BTS Group

* Europe and other markets continue to perform, North America less so* We reset our expectations-post Q2 PW, adj. EBITA cut 6-11%* Stock trading at 10.7x 2025e EV/adj. EBITA, 9.1x 2026eClear actions to turn North America aroundCompared to the Q2 profit...

North American weakness behind yesterday's Q2 PW FY guidance cut more than feared Estimates likely down 10-15%, stock closed -12% yesterday Late Q2 PW, but not entirely unexpected As we argued for in our preview (link), North America has likely been ...

US decision-making could have been delayed in Q2 During times of global uncertainty, consulting projects typically see effects of delayed orders, starts or even cancellations. We view the global trade situation during Q2 as one such event, and as Accenture...

Forward-looking metrics a bit on the soft side Competitor and peer Accenture reported its Q3'25 report on Friday (when Swedish markets were closed) which covered the period March-May, ie over and past Liberation Day. In terms of revenue, Accenture reported...

Q1 miss, 2025-27e adj. EBITA cut 4-5% FY guidance kept, we estimate 7% EBITA growth in 2025e Share at 11.4x 2025e EV/EBITA Soft Q1 but ramp-up expected in 2025 Q1 missed expectations vs. both ABGSCe and FactSet consensus on growth and margins, but we...

1% organic growth (cons 4%) and EBITA -13% vs cons Reiterates 2025 guidance of EBITA >2024, Q1 EBITA 0% y-o-y See AI related cost savings, estimates -5-8% and share similarily Q1 details Sales SEK 647m (-5% vs ABG 678m, -5% vs cons 680m), adj. EBITA ...

Q1 likely solid, Q2 comments on activity in focus We expect FY guidance to be reiterated EBITA -3-4% '25-27e on neg. underlying/FX and pos. M&A Focus on the US market and 2025 guidance BTS delivers its Q1 report on 16 May, where we expect relatively ...