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Ework Group operates in the recruitment and consulting industry and focuses on providing IT and management consultants to companies and organizations. The company's services are aimed at companies that need support in recruitment and project management, in both the private and public sectors. Ework Group was founded in 2000 and is headquartered in Stockholm, Sweden.
* Signs of stabilisation in the market... * ...and we are positive on the 2027 story * Trading below its peers at 8x-7x EV/adj. EBIT for '27e-'28e Looking like a stabilisation but too early to call a recovery The Q3 report came in better than we expected...
* Sales were SEK 2,751m (+6% vs. ABGSCe), -8% y-o-y * Order intake decreased 9% y-o-y to SEK 2,706m * We expect cons to lift '27e-'28e adj. EBIT by roughly 7-5% Q3 results Q3 sales were SEK 2,751m (+6% vs. ABGSCe 2,596m), -8% y-o-y. Gross profit was ...
* Early signs of stabilisation, but numbers lag * We lower '26e-'28e adj. EBIT by 3-5% * 10x-9x '26e-'27e EV/adj. EBIT Numbers will likely lag We see early signs of stabilisation in demand, with Q2 order intake up 5.4% y-o-y and improving demand expectations...
* Order intake +5% y-o-y – an early sign of stabilisation? * We keep '26e adj. EBIT broadly unchanged, raise '27e-'28e by 1-2% * 9x '27e EV/EBIT adj., in line with peers Early signs of recovery It is still too early to say whether the market is bottoming...
* Sales +1% vs. ABGSCe (-13% y-o-y), adj. EBIT -2% vs. ABGSCe * Order intake +5.4% y-o-y, the first increase in several quarters * We expect cons to leave '26e-'28e adj. EBIT broadly unchanged Q2 results Q2 sales were SEK 3,131m (+1% vs. ABGSCe 3,103m...
* Market conditions remain soft * We lower '26e-'27e adj. EBIT by 1-4% * 11x-9x '26e-'27e EV/EBIT adj. Positive signals in Sweden, but volumes await The Nordic consultancy downturn has lasted longer than most anticipated, and while early signs of stabilisation...
* Market remains soft, but Ework is taking decisive actions on costs * We raise '26e-'28e adj. EBIT by 4-2% on 1% higher sales * 11x/9x '26e/'27e EV/EBIT adj. – in line with peers No signs of recovery yet, but Ework is taking actions on costs The Nordic...
* Sales +3% vs. ABGSCe (-14% y-o-y), adj. EBIT +39% vs. ABGSCe * Market still hesitant, cost savings to help margins * We expect cons to raise '26e adj. EBIT by ~5% Q1 results Q1 sales were SEK 3,022m (+3% vs. ABGSCe 2,948m), -14% y-o-y. Gross profit...
