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Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Terminating coverage

ABGSC ceases coverage of HiQ Due to delisting Last published estimates are shown in this report

HIQ HIQ INTERNATIONAL AB
10/20/20 October 20, 2020 10 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
KNOW KNOW IT AB
HIQ HiQ Internation...

Sector Fast Comment - Radar upgrades market estimates once again

Radar lifts 2020 IT budget growth estimate to -6% (-11%) Most Nordic IT services also saw higher margins in Q2 Sector is trading -12% below OMXS30 (vs. 5Y avg. -19%)

KNOW KNOW IT AB
HIQ HIQ INTERNATIONAL AB
08/31/20 August 31, 2020 7 EN
Bengt Jonassen ... (+7)
  • Bengt Jonassen
  • Benjamin Silverstone
  • Daniel Thorsson
  • Mads Thinggaard
  • Martin Kaland
  • Tobias Kaj
  • Victor Forssell
PREMIUM
HUFV A Hufvudstaden AB...
MULTI MULTICONSULT AS ... (+7)

Talking Points - Multiconsult (Buy): On the fast track to recovery

Elekta (Hold) Post-results: A good start, despite the pandemic turbulence nextLEVEL programme on track Solid potential for revaluation - up to BUY, TP NOK 90 (68)

HUFV A HUFVUDSTADEN AB CLASS A
MULTI MULTICONSULT AS
MOWI MOWI ASA
SYDB SYDBANK A/S
EKTA B ELEKTA AB CLASS B
AMBU B AMBU A/S CLASS B
HIQ HIQ INTERNATIONAL AB
08/27/20 August 27, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Triton’s cash offer likely to go through

Cash offer of SEK 70/share Values the company at 18x 2021e EV/EBIT We do not think a counter-bid will come, TP up to SEK 70

HIQ HIQ INTERNATIONAL AB
08/26/20 August 26, 2020 9 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Cash offer values HiQ at 18x 2021 EV/EBIT

Triton offers a cash offer of SEK 70 per share… …25% premium vs. yesterday close & 18x ‘21e EV/EBIT The bid corresponds to SEK 285 in Knowit (50% upside)

HIQ HIQ INTERNATIONAL AB
08/26/20 August 26, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
KNOW KNOW IT AB
ANOD B ADDNODE GROUP ... (+3)

Sector Fast Comment - Better confidence, but not a V-shaped recovery

Feedback from today’s seminar with five IT companies Public, e-commerce and telecom are preferred exposures Sector trading in line with market, Knowit is our top pick

KNOW KNOW IT AB
ANOD B ADDNODE GROUP
HIQ HIQ INTERNATIONAL AB
08/25/20 August 25, 2020 6 EN
Aksel Øverland Engebakken ... (+14)
  • Aksel Øverland Engebakken
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg
PREMIUM
GETI B Getinge AB Clas...
SAND SANDVIK AB ... (+19)

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Dow...

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

GETI B GETINGE AB CLASS B
SAND SANDVIK AB
TEL TELENOR ASA
HUSQ B HUSQVARNA AB CLASS B
COLL COLLECTOR AB
SOBI SWEDISH ORPHAN BIOVITRUM AB
XXL XXL ASA
BALD B FASTIGHETS AB BALDER CLASS B
RILBA RINGKJOEBING LANDBOBANK A/S
GRNG GRANGES AB
DOM DOMETIC GROUP AB
BRG BORREGAARD
BONAV B BONAVA AB CLASS B
ATCO A ATLAS COPCO AB CLASS A
HIQ HIQ INTERNATIONAL AB
ADEB ADEVINTA
ENEA ENEA AB
NSKOG:NO NORSKE SKOG
SATS SATS
07/17/20 July 17, 2020 7 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Looks better, but still not a bargain – HOLD

8.0% underlying EBIT margin in a tough Q2 is solid FRENDS looks exciting, 4% of Q2 EBIT and >40% growth EBIT up 6-9%, TP up to SEK 50 (42), reiterate HOLD

HIQ HIQ INTERNATIONAL AB
07/16/20 July 16, 2020 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Finland the shining star, strong report

Adj. EBIT 42% vs cons and margin only down 40bps y-o-y Low gov subsidies, strong earnings quality FRENDS grew >40% y-o-y, estimates and share up 5%

HIQ HIQ INTERNATIONAL AB
07/16/20 July 16, 2020 6 EN
André Thormann ... (+5)
  • André Thormann
  • Bengt Jonassen
  • Daniel Thorsson
  • Jonas Bru Lien
  • Petter Nystrøm
PREMIUM
SOLON Solon Eiendom A...
SBO Selvaag Bolig A... ... (+7)

Talking Points - Construction & Real Est.: Norway Q2’20 previews

Dustin (Hold) Preview: Finally seeing positive estimate revisions SBO and SOLON down to HOLD We favour AFG, VEI and ENTRA

SOLON SOLON EIENDOM ASA
SBO SELVAAG BOLIG AS
DUST DUSTIN GROUP AB
NNIT NNIT A/S
HIQ HIQ INTERNATIONAL AB
AXA AXACTOR SE
FKRFT FJORDKRAFT HOLDING ASA
07/02/20 July 2, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Strong capitalisation but tough end markets

>35% industry exposure places risk on Q2 Lowering expectations on lower utilisation Reiterate HOLD, TP SEK 42

HIQ HIQ INTERNATIONAL AB
07/01/20 July 1, 2020 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Good margin resiliency in Q1

Q1 held up better than feared 38% exposure to Industry/Automotive will make Q2 tough EBIT +2-5%, TP SEK 42 (40); HOLD

HIQ HIQ INTERNATIONAL AB
04/21/20 April 21, 2020 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Q1 report slightly ahead of consensus

Q1 EBIT +7% vs. consensus, headcount -4% y-o-y Mixed COVID-19 effects, no guidance given The share should hold up, +3-5% today

HIQ HIQ INTERNATIONAL AB
04/21/20 April 21, 2020 6 EN
Bengt Jonassen ... (+2)
  • Bengt Jonassen
  • Daniel Thorsson
PREMIUM
YAR Yara Internatio...
KNOW KNOW IT AB ... (+3)

Talking Points - HiQ (Hold): Entering a weaker market with focus on ma...

No DPS for 2019, but back at 6.8% yield in 2020e Stock -44% in two years; time to upgrade to HOLD (Sell)

YAR YARA INTERNATIONAL ASA
KNOW KNOW IT AB
HIQ HIQ INTERNATIONAL AB
03/26/20 March 26, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Entering a weaker market with focus on margin

Industry exposure increases operational risk No DPS for 2019, but back at 6.8% yield in 2020e Stock -44% in two years; time to upgrade to HOLD (Sell)

HIQ HIQ INTERNATIONAL AB
03/26/20 March 26, 2020 11 EN
André Thormann ... (+9)
  • André Thormann
  • Daniel Thorsson
  • Fredrik Ivarsson
  • Jannick Lindegaard Denholt
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
  • Martin Melbye
  • Peter Kurt Nielsen
PREMIUM
TEL TELENOR ASA
NOVO B Novo Nordisk A/... ... (+10)

Talking Points - Novo Nordisk (Buy): A fresh new look from A-Z; we lik...

Axfood (Sell) Preview of results: Solid sales growth but flat margin More tailwinds than headwinds to drive solid growth BUY (Hold) and TP of DKK 454 (360)

TEL TELENOR ASA
NOVO B NOVO NORDISK A/S CLASS B
SEB A SKANDINAVISKA ENSKILDA BANKEN AB CLASS A
ICA ICA GRUPPEN AB
RILBA RINGKJOEBING LANDBOBANK A/S
AXFO AXFOOD AB
NNIT NNIT A/S
BILL BILLERUDKORSNAS AB
HIQ HIQ INTERNATIONAL AB
AXA AXACTOR SE
01/30/20 January 30, 2020 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Cautiously optimistic outlook for 2020

6% lower headcount y-o-y limits 2020 growth Margin likely to increase step-by-step from low levels -8% below cons on 2020 EBIT, valuation a bit stretched

HIQ HIQ INTERNATIONAL AB
01/29/20 January 29, 2020 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Q4 on the weak side, DPS kept high

Sales and adj. EBIT -2% and -6% vs cons and down y-o-y Sweden declined -6% in Q4, DPS up SEK 0.05 y-o-y Estimates down 2-3%, share down 2-5%

HIQ HIQ INTERNATIONAL AB
01/29/20 January 29, 2020 6 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
KNOW KNOW IT AB
HIQ HiQ Internation...

Sector Report - Turning bearish on Swe IT Services stocks

Negative net recruitment during 2019 won’t drive growth No help from the market, it’s getting tougher in 2020 At a premium valuation, we reiterate SELL, TP SEK 45

KNOW KNOW IT AB
HIQ HIQ INTERNATIONAL AB
01/02/20 January 2, 2020 30 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
HIQ HiQ Internation...

HiQ - Low growth in 2020e, we remain Sellers

Negative net recruitment during 2019 won’t drive growth No help from the market, it’s getting tougher in 2020 At a premium valuation, we reiterate SELL, TP SEK 45

HIQ HIQ INTERNATIONAL AB
01/02/20 January 2, 2020 10 EN
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