More profit growth in '24e

Good ending to 2023 with strong margin improvements. We lift '24e-'25e EBIT by 9-5% on lower opex. Share is trading at 23x and 15x '24e and '25e EV/EBIT.

Another quarter with margin improvements

Another quarter with improved margins

Solid Q3 report – margins continue to improve. We make small revisions to '24e-'25e EBIT. Share is trading at 23x-15x '24e-'25e EV/EBIT.

Solid ACV, improved margins

Strong performance in Public DK

Better-than-expected Q2 report, mainly driven by Public DK. We raise our EBIT estimates on lower costs and continue to see improved margins ahead.

Continued margin improvements on the cards

Q2 report due on Friday 14 July. Estimates fine-tuned. Q2e EBIT margin of 6.7% (vs. 0.3% in Q2'22).

New CEO announced

First step towards improving margins

3% sales miss, but better underlying profits than expected. '23e-'25e EBIT down 12-5% on lower sales and higher D&A. Key peer for Private (SignUp) has received a public bid.

Margin-expansion