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Humble Group: Doing all the right things - ABG

'24e-'26e EBITA down 7-1%...
...primarily due to changes in capitalisation policy
'24e-'25e lease adj. FCFE yield excl. earn-outs of ~8%


Takeaways from the report

The Q1 report was in line on organic growth (11% vs. FactSet cons. at 10%), but beat once again on gross margin (30.8% vs. cons. 30.2%). When adjusting EBITA for the new capitalisation policy, Humble also came in line with consensus rather than missing mechanically by 13% vs. consensus. The operating cash flow of ~SEK 30m was somewhat better than we had expected, driven primarily by less tied up working capital.
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