TBS Group - Hitting the M&A pedal - 3m 2024

TBS Group, the biggest Bulgarian IT & connectivity solutions provider, marked a great Q1'24. Sales grew organically 52% y/y, and EBITDA surged 6x. Q1'24 also marked the first major step in inorganic growth via M&A to strengthen the group's regional footprint and open doors to Western Europe. The company acquired the Croatian connectivity provider Sedam IT, making the Western Balkans a critical region for TBS. With more targets on the radar in Romania and Slovenia, M&A is expected to be the catalyst for the stock if completed successfully.