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Stefan Knutsson
  • Stefan Knutsson

Headsent AB - Terminating coverage

ABGSC terminates coverage of Headsent… …due to the end of the contractual period Last published estimates are shown in this report

Stefan Knutsson
  • Stefan Knutsson

Headsent AB - Looking forward to new possibilities

Continued operations ahead of forecasts Positive revisions as a result Fair value range of SEK 43-59 (73-89)

Stefan Knutsson
  • Stefan Knutsson

Capacent Holding - Sells the Management Consulting business

Knowit acquires the MC business Transaction is evidence of value creation Estimate revisions to reflect continuing operations

Stefan Knutsson
  • Stefan Knutsson

Capacent Holding - ESG profile

Capacent currently does not present information on its ESG profile to investors and stakeholders, meaning there is room for improvement in this regard. In addition, Capacent has not stated any targets on ESG metrics and does not provide ESG data to the public. There is therefore an opportunity for the company to improve its ESG profile and by doing so, its reputation as a service provider and employer. ESG profile

Stefan Knutsson
  • Stefan Knutsson

Capacent Holding - New strategy is clicking into gear

Demand increasing in all segments We raise both sales and margin assumptions Fair value range of SEK 57-84 (45-68)

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Strong start to the year

COVID-19 still affecting new customer intake Higher margins offset sales revision Fair value range of SEK 47-70 (45-68)

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Profitability has reached a new level

Q4 above ABGSCe on both sales and margins Positive revisions as a result, EPS up 6% for ‘21e P/E 7.7x with 8.4% div. yield on revised ‘21e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - New organisation off to a promising start

Delivered above expectations in Q3 More confidence in the margin story Indicative fair value range of SEK 40-56

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Light at the end of the tunnel

Major restructuring completed in Q2 Promising June raises conviction for H2 Indicative price ranges of SEK 33-44 and SEK 32-44

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Increased profitability in sight

Throws in the towel on underperformers Long-term EPS revisions up 26% Indicative price ranges of SEK 29-38 and SEK 27-36

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Low visibility in uncertain times

Unfavourable rules for short-term layoffs in Sweden Re-organisation to have a more dynamic cost base Optimising working capital strengthens liquidity

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Lockdowns creating uncertainty

Lockdowns in Finland and Iceland Major revisions to reflect COVID-19 Trading at ‘21e EV/EBIT of 7.8x, div. yield of 8%

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Challenging end to 2019

Good cost control, but sales -17% vs ABGSCe Lower growth assumptions, margins should recover Share trading at EV/EBIT of 9.5x for ’20e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - ESG profile

Capacent currently does not present information on its ESG profile to investors and stakeholders, meaning there is room for improvement in this regard. In addition, Capacent has not stated any targets on ESG metrics and does not provide ESG data to the public. There is therefore an opportunity for the company to improve its ESG profile and by doing so, its reputation as a service provider and employer. ESG profile

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Shine has gone off Finland’s outperformance

Net sales -17% vs ABGSCe as Finland disappoints Contribution from the acquisition a positive Share trading at EV/EBIT of 9.0x for ’20e.

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Capacent Holding - Challenging quarter in Sweden

Net sales -9% vs ABGSCe, Finland still outperforming Acquires RGP’s Nordic business Share trading at EV/EBIT of 5.9x for ’20e

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

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