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Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Weaker end market leaving a mark on demand

Sales +8% y-o-y, but EBIT declined y-o-y ‘22e-’24e EBIT cut by 28-46% on lower utilisation Well-positioned long-term in the e-commerce niche

INXL AVENSIA INNOVATION AB
10/24/22 October 24, 2022 1 EN
Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson
PREMIUM
QFR Q-FREE ASA
PRIC B PRICER AB B ... (+27)

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

QFR Q-FREE ASA
PRIC B PRICER AB B
KNOW KNOW IT AB
INXL AVENSIA INNOVATION AB
FPIP FORMPIPE SOFTWARE AB
MTG B MODERN TIMES GROUP MTG AB CLASS B
GENI GENERIC SWEDEN AB PUBL
IVSO INVISIO
DORO DORO AB A
FNOX FORTNOX AB
EWRK EWORK GROUP AB
A1W27D CLAVISTER AB
CTM CATENA MEDIA
HMS HMS NETWORKS AB
NETC NETCOMPANY GROUP A/S
BETCO BETTER COLLECTIVE A/S
STRO STRONGPOINT ASA
LITI LITIUM
BRIXMTF BRIOX
AIRX AIRTHINGS AS
VOLUE VOLUE AS
SEAF SEAFIRE
PENNEO PENNEO
PTRK PHYSITRACK
SINCH SINCH AB
CARE CAREIUM AB A
XPLRA XPLORA TECH AS
09/13/22 September 13, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Investing for the future

Sales 13% y-o-y but 4% below ABGSCe Several new growth initiatives result in EBIT cuts 15x-11x ‘22e-’23e EV/EBIT vs. peers at 14-11x

INXL AVENSIA INNOVATION AB
07/18/22 July 18, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
KNOW KNOW IT AB
TIETO TIETOEVRY OYJ ... (+6)

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

KNOW KNOW IT AB
TIETO TIETOEVRY OYJ
INXL AVENSIA INNOVATION AB
BOUV BOUVET ASA
EWRK EWORK GROUP AB
NETC NETCOMPANY GROUP A/S
06/02/22 June 2, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Another adj. EBIT margin beat

Sales up 26% y-o-y, -3% vs. ABGSCe We lift ‘22e adj. EBIT by 3% 16x-13x ‘22e-‘23e EV/EBIT

INXL AVENSIA INNOVATION AB
05/06/22 May 6, 2022 1 EN
Christer Linde
  • Christer Linde
PREMIUM
OSSR OSSUR HF.
GOMX GS SWEDEN AB ... (+25)

Strategy Fast Comment - Summary of ABGSC Investor Days, 8-9 March

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

OSSR OSSUR HF.
GOMX GS SWEDEN AB
BRG B BERGS TIMBER
RROS ROTTNEROS AB
PREC PRECISE BIOMETRICS AB A
INXL AVENSIA INNOVATION AB
FPIP FORMPIPE SOFTWARE AB
AWP ARISE AB
MAHA A MAHA ENERGY
STEF B STENDOERREN FASTIGHETER AB CLASS B
VEFL SDB VOSTOK EMERGING FINANCE LTD
TRIAN B FASTIGHETS AB TRIANON CLASS B
MTHH MT HOJGAARD HOLDING
ULTI ULTIMOVACS
BOUL BOULE DIAGNOSTICS AB
IVACC INTERVACC AB
FAST A FASTPARTNER AB
ADDT B ADDTECH AB CLASS B
THUNDR THUNDERFUL GROUP
SEAF SEAFIRE
NWG NORDIC WATERPROOFING HOLDING AB
ORN ORN SOFTWARE
IRLAB A IRLAB THERAPEUTICS
PTRK PHYSITRACK
SECARE SWEDENCARE AB
03/21/22 March 21, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Strong market to continue in 2022

Strong report, largely in line with our expectations… …but we cut ’22e-’23e EBIT by 5% due to higher costs ’21-’24e sales CAGR of 18%, 15.6x ’22e EV/EBIT

INXL AVENSIA INNOVATION AB
02/17/22 February 17, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Strong market and easy comps ahead

Strong IT services demand set to continue in 2022… …and Avensia well-poised to benefit ’19-‘23e adj. EBIT CAGR of 19%, 14.0x ‘22e EV/EBIT

INXL AVENSIA INNOVATION AB
12/03/21 December 3, 2021 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Operating well in a hot market

Strong Q3 fuelled by a strong IT services market We raise ’21e-‘23e adj. EBIT forecasts by 17-4% 14.5x ‘22e EV/EBIT, 2019-2023e EBIT CAGR of 18%

INXL AVENSIA INNOVATION AB
10/21/21 October 21, 2021 13 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Well-placed to achieve improved sales

Solid Q1, adj. EBIT margin of 11.0% (9.2% in Q1’20) Small underlying estimate upgrades 18x, 13x and 10x adj. EV/EBIT for ‘21e, ‘22e and ‘23e

INXL AVENSIA INNOVATION AB
05/06/21 May 6, 2021 14 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Softer Q4 as Avensia plans for the future

Soft Q4, internal training programme hurt utilisation Estimates lowered, but demand should recover in ‘21e 21x-11x EV/EBIT ‘21e-‘23e

INXL AVENSIA INNOVATION AB
02/18/21 February 18, 2021 13 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Feedback from ABGSC Investor Day

Sales have held up well for Avensia during COVID-19 Headcount growth is likely to decelerate ahead Market demand continues to improve

INXL AVENSIA INNOVATION AB
12/02/20 December 2, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - High net recruitment paves the way for growth

Impressive headcount growth of +12% q-o-q Weak margin trend likely to reverse 14x ‘21e EV/EBIT, ‘19-‘22e avg. ROE of 32%

INXL AVENSIA INNOVATION AB
10/28/20 October 28, 2020 15 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Net recruitment rate should remain high in Q3

Appealing end-market exposure... …which should drive solid net recruitment rate in Q3e 14x 2021e EV/EBIT, 16% ’19-’22e sales CAGR

INXL AVENSIA INNOVATION AB
10/20/20 October 20, 2020 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - While others are firing, Avensia is hiring

Q2 was slightly better than expected We keep our estimates largely intact 19% 2019-2022e EBIT CAGR, 10x ‘21e EV/EBIT

INXL AVENSIA INNOVATION AB
07/23/20 July 23, 2020 15 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - In it for the long run

Solid 8% sales growth, but contracting margins vs. Q1’19 Continued high net recruitment rate will hurt ‘20e margins 10.4x ’21e EV/EBIT, ’19-‘22e sales CAGR of 15%

INXL AVENSIA INNOVATION AB
05/20/20 May 20, 2020 18 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Pre-announced Q1 numbers

Q1 sales 0% vs. ABGSCe, EBIT -22% vs. ABGSCe Solid headcount growth Postponed dividends due to COVID-19

INXL AVENSIA INNOVATION AB
04/30/20 April 30, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - E-commerce remains an appealing end market

Recurring revenues should be supportive… …but we cut forecasts amid increased risks on new sales 13% ’20e sales growth, supported by recent recruitments

INXL AVENSIA INNOVATION AB
03/17/20 March 17, 2020 12 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Entering 2020 with good momentum

Sales +9% y-o-y, EBIT +2% y-o-y (+29% vs. ABGSCe) Modest estimate revisions 17% ’19-‘22e sales CAGR, 13x ‘20e EV/EBIT

INXL AVENSIA INNOVATION AB
02/24/20 February 24, 2020 13 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
INXL Avensia Innovat...

Avensia - Solid growth, but contracting margins

Q4e: sales of SEK 87m and EBIT of SEK 7.5m Reduced estimates on several unfavourable signs 12.5x ‘20e EV/EBIT, 5% lease adj. FCF yield

INXL AVENSIA INNOVATION AB
01/23/20 January 23, 2020 10 EN
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