• Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Ogunsen: Battling a challenging market - ABG

OGUN BThird party research06.03.2025, 15.21

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

Download report (PDF)
Organic sales decline of 12% y-o-y
EBIT margin of 2.4% (9.6%)
Market tumbles further, H2'25 recovery more likely


Sixth straight quarter of sales decline, still gains market share

Ogunsen reported Q4 sales of SEK 115m (130m), reflecting a y-o-y decline of 12%. Consulting services revenue decreased by 10% y-o-y, while recruitment services saw a steeper drop of 25% y-o-y. This result was 8% below ABGSCe, where we had anticipated that easier comparables would mitigate the sales decline. However, we note that Ogunsen again outperformed the broader market, which contracted by 17% y-o-y, according to Kompetensföretagen. EBIT was SEK 2.8m (12.4m), translating to an EBIT margin of 2.4% (9.5%), significantly underperforming our expectation of SEK 11.2m. The company incurred additional costs of SEK 1.1m in the quarter related to workforce reduction efforts, which negatively impacted EBIT. The board proposed a DPS of SEK 1.90 (3.40).