US decision-making could have been delayed in Q2
During times of global uncertainty, consulting projects typically see effects of delayed orders, starts or even cancellations. We view the global trade situation during Q2 as one such event, and as Accenture reported -7% new bookings vs the prior year, despite sales growing 8% in local currency (link), we find it likely that there has been somewhat longer lead times during the quarter. This has likely a slightly larger effect in the North American segment, while the European segment is facing an easy comparable (-23% organic growth on some project specific delays last year). In other markets, the -2% organic growth in Q1 was affected by holidays, and we expect to see a recovery to positive growth territory again. All-in-all in Q2e, we estimate 2% organic growth and an adj. EBITA of SEK 99m, for a margin of 13.7% (15.1%) and down 10% y-o-y. Our estimate is 11% below the latest FactSet consensus.
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