Sales and EBITA in line, FCF softer

Adj. EBITA of SEK 63m, 0% vs. ABGSCe in Q4. FCF was softer because of negative working capital effect. EBITA ests -4-5%; share is trading at 4.7x-2.7x '24e-'26e EV/EBITA.

A stable quarter excl. Denmark turbulence

Q4 due on 20 February; we forecast -2% org. growth. EBITA cut 1% on '24e-'25e because of FX. 4.8x-3.2x EV/EBITA with 15-17% FCF yield on '24e-'25e.

Internal audit conclude errors in MBXP

Soft Q3 has raised the stakes for Q4

Continued headwinds in Denmark and Germany in Q3. Underlying '24e-'25e EBITA cut 12-9%, but neutral incl. IPO M&A. Share is trading at 7.1x-3.9x EV/EBITA on '23e-'24e.

Miss driven by weaker margins in Gift Cards

Acquires a major competitor in DACH

Acquires IPO Prämien Services for EUR 7.8m. Implied multiple of 16x-4x EBITDA on '22/23-'21/22. Could add 8% to 2042e adj. EBITA based on mgmt. expectations.

SEK 4.4m write-down of bad debt

Soft Q2 but looks set to improve

Margin pressure to persist but fade in coming quarters. We cut EBITA by 16%, 8%, and 7% for '23e-'25e. Share trading at 8x FCF and 6x EBITA on 2023e.

Weak EBITA as expected, FCF stronger

Profit warning, weaker profitability in MBXP

Pre-announces Q2, EBITA SEK 14m vs. ABGSCe SEK 28m. Lower profitability in MBXP behind the miss. Cons. EBITA to come down 5-10% on 2023e.

Another quarter of stable growth

Q2 results due on 15 August. Expected to maintain a stable organic growth of 5%. We also forecast slight pressure on profitability.

Solid Q1 and positive outlook, slight miss on high D&A

Organic growth to continue being solid in Q1

Q1e: 10% org. growth and margin expansion y-o-y. We only make minor changes to estimates ahead of the report, slightly increasing our sales forecast for '23e-'25e by 3%-2%.