Weak Q4 due to a soft end market We lower '23e-'24e EBIT by 56-44% Market to remain sluggish in the coming quarters Q4 sales -2% y-o-y, -10% vs. ABGSCe Going into Q4, we had assumed further decelerating sales growth, reflecting the trajectory in recent...

Sales +8% y-o-y, but EBIT declined y-o-y ‘22e-’24e EBIT cut by 28-46% on lower utilisation Well-positioned long-term in the e-commerce niche Sales of SEK 92m (-3% vs. ABGSCe), EBIT SEK -1.4m Going into Q3, we had assumed decelerating sales growth, reflecting...

Sales 13% y-o-y but 4% below ABGSCeSeveral new growth initiatives result in EBIT cuts15x-11x ‘22e-’23e EV/EBIT vs. peers at 14-11xWeaker-than-expected marginsAfter four consecutive quarters with easy comps, Avensia faced tougher numbers into Q2 in light...

Sales up 26% y-o-y, -3% vs. ABGSCeWe lift ‘22e adj. EBIT by 3%16x-13x ‘22e-‘23e EV/EBIT12.3% adj. EBIT margin (ABGSCe 10.6%) vs. 11.0% in Q1’21Avensia continued its strong growth trajectory in Q1, with sales growing 26% y-o-y, to SEK 117m. This was 3...

Strong report, largely in line with our expectations……but we cut ’22e-’23e EBIT by 5% due to higher costs’21-’24e sales CAGR of 18%, 15.6x ’22e EV/EBITSales growth of 31% y-o-y, -1% vs. ABGSCeAvensia continued its strong momentum in Q4, growing sales...

Strong IT services demand set to continue in 2022……and Avensia well-poised to benefit’19-‘23e adj. EBIT CAGR of 19%, 14.0x ‘22e EV/EBITAttractive combination of e-com and IT servicesThe demand for e-commerce and IT services is currently very strong. ...