BTS Group
BTS Group - Better than expected by Accenture (ABG Sundal Collier)
2024-12-20 14:30
- Accenture Q1'25 grew 8% (+3% vs cons), driven by a broad base
- Raises FY guidance from 3-6% growth to 4-7%
- Positive read-across and correlation with BTS over time
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A strong quarter for AccentureAccenture reported its Q1’25 yesterday with raised FY guidance (from 3-6% to 4-7% growth) and stock +7% in after-market. Q1 showed broad-based revenue growth across both consulting and managed services revenues, as well as regional and end market growth. Q1 sales grew 8% y-o-y in local currency (+3% vs cons), with Americas growing strongest (11% y-o-y in local currency). This is a clear improvement over preceding quarters, and as Accenture raised its outlook, it looks promising for coming quarters. Positive market indicator for BTSAccenture is a global giant, and BTS is a much smaller company, but the similarities are still valid, with both being exposed to the global management consulting market and trends in it. As the correlation has been solid over time, we view Accenture's numbers as positive for BTS and the ongoing recovery for management consulting demand. |
| Accenture LCCY growth, y-o-y |
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| Source: ABG Sundal Collier, company data |
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| Accenture LCCY growth per region |
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| Source: ABG Sundal Collier, company data |
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| BTS organic growth and Accenture LCCY growth per quarter |
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| Source: ABG Sundal Collier, company data, FactSet |
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| NTM EV/EBITA BTS vs Accenture |
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| Source: ABG Sundal Collier, FactSet |
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