B3 Consulting Group operates in the consulting industry and focuses on business and IT strategies, change management and digital transformation. The company's services are aimed at companies and organizations that need support in development projects. The operations are primarily concentrated in Sweden, with a main presence in the Stockholm region. B3 Consulting Group was founded in 2001 and is headquartered in Stockholm, Sweden.
* A minor miss compared to FactSet consensus expectations* Small signs of improvement, with a flattening utilisation rate y-o-y* Trading at NTM EV/EBITA of ~9xMarket remains challenging, but shows some improvementQ3 missed slightly on sales (-5% vs. ...
* Sales -6% vs. cons, adj. EBITA -14% vs. cons* Continued growth in Poland and Habberstad* Consensus EBITA estimates likely down by LSD Q3'25 report Q3 came in softer than anticipated, with sales of SEK 255m, representing a 4% y-o-y growth (-6% vs. FactSet...
* We cut '25e-'27e adj. EBITA by 4-8%* Expect some EBITA growth in Q3* NTM EV/EBITA ~9xExpectations for Q3'25B3 Consulting Group will publish its Q3'25 report on 22 October. We expect sales of SEK 268m, implying 9% y-o-y growth (and an organic decline...
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In the rest of the Nordic countries, organic revenue development turned downward and profitability weakened in Q2. Thus, even applying the Rule of 20, the situation in the IT services market remains distinctly challenging, with only one company achieving good performance and two achieving satisfactory performance.
Selective recruitment in H2'25 Q2 missed on sales and adj. EBITA compared to FactSet consensus' expectations. Organically, sales declined ~11% and the adj. EBITA margin was 4.7%, which was ~2.5pp below consensus. The utilisation rate is stable, and that...
Q2'25 report Q2 was a bit softer than expected with respect to both sales and profitability. B3 generated net sales of SEK ~316m (-9% vs. FactSet cons, -8% vs. ABGSCe) and adj. EBITA SEK ~15m (-41% vs. cons, -34% vs. ABGSCe). We note that the organic...
- We cut '25e-'27e adj. EBITA by 5-4% - Pressure on demand and hourly prices - NTM EV/EBITA below 7x What to expect in Q2'25 We expect sales of SEK 343m for Q2'25, implying y-o-y growth of 29% (of which the organic decline is -4%), along with EBITA of...
Minor, positive estimate revisions Stable utilisation rate and positive margin surprise '25e EV/EBITA of ~8x, FVR reiterated Improving conditions allow for pos. net recruitment in H2'25 Q1 missed slightly on sales but beat on adj. EBITA compared with...
Sales -3% vs. cons, adj. EBITA +21% vs. cons Announces growth initiatives & cost savings efforts Consensus EBITA estimates likely up by low single-digits Q1'25 report Q1 was slightly softer than expected with respect to sales but better with respect ...
We cut '25e-'27e adj. EBITA by 13-1% Gross profit per consultant at normal levels in '26e '25e EV/EBITA of 7.5x What to expect in Q1'25e We expect sales of SEK 335m for Q1'25e, implying y-o-y growth of 19% (of which the organic decline is -5%), along...
We examined Nordic, listed IT service companies with the 'Rule of 20' metric we launched, measured with which a few companies achieved excellent performance in 2024. On average, Finnish IT service companies fared worse last year than other Nordic companies. Overall, however, it can be said that 2024 was still challenging throughout the Nordics.
Minor estimate revisions due to M&A contribution Utilisation trend is positive '25e EV/EBITA of 8x, FVR reiterated The utilisation is coming back Q4 missed slightly on sales and adj. EBITA compared with consensus' expectations. Organically, sales declined...
Sales -5% vs. cons, adj. EBITA -33% vs. cons Enters Norway with Habberstad acquisition Acquisition offsets negative consensus estimate revisions Q4'24 report Q4 was softer than expected. B3 generated net sales of SEK 336m (-5% vs. FactSet cons, -5% vs...
We cut '25e-'26e adj. EBITA by 10-1% Utilisation should pick up in H2'25e '25e EV/EBITA of ~8x What to expect in Q4'24e We expect sales of SEK 354m for Q4'24e, implying y-o-y growth of 21% (org. -5%, M&A +25%, FX +0.4%), along with EBITA of ~SEK 23m,...
- Minor estimate revisions - Decline in utilisation appears to have stopped - '25e EV/EBITA of 8x H2 increasingly likely to mark a trough Although Q3 was tough for B3, the company performed slightly above expectations. Sales declined organically by ~...
Sales +4% vs. cons, adj. EBITA +20% vs. cons Minor positive consensus estimate revisions Awaiting improving market conditions Q3'24 report Q3 was slightly better than expected. B3 generated net sales of SEK 245m (+4% vs. FactSet cons, +4% vs. ABGSCe)...
We cut '24e-'26e EBITA by 21-4%... ...due to weaker IT consulting market data '25e EV/EBITA of ~7x What to expect in Q3'24e We expect sales of SEK 236m for Q3'24, implying y-o-y growth of ~6% (org. -10%, M&A +15%), along with EBITA of SEK ~5m, corresponding...
- '24e-'26e adj. EBITA down 3-2% - Increasingly likely that Q3'24 will be the trough - NTM EV/EBITA of ~8x Q4 could be a turning point Q2 was another challenging quarter for B3, with sales and EBITA declining by 11% and 61% y-o-y, respectively. Compared...
- Sales -2% vs. cons, adj. EBIT -19% vs. cons - Utilisation up due to reduction of unstaffed FTEs - Possible demand recovery in Q4 Q2'24 report Q2 was another challenging quarter with dropping utilisation y-o-y and negative net recruitment. B3 generated...
