Weak Q1 slightly below cons

Know IT AB: 1 director

A director at Know IT AB bought 160,000 shares at 144.274SEK and the significance rating of the trade was 68/100. 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 clearly ...

Knowit - First signs of slowdown hit the margin

Losses in Insight and growth investments hit Q3 margin Adj. EBITA -2-7% on lower margin assumptions 15% disc. to Sweco/AFRY gives TP SEK 260 (380): BUY

Knowit - Margin miss puts adj. EBITA -20% vs cons

Demand remains solid, 15% org growth (+5% vs cons) Higher costs and negative margin in Insight cause miss Estimates and share -5-10% despite recent weakness

Sector Fast Comment - ABGSC’s Investor Day feedback

Rovio and EG7 attended ABGSC’s Investor Day COVID-rebasing in mobile gaming to normalise soon Important changes presented by new EG7 management

Knowit - No peak market moves, please

Acquires Ascend & Ionic for SEK 200m, SEK ~3.3m/head A strong 2022e gives

Knowit - Solid execution in Q2, market remains good

Q2 margin a tad weak but demand remains solid Adj. EBITA -1% 2022e, +7-10% 2023-24e on M&A Peers have come down, we stick to BUY, TP 380 (440)

Knowit - 6% adj. EBITA miss in Q2

5% org growth (ABG 6%) and the strong market remains Margin miss driven by increased costs in Solutions Estimates and share slightly down today

Sector Fast Comment - SE IT services lunch confirms strong market

Knowit and CAG CEOs attended a lunch event this week Demand remains strong in Q2, hourly prices on the rise Main challenge is net recruitment, but overall positive

Knowit - High demand across the board

Strong demand and price increases started off the year Wage inflation to come but margins resilient ahead EBITA +4-9%, 13.0x 2022e EV/adj. EBITA: BUY

Knowit - Q1 adj. EBITA 14% better than cons

10% organic growth in Q1 and margins up y-o-y Demand is strong and margins increased in all segments Estimates up 5-8%, share at least the same today

Knowit - 2022 to gain from a strong market

IT services demand forecast to grow 6-8% in 2022e ‘22e adj. EBITA +4%, EBIT/EPS down on higher amort. Peer multiples lower; BUY, TP SEK 440 (470)

Knowit - In line EBITA, a tad weak on organic growth

EBITA 0% vs cons, 4% organic growth in Q4 (ABGe 8%) Integration outlook provides upside to cons 2022e margin Strong demand remains, a neutral reaction fair today

Knowit - Strong IT Services outlook from Gartner

Global IT spending expected to grow 5% in 2022e IT services to outperform with 8-9% growth in 2022-23e Supportive trends for Knowit; BUY case stands strong

Knowit - Well-positioned in a strong market

We expect the strong market to persist into 2022e Adj. EBITA +2-4% ’22e-’23e, EBIT down on higher amort. 20% discount to peers; BUY with TP up to 470 (450)

Knowit - Strong market drives 5% adj. EBITA beat

8% organic growth improved q-o-q, sales 7% vs cons Sweden & Norway main drivers, adj. EBITA 5% vs cons Estimates up 3-4%, share up 5%

Knowit - CAG confirms strong market at Investor day

We hosted CAG’s CEO at ABGSC’s Investor day today IT services demand is strong, recruitment is the challenge Public sector remains solid, BUY case intact

Knowit - Significant revaluation potential – up to BUY

Strong market & new M&A strategy to drive revaluation Aspirational peers AFRY and Sweco clearly within reach Upgrade to BUY (Hold), TP SEK 450 (320), 38% upside

Knowit - Entering growth mode

M&A and net recruitment driving growth ahead Upside if delivering on new demanding targets Main risk in the short term is employee turnover; HOLD

Knowit - A strong report beat

Adj. EBITA 10% vs cons driven by a 3% sales beat Demand remains strong, integration and M&A ahead Estimates up 4-6%, share at least +5% today