North America focus in Q4
When BTS reported its Q3 the organic growth in its biggest segment, North America, was only 1% amid some software clients pausing projects in the quarter. The outlook for Q4 was that this activity should come back, and we therefore anticipate North America organic growth of 10% in Q4, helping the group organic growth rate in Q4e to improve to 11% from 9% in Q3. Even though Europe and Other Markets were strong in Q3, we are slightly more cautious on Q4 growth (although we have seen positive signals in general from large companies in the Q4 reporting period so far). As a result of somewhat higher opex y-o-y, we estimate a Q4 adj. EBITA margin of 16.6% (17.5%) for a total adj. EBITA growth of 25% y-o-y. We make no estimate changes in this preview.
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