Andersen Group: Executing on all fronts

研报英文原文证据摘录

Andersen Group: Executing on all fronts

Deutsche Bank

Research

Rating Company Date

Buy Andersen Group 12 May 2026

Results

North America

United States

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (USD) 36.38

ANDG.N ANDG US NYS ANDG

Price Target 41.00

Industrials

52-week range 36.65 - 18.34

Business & Professional

Services

Executing on all fronts

Valuation & Risks

Faiza Alwy

Key Takeaways from 1Q26 Earnings Research Analyst

Andersen delivered a significant beat in its 1Q results versus pre-IPO forecasts +1-212-250-7611

across all metrics. Management raised its full-year revenue guidance by $28m at

Avi Sharma

the midpoint on the beat and incremental M&A expectations ($55m from $33m) Research Associate

and raised EBITDA by $21m at the midpoint (EBITDA margin increased by 150 bps +1-212-250-7226

at midpoint), now expecting positive GAAP net income and EPS in FY26.

Sophie Sheng

Research Associate

Revenue grew 16% (a 3% beat versus the Street), all of which was organic,

+1-212-250-9954

benefiting from complexity and volatility in the macro environment, with rate per

hour up +8%. Management indicated that the strong pricing trends and

Key changes

productivity improvements in the quarter will continue to benefit the balance of the

TP 30.00 to 41.00 ↑ 36.7%

year. Adjusted EBITDA of $72m (a 30% margin) also significantly surpassed

EPS (USD) 1.66 to 1.87 ↑ 12.8%

expectations (a 22% beat versus the Street), driven by operating leverage while

Revenue (USDm) 969 to 998 ↑ 3.0%

absorbing a $7.4m loss from investments in the newer Global Mobility and

Consulting practices. Management noted that both segments are gaining traction Source: Deutsche Bank

and expect a significant pickup in revenue in 2H26.

The company has successfully passed on a 3% technology charge for contracts