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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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
    }
  }
}


columbus-investment-case-well-positioned-for-margin-expansion-as-growth-returns

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Equities

Michael Friis

Equity Research Assistant

Victor Skriver

Columbus is an international consultancy headquartered in Denmark with more than 1,500 employees and 1,100 customers worldwide. Columbus delivers digital solutions supporting business-critical processes across industries such as Manufacturing, Retail, Food & Beverage, and Life Science. Services include Cloud Services, Data & AI, ERP, CRM, Digital Commerce, and Cybersecurity. Columbus has a local presence in the Nordics, the United Kingdom, and the United States – and global delivery – and is positioned to drive digital transformation and enable scalable growth. The company serves more than 1,100 customers worldwide.


Columbus

Columbus exits a challenging 2025 with a leaner organization and renewed AI capabilities. For 2026, the company guides 0-5% growth and 8-10% EBITDA margin, signaling a potential turning point. With the cost base rightsized, any return to growth could unlock significant operational gearing. We have updated our investment case in connection with the annual report.

Columbus released its Annual Report for 2025 this Thursday, with figures in line with January&apos;s preliminary results.
2025 was a challenging year marked by prolonged decision-making cycles and project delays, particularly in the Nordics, leading to a 5% revenue decline. Columbus responded with rightsizing initiatives, reducing headcount by nearly 100 employees, while simultaneously investing in AI capabilities through new hires and internal training programs to prepare for the next growth phase. For 2026, Columbus guides 0-5% revenue growth and an 8-10% EBITDA margin, signaling a return to growth.
The 0-5% growth guidance and management&apos;s comments on tender activity suggest we may be at the bottom of the negative growth cycle. With the business now rightsized, any return to growth could translate into significant operational gearing given the high fixed cost base typical for IT consultancies.&#xa0;
Columbus remains part of Microsoft&apos;s &apos;Inner Circle&apos; for the 21st consecutive year, positioning the company to capitalize on emerging technologies such as agentic AI as a potential next growth driver. The &quot;New Heights&quot; long-term targets of 10% revenue growth and 15% EBITDA margin remain unchanged, though the timeline is under review with a new strategy expected in November 2026.
We have updated investment case, where we highlight Columbus as an IT consulting pure-play well-positioned for a demand rebound. Key investment reasons include the streamlined cost base, Microsoft partnership advantages, and shareholder value focus demonstrated by the 2025 strategy review. Key risks include uncertainty on long-term margins given external dependencies and ongoing questions about AI disruption in the IT service sector.
On valuation, Columbus trades at 0.8x EV/Sales (2026E) below Nordic peers at 1.2x, and 9.4x EV/EBITDA versus peers at 8.2x. Both the sector and Columbus trade below historical averages, leaving room for multiple expansion if growth returns.
Disclaimer: HC Andersen Capital receives payment from Columbus for a Digital IR subscription agreement. /Michael Friis, 12:30, 13/03-2026

HC Andersen Capital

Columbus (Investment Case): Well-positioned for margin expansion as growth returns

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