We cut '23e-'25e adj. EBITDA by 15-2%
Public sector weakness a drag on performance
'24e EV/EBITA 4x
What to expect in Q4'23e
We expect Q4 revenue of SEK 169m and EBITDA of SEK 19m. These estimates imply cuts of ~2% and ~28%, respectively (albeit from low absolute numbers). The EBITDA cut is related to a more conservative assumption regarding project implementation costs and revenue generation in the quarter, as projects could risk being postponed into Q1'24. Given that Q4 is typically the strongest quarter, there is estimate risk on the downside that we have chosen to reflect to a higher degree. With these estimate changes for Q4, we are also aligned with the midpoint of the company's EBITDA margin guidance.