BTS Group

* We estimate 5-9% organic growth trend to continue in H2e * Guidance upgrade was needed to meet earnings estimates * EBITA -2% 2026e, +2% 2027e-28e, share at 10.8x EV/EBITA 2026e A solid Q2 report improves confidence The guidance upgrade to "significantly...

* 9% organic growth (cons 2%), adj. EBITA -5% vs cons * 2026 EBITA guidance raised to "significantly better than 2025" (cons at +25%) * Slight positive revisions expected (1-3%), good AI data points, stock up 5-8% Q2 details Sales SEK 767m (9% vs ABG...

* Adj. EBITA -3%/-2%/+1% in '26e/'27e/'28e; North America delivers * We estimate positive EBITA growth in 2026e, in line with guidance * 11.2x '26e EV/EBITA, sentiment still under pressure for consultants Improvements and setbacks in Q1 We are encouraged...

* CEO highlighted AI as a "big friend to our firm at the moment" * Anthropic customer case sounds attractive, while software clients slow * On track to deliver on FY guidance, share now at 10.2x NTM EV/EBITA More clarity on the AI opportunity We hosted...

* Sales 0% vs cons (2% organic growth), adj. EBITA +1% vs cons * North America and Europe better, Other markets (southeast Asia) weaker * FY guidance unchanged, estimates +1-3%, share +2-4% on good mix Q1 details Sales SEK 602m (2% vs ABG 590m, 0% vs...