Positive estimate revisions We are a bit careful to fully extrapolate the system sales beat and also the better than normal margin in system sales, as it is a lumpy business and usually sees lower margins when volumes increase, which was not the case this quarter. However, on the back of the sales and margin beat as well as including the recent acquisition of sepago, we raise sales and adj. EBITA estimates by 3-4% and 5-7%, respectively. We expect positive organic growth in the quarters ahead as Proact continues to face easy comps in both Q3e and Q4e.
Share remains at a discount to IT-reseller peers IT-reseller peers have had a tough development in the market, with for example Dustin (-45%) and ATEA (-33% YTD) being down significantly. Proact shares have kept up well this year, +1% YTD, but with positive estimate revisions and a historical discount to peers, we still see the shares trading at a 16-17% discount t ... Läs mer på ABG Sundal Collier
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