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Alligo: Slight beat driven by Finland - ABG

ALLIGO BThird party research17.07.2026, 09.30

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
* Sales +1%, adj. EBITA +2% vs. FactSet consensus
* Slight beat driven by Finland improving faster again
* Expect consensus adj. EBITA to come up 1-2%

Q2 results

Sales grew 6% y-o-y (+3% org.) and were 2% above our estimate (1% above FactSet consensus). With a margin of 7.2%, 0.1pp below our estimate (0.1pp above consensus), EBITA adj. was 1% above our estimate (2% above consensus). The slight beat vs our estimates was driven by Finland once again improving more than we expected. EBITA included non-recurring items with a negative margin impact of 0.4pp. There is a conference call at 11:00 CET: webcast

Estimate changes

We expect consensus EBITA adj. to come up 1-2% on the slight beat.

Company valuation

Over the past three months, the share has returned +4%, compared to the +1% of the OMX Stockholm Allshare. The share is currently trading at 13x-10x '26e-'28e P/E, compared to its 10-year historical median of 14x-9.5x.