Awaiting more beneficial conditions

We lower '24e-'26e adj. EBITA by 10-3% on continued weakness in macro data. '24e EV/EBITA of ~8.5x.

Combatting low utilisation

We lower '24e and '25e adj. EBITA by 3% and 6%. 5% EBITA growth in '24e driven by HQ cost cuts. '24e EV/EBITA of ~8x.

No one is immune against a weak market

Weighed down by weak market

We lower '23e-'25e adj. EBITA by 6-2%. Q4 macro data slightly worse than Q3. '24e EV/EBITA of just below 9x.

Fighting a tough market with cost optimisation

We lower '23e-'25e adj. EBITA by 5-1%. B3's lowered '25 targets offset by cost-savings programme. '23e-'24e EV/EBITA of ~7x.

Q3: Downward trend in utilisation continues

Unfavourable setup for H2'23 and H1'24

We lower '23e-'25e adj. EBITA by 17-8%. Sector KPIs stabilising at low levels. '23e-'24e EV/EBITA of 8x-7x.

Margins holding up better than peers so far

We lower '23e-'25e adj. EBITA by 11-10%. Likely to be more cautious on net recruitment. '23e EV/EBITA of ~9x.

In line with pre-announced figures

Trading update marginally below ABGSCe

Negative calendar effect starting in Q2

We lower 23e-'25e adj. EBITA by 6%. Conditions for IT services companies worsening. B3 trading at '23e EV/EBITA of 8.5x.

CEO Anette Billing resigns voluntarily

'23e: more competition and normal margins

We lower '23e-'25e EBITA by 9-7%. Utilisation down to normal levels. B3 Poland margin accretive.

Q1: Utilisation & demand down to normal levels

A consultant with a capital return mission

Balanced mix of growth and profitability. '23e-'25e EBITA CAGR of 12%. Fair value range of SEK 160-220.