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Webstep’s Q3 results were broadly in-line with our estimates, with revenues growth at 7% y-y and adding 4 more employees vs. Q2. We expect some of the temporary positive cost effects to also impact Q4. While Webstep is trading at a discount to peers, we consider this fair until it proves a headcount increase, and given for instance Bouvet’s Q3 revenue growth at 13% and sequential increase in employees at 56. As such, we reiterate our Hold rating.
Companies: Webstep AS
Arctic Securities
Q3 figures were broadly in-line with our estimates Employees increased by 4 sequentially, expect flat headcount into Q4 High personnel costs though low utilization offset by Covid-19 savings Compared; Bouvet with Covid-savings at NOK 22m of an EBIT at NOK 55m
Webstep reported Q2 revenues slightly below estimates, but EBITDA was stronger than expected. Some of the profitability improvement though was due to temporary effects and as such should not impact forward figures. We maintain our Hold rating until we see an improvement on headcounts, an important KPI on forward figures, where we only expect a slight increase in 2H/20. As such, we find other more interesting TMT shares in the near term.
Q2 revenue slightly below estimates due to churn, but EBITDA above Temporary costs savings, government grants of NOK 4.8m in Q2 Negative Covid-impact of NOK -10m on Q2 revenue but only -1m on EBIT Minor estimate changes expected
We maintain our Hold rating, as we do not expect a re-pricing of Webstep until it proves execution on recruitment and we get more clarity on Covid-19 effects. Despite a stabilized churn with an increase in Q2 in the number of employees (end of period), the Q1 results were softer than expected. This was driven by Norway (Oslo) and also an estimated negative COVID-19 impact of NOK ~3m.
Q1 results weaker than expected, driven by soft results in Norway COVID-19 had a negative revenue impact of at least ~NOK 3m The number of employees increased by 8 to 417 (Q4: 409) by quarter-end ..supporting our estimates and hence minor estimate changes expected
Webstep announced that it will suspend its NOK 1.6/share dividend ..this is changed to an authorization to resolve a dividend based on 2019 The dividend authorisation will be placed on the AGM agenda on 7 May
We cut our target to NOK 22 (28) following lower estimates and downgrade Webstep to Hold (Buy). We think Webstep needs to prove execution on recruitment and less use of subcontractors before a re-pricing. With lower growth than peers, we consider its discount as fair. Webstep announced a DPS at 1.6 (flat y-y), and though 7% yield looks attractive, it implies a pay-out ratio at 118%. This is supported by our FCF estimate but assumes improved execution in 2020.
Q4 revenues and EBITDA below estimates The number of employees increased sequentially by 2 to 409 (Q3: 407) DPS announced at NOK 1.6 (flat y-y) – in line with estimates Still needs to prove execution before a re-pricing of the stock, we argue
Research Tree provides access to ongoing research coverage, media content and regulatory news on Webstep AS. We currently have 36 research reports from 1 professional analysts.
Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of
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The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem
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Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi
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CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.
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The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
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hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in
A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st
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Hybridan
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