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Awardit: Very strong report - ABG

Reported EBITA of SEK 28m, +74% vs. ABGSCe Back to normal sooner than expected Share trading at 8x EV/EBITA on 2023e

Q2 details Sales SEK 194m (-1%vs ABGSCe 196m), EBITA SEK 27.8m (+74% vs ABGSCe). We expected sequential improvement over Q1, but this was significantly better than expected. In aggregate, TIC, MBXP and Prämie saw 7.1m EBITA. MBXP developed in-line with seasonal pattern and Prämie successfully turned around from a weak Q1 by replacing cancelled campaigns with energy clients with new business, which we find encouraging. Management guided that it will not reach SEK 1bn in sales this year, but still believe it can grow 60% with good profitability, vs ABGSCe 57%. It also said that it has interesting M&A discussions ongoing, indicating that the M&A activity has increased.

Estimate changes Consensus is likely to up adj. EBITA by 15-20% for 2022e on the back of this report. Sentiment around the company is also likely to improve following improved trust compared to the significant miss last quarter.

Improved outlook We are encouraged by the fast and strong turnaround from Q1, and believe the outlook for the rest of the year look solid. Conference call at 10:00 CET.

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