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Sales down 19% y-o-y in Q1. Cost initiatives keep EBITA positive. Signs of a better market later in '24.
Solid Q3 but growth initiatives hurt margins We expect lower profitability mid-term ‘22e P/E of 7.7x and EV/EBIT of 5.4x
Q3 results in line with ABGSCe Aims for 20% sales CAGR until 2026 inc. M&A… …and targets an EBITA margin of 5%
Q2 sales growth of 18% y-o-y Divestment of German operations behind sales revisions Proposed name change to PION Group
QRIOS and Poolia Sweden impress Positive revisions, mainly from profitability Uniflex Sweden is normalising
Poolia beats ABGSCe to end the year in style We raise ’22-‘23e EBIT by 3-4% A lot of things to look forward to in 2022
Retroactive compensation from AFA Acquires Roi Rekrytering ‘22e P/E of 12.5x, expected div. yield of 4.3%
59 companies presented at the seminar Mostly Swedish small caps attending See links to all company recordings
Impressive profitability in Q3 EBIT up 28%-21% for ‘21e-‘23e, mainly due to Sweden ‘22e P/E 12x, 4.7% dividend yield
Positive momentum for Poolia Sweden… …with large positive revisions as a result New framework agreements, yearly potential of SEK 45m
Still challenging outside of Sweden No major worries as EBIT surprises positively Strong balance sheet can create opportunities
Founder Björn Örås sells all his shares… …probably wants to preserve his legacy Danir has solid experience within the industry
Sales +12% vs ABGSCe, -21% y-o-y Positive revisions as profitability surprises No liquidity risk on current COVID-19 restrictions
Positive surprise from Uniflex Sweden Mgmt. upbeat despite headwinds, we raise estimates Trades at ‘21e EV/EBIT of 6.5x, 8.7% div. yield
Low demand for recruiting and staffing in this market Major revisions to reflect a new playing field Cancelled dividend decreases liquidity risk
Market headwinds continued in Q4 Firm needs a better market to drive profitability Div. yield of 7.7% for 2019 and 2020e
Still a challenging market in Sweden Cost control is impressive Negative estimate revisions on 2020 outlook
Sales of SEK 439m (511m), negative 14% y-o-y Positive EBIT contribution despite demanding market ABGSCe lower sales but keep margin assumptions
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