Know IT AB: 2 directors

Two Directors at Know IT AB bought 8,000 shares at between 135.009SEK and 135.200SEK. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...

EWork Group AB: 1 director

A director at EWork Group AB maiden bought 1,771 shares at 141.000SEK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...

Grace under pressure

2025 case intact – SELL

Q3 worse than expected

Organic growth comps easy in '25e

Minor beat amid tough conditions

Better margins but weaker sales

Tietoevry PW increases risks for Q3

IT consulting market remains challenging

Slow start post summer, we downgrade to SELL

IT services remain challenging - CEO meetings

Tracking towards improved margins in H2

Q2 was likely the trough. Small estimate revisions, good prospects for a better H2. Poised for improved margins as demand returns, 11x '24e EV/EBIT.

Not enough signs to get excited

Utilisation has likely bottomed, but demand and recruitment still muted. Adj. EBITA cut 2-7% in 2024-26e on lower margin assumptions. We stick to HOLD and our TP of SEK 160 at 11.2x EV/adj. EBITA'24e.

Private sector shows positive signs

Tough market remains

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

Market remains tough

Few bright spots in the Nordic IT services market makes us cut estimates 1-2%, although comps are getting easier. We stick to HOLD on a still challenging market.

B3 Poland consolidation coming up

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