B3 Consulting Group: First step in recovery is underway - ABG
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B3 Consulting Group: First step in recovery is underway - ABG

Minor estimate revisions due to M&A contribution
Utilisation trend is positive
'25e EV/EBITA of 8x, FVR reiterated


The utilisation is coming back

Q4 missed slightly on sales and adj. EBITA compared with consensus' expectations. Organically, sales declined ~12% and the adj. EBITA margin was ~4.5%, which is low compared to historical levels. That said, utilisation is on the rise again, partly thanks to a reduction of FTEs with zero to low utilisation rates, but also thanks to an underlying improvement as B3 has been managing the worsened conditions in the last two years.
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