B3 Consulting Group: Stabilisation of conditions ahead - ABG
This is a third party research report and does not necessarily reflect our views or values
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, corresponding to an EBITA margin of 6.4%. January data showed a stabilisation of demand, hourly prices, and net recruitment for IT consultants, albeit from a low base. We therefore expect positive momentum to start in H2'25, as positive net recruitment is likely to commence once utilisation rates recover.
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, corresponding to an EBITA margin of 6.4%. January data showed a stabilisation of demand, hourly prices, and net recruitment for IT consultants, albeit from a low base. We therefore expect positive momentum to start in H2'25, as positive net recruitment is likely to commence once utilisation rates recover.