Price is what you pay, value is what you get

Record high Q3 utilisation - Extraordinary dividend

Q3e: Double-digit growth, double-digit margins

Norway: Best ideas Q3'24

Better performance, better outlook

Q2: 15% calendar-adj. growth, 13.5% margin. Better public demand, many senior hires in Q3. Estimates. up 5%, 6% running FCF yield – BUY, TP NOK 77 (73).

20% growth, better profitability

Double-digit org. growth despite a weak market

Antifragile

Q1: Lower costs, and utilisation +1.5pp vs. '17-'19 avg. '24e EBIT up by ~8%. Operational outperformance to continue: BUY, TP of NOK 73 (69).

Figures 29% above

Solid performance likely to continue

Q1e: We are in line with FactSet consensus. Equinor accounted for ~NOK 1.3bn (~36%) of sales in '23. Operational outperformance to continue: BUY, TP of NOK 69

Bouvet - Quality comes at a price

Strong employee growth and hourly rates in Q3 Minor revisions to ’22-’23 EBIT estimates Resilient and stable IT consultancy: maintain BUY

Bouvet - Better EBIT from employee growth and rates

Q3 EBIT +33% above consensus Hourly rates +6.6%, billing ratio 0.1pp, pay rate +3.1% Positive revisions to consensus’ ’22-‘23 EBIT estimates

Bouvet - Normalisation of margins ahead

Previous estimates from Feb, we update our forecast Q3: Expect NOK 640m in revenue and NOK 55m in EBIT Resilient and stable IT consultancy: maintain BUY

Bouvet - Better profitability vs cons in Q2

Q2 EBIT 3% above cons Hourly rates +3.5%, billing ratio +0.5pp, pay rate +2.6% Small positive adj. to cons’ ’22-‘23e EBIT

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

Bouvet - Better growth and higher profitability in Q1

EBIT beat: More employees at higher rates and utilisation Billing ratio increased 2.4pp y-o-y vs ABGSCe at 0.0pp Expect a positive share price reaction today

Bouvet - Key data points continue in the right direction

Q4’21: Stronger growth than expected Higher-than-expected employee growth & billing ratio Reiterate BUY with a TP of NOK 85

Bouvet - Strong Q4: higher growth and utilisation

EBIT 8% above largely driven by higher growth Billing ratio increased 3.1pp y-o-y vs ABGSC at 0.5pp Pos. datapoints: Q4 report should be well received today

Bouvet - Encouraging data points in the Q3 report

Q3’21: stronger growth and margins than expected Data points supportive of estimates and investment case Raise TP to NOK 85, reflecting DCF valuation – BUY

Bouvet - Continues to deliver, supportive datapoints

Better revenue and EBIT in Q3 vs. ABGSCe Datapoints pointing in the right direction… …supportive to estimates and investment case