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B3 Consulting Group: Awaiting more beneficial conditions - ABG

We lower '24e-'26e adj. EBITA by 10-3%...
...on continued weakness in macro data
'24e EV/EBITA of ~8.5x

What to expect in Q1'24

For Q1'24, we expect sales of SEK 293m, implying a y-o-y decline of -10%, along with an EBITA of SEK 17m, corresponding to an EBITA margin of 5.7%. Our new estimates mean that we have reduced Q1 sales and EBITA by 3% and 44%, respectively. Macroeconomic data for IT consultants continues to point to challenging conditions as demand, hourly prices, recruitment and utilisation are still declining.
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