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Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Stefan Knutsson

Generic Sweden - Annual sales growth back over 10% in Q3

EBIT margin strengthened y-o-y in contrast to H1 Positive revisions, ‘23e EBIT up ~4% Generic has not seen any weakness in demand

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Stefan Knutsson

Generic Sweden - A rare miss in Q2

Slower sales growth than we have become used to We lower long-term EBIT by 5% Lifted COVID-19 restrictions boost new sales

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Stefan Knutsson

Generic Sweden - Normalisation, with Q1 on the soft side

Sales growth of 19% y-o-y, EBIT +10% y-o-y Revisions stem from Q1 deviation ‘23e EV/EBIT of 26x, 2.9% FCF yield

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Stefan Knutsson

Generic Sweden - Solid end to a fantastic year

Still growing sales >30% y-o-y in Q4 Gross margin declining faster than expected Opex will likely grow faster in ‘22e than ’20-‘21

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Stefan Knutsson

Generic Sweden - Solid Q3, but growth falls short of high hopes

39% sales growth y-o-y, EBIT +50% y-o-y Sequential sales decline behind estimate revisions ’22e EV/EBIT of 45x, 1.4% dividend yield

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Generic Sweden - Q2 performance like clockwork

Two consecutive quarters with 47% y-o-y sales growth We raise both sales and margin assumptions ‘22e EV/EBIT of 38.2x, div yield of 1.6%

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Generic Sweden - Exceptional start to the year

47% sales growth y-o-y in Q1 Sales on another level, positive revisions ‘22e EV/EBIT of 23.6x, div yield of 2.7%

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Generic Sweden - Ends the year in style, more to come in 2021

23.6% y-o-y sales growth in Q4 Estimates up on higher growth assumption Försäkringskassan to start contributing in Q1

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Generic Sweden - Added a couple of large customers in Q3

New exiting customers added to the platform Raising our long-term estimates by 10-11% Minicall+ launched on 3 November

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Generic Sweden - Increased demand for digital communication

COVID-19 has created a short-term boost… …but long-term demand has also taken a leap forward Prioritises growth to catch this opportunity

Jesper Birch-Jensen ... (+2)
  • Jesper Birch-Jensen
  • Stefan Knutsson

Generic Sweden - Demand remains strong

COVID-19 has limited impact on Generic We expect lower scalability short term Stock trading at ’21e EV/EBIT of 14.8x

Jesper Birch-Jensen ... (+3)
  • Jesper Birch-Jensen
  • Stefan Knutsson
  • Victor Forssell

Generic Sweden - Double-digit growth still there

Strong demand from new customers One-off marketing costs burden Q4 New service offering for Minicall planned for H2 2020

Jesper Birch-Jensen ... (+3)
  • Jesper Birch-Jensen
  • Stefan Knutsson
  • Victor Forssell

Generic Sweden - ESG profile

Generic does not currently provide investors and stakeholders with information on its ESG profile, meaning there is room for regarding communication. Additionally, the company has not stated any ESG targets and does not disclose data on ESG-related metrics. It is important for Generic to attract and retain qualified employees, especially as it takes a long time for new employees to gain the necessary skills. By improving its ESG profile, Generic could gain further status as an attractive employe...

Jesper Birch-Jensen ... (+3)
  • Jesper Birch-Jensen
  • Stefan Knutsson
  • Victor Forssell

Generic Sweden - Continuing to shine

87 new agreements, e-commerce is a driver Margins keep on strengthening Trades at EV/EBIT of 14x for ’20e

Jesper Birch-Jensen ... (+3)
  • Jesper Birch-Jensen
  • Stefan Knutsson
  • Victor Forssell

Generic Sweden - On a profitbale growth path

145 new customer agreements in Q2 Messaging platform takes centre stage Trades at EV/EBIT 9.2x for ’20e

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

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