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Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Margin pressure to ease in Q4e on price hik...

Solid customer intake but sequential margin contraction We cut ‘22e-‘24e EBITDA by 3-6% 12x-11x ‘22e-‘23e EV/EBITA, 7-8% lease adj. FCF yields

BRE2 BREDBAND2 I SKANDINAVIEN AB
11/09/22 November 9, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Margins suffering from growth investments

Sales and adj. EBITDA -1% and -3% vs. ABGSCe +1,400 customer intake q-o-q vs. ABGSCe +3,500 Cons. likely to cut ’22e-‘23e adj. EBITDA by 2-5%

BRE2 BREDBAND2 I SKANDINAVIEN AB
11/09/22 November 9, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Margin pressure from high marketing activit...

Good customer intake but weaker-than-expected margins We cut ‘22e-’24e EBITDA by 8-5% 13-11x ‘22e-‘23e EV/EBITA, 6-9% lease adj. FCF yields

BRE2 BREDBAND2 I SKANDINAVIEN AB
08/09/22 August 9, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Bump on the road

Sales and adj. EBITDA -2% and -7% vs. ABGSCe +3,000 customer intake q-o-q vs. ABGSCe +2,500 Cons. likely to cut ‘22e-‘23e adj. EBITDA by 5-10%

BRE2 BREDBAND2 I SKANDINAVIEN AB
08/09/22 August 9, 2022 1 EN
Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - SE fibre market: 11% growth 2021 (vs. 18% ’...

PTS has published new statistics for the SE fibre market Bre2’s market share increased to 12% (8% ’20) due to A3 Bredband2 is now prioritising growth

BRE2 BREDBAND2 I SKANDINAVIEN AB
06/01/22 June 1, 2022 1 EN
Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Organic growth rates to improve in H2e

3% sales miss, but better EBITDA margin than expected ‘22e EBITA cut by 5% while we lift ‘23e-’24e by 1% 14x ‘22e EV/EBITA, -0.6x lease adj. NIBD/EBITDA

BRE2 BREDBAND2 I SKANDINAVIEN AB
05/17/22 May 17, 2022 1 EN
Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Continues to impress on gross margins

1% sales miss, but 7% EBITDA beat ’22e-‘23e EBITDA up 2% due to raised gross margins 8-7x ’22e-‘23e EV/EBITDA, 8-9% lease adj. FCF yields

BRE2 BREDBAND2 I SKANDINAVIEN AB
02/10/22 February 10, 2022 1 EN
Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Once again a better GM than expected

Sales and adj. EBITDA -1% and +7% vs. ABGSCe -2,400 customer intake q-o-q vs. ABGSCe -4,000 Cons. likely to raise ’22-‘23e adj. EBITDA by 3-5%

BRE2 BREDBAND2 I SKANDINAVIEN AB
02/10/22 February 10, 2022 1 EN
Christer Linde
  • Christer Linde
PREMIUM
BTS B BTS GROUP AB B
GIG Gaming Innovati... ... (+48)

Strategy Fast Comment - Summary of ABGSC Investor Days, 7-8 Dec.

59 companies presented at the seminar Mostly Swedish small caps attending See links to all company recordings

BTS B BTS GROUP AB B
GIG GAMING INNOVATION GROUP
ELTEL ELTEL AB
ELAN B ELANDERS AB SERIES B
PRIC B PRICER AB B
CAT B TEST
SEMC SEMCON AB
CTT CTT SYSTEMS AB
FSKRS FISKARS OYJ ABP
POOL B POOLIA AB SERIES B
MSON B MIDSONA AB SERIES B
BRE2 BREDBAND2 I SKANDINAVIEN AB
NETI B NET INSIGHT AB SERIES B
DIOS DIOS FASTIGHETER AB
CRAD B C-RAD AB
EAST EASTNINE AB
DIST DISTIT AB
ENZY ENZYMATICA AB
NAPA NAPATECH
ORGANOCLICK AB
SVIK STUDSVIK
SINT SINTERCAST AB
IVSO INVISIO
G5EN G5 ENTERTAINMENT AB
FNOX FORTNOX AB
EOLU B EOLUS VIND AB
ALCA ALCADON GROUP
BIOVIC B BIOVICA INTERNATIONAL AB
BNORDIK BANKNORDIK P/F
FNM FERRONORDIC AB
STRO STRONGPOINT ASA
FLEXM FLEXION MOBILE
LITI LITIUM
BRIXMTF BRIOX
EURO EUROCON CONSULTING AB
OVZON OVZON AB
AWRD AWARDIT AB
QLINEA Q LINEA AB
OSSD OSSDSIGN
FASTAT FASTATOR
PMG PLAY MAGNUS AS
SYNACT SYNACT PHARMA
NANEXA NANEXA AB
GARO GARO AKTIEBOLAG
TETY TETHYS OIL AB
FLUO FLUOGUIDE AS
CARE CAREIUM AB A
PACT PROACT IT GROUP
12/17/21 December 17, 2021 1 EN
Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - ABGSC’s Investor Days feedback

CEO Daniel Krook gave a general business update Focus in 2022 is on growth M&A is still on the agenda

BRE2 BREDBAND2 I SKANDINAVIEN AB
12/07/21 December 7, 2021 1 EN
Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Strong gross margin looks sustainable

Sales -1% q-o-q (ABGSCe +1%), 1% adj. EBITDA beat ‘22e-‘23e EBITDA up by 8% (underlying 4%, M&A 4%) 9-8x ‘22e-‘23e EV/EBITDA, 6-7% lease adj. FCF yields

BRE2 BREDBAND2 I SKANDINAVIEN AB
11/09/21 November 9, 2021 11 EN
Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - The gross margin continues to impress

Sales and adj. EBITDA -1% and +1% vs. ABGSCe Negative customer intake, but strong gross margin Small sales & adj. EBITDA ests. changes from cons.

BRE2 BREDBAND2 I SKANDINAVIEN AB
11/09/21 November 9, 2021 4 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Costs synergies starting to materialise

Sales in line with our forecast, EBIT was 5% above We lift ’21-‘23e EBIT by 1-3% 16-12x ’21-‘23e EV/EBITA

BRE2 BREDBAND2 I SKANDINAVIEN AB
08/03/21 August 3, 2021 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - +5% EBIT beat

Sales and EBIT 0% and +5% vs. ABGSCe Consolidation of private A3 customers now completed Cons. likely to raise its ‘21-’23 EBIT forecasts by ~1-5%

BRE2 BREDBAND2 I SKANDINAVIEN AB
08/03/21 August 3, 2021 4 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Beat on margins, synergies ahead

Sales in line with our forecast, but EBITDA well above We raise our ’21e-’23e EBITDA by 12-11% 9% FCF yield and 13x EV/EBITA on 2021e

BRE2 BREDBAND2 I SKANDINAVIEN AB
05/14/21 May 14, 2021 12 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - A3 in the books, now we look for synergies

Q4 sales (excl. A3) in line with ABGSCe, up 6% y-o-y We raise our estimates due to the A3 merger Share is currently trading at 9x 2022e EV/EBITDA

BRE2 BREDBAND2 I SKANDINAVIEN AB
02/10/21 February 10, 2021 15 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Strong sequential gross margin improvements

Better-than-expected GM and opex led to 25% EBIT beat We raise our 2020-2022e EBIT forecast by 9-5% All eyes are now on the A3 merger

BRE2 BREDBAND2 I SKANDINAVIEN AB
11/11/20 November 11, 2020 14 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Expect strong cost synergies

Acquires A3 for a total price of SEK 622m The two companies will have >450,000 fibre customers 11x EV/EBITDA & 20% cost reductions equals SEK 1.96

BRE2 BREDBAND2 I SKANDINAVIEN AB
09/14/20 September 14, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - The EBIT beats keep on coming

Sales 0% vs. ABGSCe, EBIT +16% vs. ABGSCe We expect BRE2 to raise its prices in H2 15x ‘20e EV/EBIT, 14% ’19-‘22e EBIT CAGR

BRE2 BREDBAND2 I SKANDINAVIEN AB
07/28/20 July 28, 2020 15 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
BRE2 Bredband2 i Ska...

Bredband2 i Skandinavien - Good start to 2020, low impact from COVID-1...

Q1 sales -1% vs. ABGSCe, EBIT +23% vs. ABGSCe We see good prospects for raising prices ahead 19% EBIT growth in 2020e, 13x EV/EBIT, 6% FCF yield

BRE2 BREDBAND2 I SKANDINAVIEN AB
05/05/20 May 5, 2020 13 EN
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