Expecting slight upside to company-collected cons for Q4'22
Going into the Q4'22 report, we note that the company-collected consensus is looking for FY'22 organic growth of 3.8% (ABGSCe 4.0%), below the 4-6% guidance range provided by the company. One reason for the conservative consensus could be the speculation that the UK nursing strike might have had a negative impact in Q4, though the company confirmed during pre-close calls that no material impact had been seen. Looking at the EBITDA margin, however, we expect it to be slightly lower than cons (ABGSCe 18.3% vs. cons. at 19.6%) due to our slightly higher opex assumption.
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