contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


b3-consulting-group-likely-at-the-trough-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

B3 Consulting Group

- 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...

- 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 Q2'24 net sales of SEK 266m (-2% vs. FactSet cons, 0% vs. ABGSCe) and adj. EBIT SEK ~9m (-19% vs. cons, -3% vs. ABGSCe). Directionally, this is not surprising as macroeconomic data continues to be weak. The deviation in EPS is explained by higher financial expenses related to the new debt financing. We note that utilisation is up sequentially, but this is mostly a consequence of a reduction of unstaffed FTEs, which mathematically increases the utilisation rate. Thoughts and outlook The company foresees tough conditions in Q3, with a potential recovery starting in Q4. We agree with this given that comps have become easy and that macroeconomic data indicates a challenging but stable operating environment. That said, this is contingent on macroeconomic data showing no further deterioration of conditions for IT consultants. From a long-term point of view, we maintain our view that B3 has the necessary operating characteristics to generate margins in line with its financial targets. Moreover, the new acquisitions will reduce the group's operating leverage over time, lending it additional stability in future industry-wide demand declines. Consensus estimate revisions The B3 share is down ~20% YTD (including dividends reinvested) and is trading at ~7x '25e EV/EBIT on our unrevised estimates. Mechanically, the estimated negative effect on consensus EBIT estimates based on isolated Q2 numbers would be within a low single-digit range for '24e-'26e EBIT. A presentation by the company will take place at 9.00 CET (link).