No EC wins in IT

Q2e: Adj. EBITDA NOK 127m vs. cons. NOK 123m. Acquisition volume likely to pick up in H2'24e. '24e EV/EBITDA of 9x, '25e P/E 12x – BUY.

Operational trough likely behind us

Q1: Growth better, weaker profitability. '24e org. growth estimates up ~5pp. '24e EV/EBITDA of 8x, '25e P/E 11x – BUY.

Better growth, weaker profitability

Short-term headwinds to fade

NOK 40m cost-savings program initiated. Organic growth likely to recover in H2'24. '24e EV/EBITDA of 8x – BUY, TP of NOK 11.

Figures -5% below - cost savings program initiated

A story of two tales in the short term

ECIT reported Q3 headline figures in line with expectations, but the growth mix was weak.

Weaker org. growth - profitability in line

Lower estimates mainly driven by M&A

Revenue of NOK 877m corresponded to 24.5% growth y-o-y, of which 6% was organic. This was below our expectation and mainly explained by lower inorganic growth.

Lower growth mainly driven by M&A

Steady performer at attractive valuation

Favourable business model in current macro. '23e adj. EBITDA up ~2% driven by higher org. growth. Reiterate BUY and target price of NOK 11.

Adj. EBITDA 2% above

Solid growth likely continued in Q1

Favourable business model in current macro. Solid growth likely continued in Q1. Reiterate BUY and target price of NOK 11.

Better growth, but lower margins