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ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson
ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson

Market challenges persist

Sales down 19% y-o-y in Q1. Cost initiatives keep EBITA positive. Signs of a better market later in '24.

Stefan Knutsson
  • Stefan Knutsson

PION Group - High energy and positivity after the CMD

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

Stefan Knutsson
  • Stefan Knutsson

PION Group - Launches new growth stratgy ahead of CMD

Q3 results in line with ABGSCe Aims for 20% sales CAGR until 2026 inc. M&A… …and targets an EBITA margin of 5%

Stefan Knutsson
  • Stefan Knutsson

Poolia - Solid demand picture in Q2

Q2 sales growth of 18% y-o-y Divestment of German operations behind sales revisions Proposed name change to PION Group

Stefan Knutsson
  • Stefan Knutsson

Poolia - Strong start to the year in key segments

QRIOS and Poolia Sweden impress Positive revisions, mainly from profitability Uniflex Sweden is normalising

Stefan Knutsson
  • Stefan Knutsson

Poolia - What a comeback in 2021

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

Stefan Knutsson
  • Stefan Knutsson

Poolia - We expect a solid end to the year

Retroactive compensation from AFA Acquires Roi Rekrytering ‘22e P/E of 12.5x, expected div. yield of 4.3%

Stefan Knutsson
  • Stefan Knutsson

Poolia - Continues to outperform our expectations

Impressive profitability in Q3 EBIT up 28%-21% for ‘21e-‘23e, mainly due to Sweden ‘22e P/E 12x, 4.7% dividend yield

Stefan Knutsson
  • Stefan Knutsson

Poolia - Performing at a new, higher level in Q2

Positive momentum for Poolia Sweden… …with large positive revisions as a result New framework agreements, yearly potential of SEK 45m

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - Slower recovery but costs under control

Still challenging outside of Sweden No major worries as EBIT surprises positively Strong balance sheet can create opportunities

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - Danir, the new majority shareholder

Founder Björn Örås sells all his shares… …probably wants to preserve his legacy Danir has solid experience within the industry

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - War chest increases with recovery in sight

Sales +12% vs ABGSCe, -21% y-o-y Positive revisions as profitability surprises No liquidity risk on current COVID-19 restrictions

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - Outlook not as bad as we feared

Positive surprise from Uniflex Sweden Mgmt. upbeat despite headwinds, we raise estimates Trades at ‘21e EV/EBIT of 6.5x, 8.7% div. yield

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - Hit hard by COVID-19

Low demand for recruiting and staffing in this market Major revisions to reflect a new playing field Cancelled dividend decreases liquidity risk

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - Excellent cost control in a tough year

Market headwinds continued in Q4 Firm needs a better market to drive profitability Div. yield of 7.7% for 2019 and 2020e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - Keeping costs under control

Still a challenging market in Sweden Cost control is impressive Negative estimate revisions on 2020 outlook

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Poolia - Market slowdown in Sweden

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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