Back at +20% organic growth

Back at +20% organic growth

IT Norway Q4e: growth at reasonable prices

The tides are changing

Sales in-line, major new customer win

Timing of recovery remains uncertain

Revenue 19% below, good cost control

Norway: Rebound to continue

Positive or neutral estimate revisions for most companies. Best risk/reward over Q2 in Crayon, Link, NOD. Top picks: Atea, Crayon, Link, Pexip.

The last quarter of tough comps

We forecast Q2 revenue of USD 14.8m, down 13% y-o-y. Recovery is approaching: qualified leads up 15% y-o-y. Valuation still demanding: reiterate HOLD.

Approaching a recovery

Q1 revenue -10% y-o-y, Q2 also likely to be soft, but we are approaching a recovery: activity level up 40% y-o-y. Valuation still demanding: reiterate HOLD.

Starting to sign major new customers

Q4 revenue down 21% y-o-y

Softness to persist in Q4

Tough comps in Q4 as well, we estimate sales -9% y-o-y. We cut '24e-'25e EBIT by 10-14%. HOLD: Long-term outlook still strong, but tough short-term comps.

EBIT beat on seasonally lower opex

Facing tough comps in H2

Facing tough comps in H2, revenue growth to slow. '23e-'24e revenue -7-9%, EBITDA -20-17%. Down to HOLD: Long-term outlook still strong, but tougher short-term.

A second chance to buy quality growth

16% org. rev growth y-o-y, +40% excl. 5G project revenue. Biden infrastructure bill a potential trigger for accelerated momentum. Reiterate BUY and TP of NOK 37.

Strong growth, but EBITDA below

Double-digit growth to continue in Q2e

Q2e: 14% organic growth, 18% EBITDA margin. ~1% market share: strong growth to continue. Reiterate BUY and TP of NOK 37.

Investing for the future

In discussions with several potential large customers. Accelerating investments in product development. This lowers '23-'24e EBITDA by 6-10%, but long-term positive.

Strong growth outlook, but high FTE growth