Performed in line with estimates in a tough climate
Q3 showed, once again, that the IT consulting market is facing tough conditions. EBIT declined nearly 60% y-o-y, driven primarily by a weak utilisation rate. The organic decline was approx. 5%, whereas we expected -7% and consensus -6%. The company generated an adj. EBIT that was ~12% above our estimate but in line with FactSet consensus. All in all, the report was in line with our estimates, differing only slightly in absolute terms.
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