/20/20 January 20, 2020 5 EN
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