Incap had a much better start to the year than we expected, with deliveries to the largest customer already recovering well from the Q4 lows, according to our estimates, and other customers maintaining organic growth.
Sitowise's Q1 results were operationally in line with our expectations. The company's outlook comments showed small signs of improvement for Buildings and Sweden, but overall the current year is still set to be challenging.
Tecnotree has continued to grow strongly in recent years, but the company has been unable to convert its EBIT into cash flow due to working capital tie-ups, foreign exchange losses and large investments in product development. The company's internal focus is currently on improving cash flow, but there is no evidence of this yet.
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NYAB's performance in the seasonally slower first quarter was well above our expectations. The company also commented that the market environment in its larger market area of Sweden has continued to strengthen. Reflecting the report and the stronger market outlook, we raised our growth and earnings forecasts for the coming years. With a good performance in the first quarter of the year and a brighter outlook for earnings growth, we also see the stock's risk level declining and the valuation offering a slight upside for next year.
Mandatum published Q1 figures that fell short of our expectations. The earnings miss is explained by investment returns, which were slightly below our expectations.
Yesterday, Columbus reported its Q1 2024 results, showing a good start to 2024 driven by high growth in its Cloud ERP business lines. The Columbus share has performed well in 2024, up approx. 44% YTD. Based on the Q1 2024 results and the recent share price development for both Columbus and the peer group of Nordic-listed IT consultancy companies, we have updated our investment case one-pager.
Relais' Q1 figures beat our forecasts by a wide margin, driven by a much better-than-expected organic growth in the Technical Wholesale and Products business.
Read the latest SKAKO One-pager update following the FY 2023 results and sale of SKAKO Concrete. The One-pager includes a brief description of SKAKO, an update to the market outlook, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
MGI’s Q1 revenues increased organically by 21%, slightly ahead of our estimates. At the same time, the adjusted operating profit fell short of our expectations due to higher operating costs than estimated. The new guidance for 2024 was in line with our estimates; however, following the announcement of the Google Cloud deal, we have raised our mid-term earnings estimates. Nonetheless, given the recent surge in the share price, indicating that the market has been pricing in improved financials, we believe that the current price levels present a moderate risk/reward ratio.
Anora's Q1 results improved slightly on the comparison period but fell short of expectations. The full-year guidance was reiterated, and we continue to believe that the company will be able to significantly improve its results in the coming years compared to last year’s weak performance.
Investment returns boosted Sampo's results above expectations, offsetting the impact of the challenging weather conditions in the quarter on the insurance result. However, forecast changes for the coming years have remained quite moderate following the quarterly report and we continue to expect stable earnings growth from Sampo.
Taaleri’s result exceeded our expectations clearly, driven by stronger investment income than expected. Garantia’s operational development was also strong. Our earnings forecast for the coming years remained fairly unchanged, but going ex dividend and the reduction in the investment portfolio slightly reduced our sum of the parts.
Suominen's first-quarter results missed expectations but were better than the comparison period, and the company reiterated its guidance for adj. EBITDA improvement in 2024 vs. 2023.
CapMan released better-than-expected Q1 figures. However, the EBIT overshoot due to performance fees flowed to the profit share attributable to minorities, so the net result was close to our forecast. In terms of the outlook, the company continued to be very optimistic, especially concerning new sales, and the year started off well for fundraising.
Digital Workforce's Q1 was better than expected, and the company's early year orders and comments boost confidence for the rest of the year. So, the turnaround seems to be progressing well, although it is still in its early stages. We expect growth to pick up slightly in the coming years, but to remain below target and historical levels. We also expect growth to scale well into profitability.
We expect the company's revenue to have risen strongly in the seasonally slowest quarter, supported by an increased order book and projects postponed to this year.