B3 Consulting Group: IT consulting market remains challenging - ABG
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
We cut '24e-'26e EBITA by 21-4%...
...due to weaker IT consulting market data
'25e EV/EBITA of ~7x
What to expect in Q3'24e
We expect sales of SEK 236m for Q3'24, implying y-o-y growth of ~6% (org. -10%, M&A +15%), along with EBITA of SEK ~5m, corresponding to an EBITA margin of 2.2%. September data showed declining trends for demand, hourly prices, net recruitment and utilisation for IT consultants. This means that recovery is unlikely to start in H2'24.
...due to weaker IT consulting market data
'25e EV/EBITA of ~7x
What to expect in Q3'24e
We expect sales of SEK 236m for Q3'24, implying y-o-y growth of ~6% (org. -10%, M&A +15%), along with EBITA of SEK ~5m, corresponding to an EBITA margin of 2.2%. September data showed declining trends for demand, hourly prices, net recruitment and utilisation for IT consultants. This means that recovery is unlikely to start in H2'24.