Organic growth comps easy in '25e

Minor beat amid tough conditions

IT consulting market remains challenging

IT services remain challenging - CEO meetings

Easy comps to start in Q4

'24e-'26e adj. EBITA down 3-2%. Increasingly likely that Q3'24 will be the trough. NTM EV/EBITA of ~8x.

Likely at the trough

B3 Poland consolidation coming up

We raise '24e-'26e EBITA by 7-23% due to B3 Poland consolidation. NTM EV/EBITA of ~7.5x.

IT services CEO feedback

Acquires Webstep's Swedish operations

SEK 100m run-rate sales contribution excl. sub-contractors. Potential to earn 8-9% EBIT margin. Acquired at ~4x EV/EBIT on potential earnings.

Recovery still awaits

We lower '24e-'26e adj. EBITA by 35-1%. Potential for utilisation improvement in H2'24. '24e-'25e EV/EBITA of 12-6x.

Parrying lower utilisation with more cost cuts

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...