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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath

Recovery case intact, but margins took a hit

Margin hit by clear-outs and promotions ahead of new PC launches. We raise sales by 1%, but cut adj. EBITA by 2-10%. Growth recovery case in H2'24 and 2025 still attractive; BUY

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath

On the way back to growth again

We expect -8% organic growth in Q3e (vs -16% in Q2). HP and Dell supports the upcoming PC replacement cycle. Small negative revisions (-1-4%), but BUY case intact.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath

Dustin Group AB: 1 director

A director at Dustin Group AB bought 6,700,000 shares at 13.500SEK 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 cl...

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Dustin - Entering a slower growth period

We expect negative organic growth in SMB ahead Adj. EBITA mixed post-Q4 beat, leverage remains high We do not struggle with valuation, but with timing: HOLD

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Dustin - Better than feared, share should recover

Adj. EBITA -12% y-o-y, but +10% vs cons CEO leaves to become CEO of the largest owner Estimates up 4-6% and share +5% post weakness

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Dustin - Entering a negative adj. EBITA growth period

We estimate -22% adj. EBITA growth y-o-y in Q4’21/22e Dividend could surprise negatively, given high leverage Risk/reward remains negative, but ATL valuation; HOLD

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Dustin - Estimates continue down

Good growth in Q3 but margins continued to slide Risk of negative earnings growth in Q4e… …and leverage remains high, stick to HOLD, TP 60 (70)

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