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Bid of DKK 16.5/share is a ~110% premium to last close Several major shareholders intend to accept the offer Offer corresponds to 4.
Strong implied Q4 to meet raised FY'24 guidance is achievable Clear profitability focus: cutting '24e-'26e ARR, raising EBITDA We expect FCF...
Q3: 18% ARR growth vs. ABGSCe 19.5%, FCF slightly lower '24 guidance modified yesterday - lower ARR, but better profitability Expect cons '2...
FY'24 ARR guidance lowered to DKK 101m-106m on KYC delays.
Limited estimate revisions after solid Q2 with several promising signs Base machine is working, scale effects increasingly visible.
Q2: 21% ARR growth in line, FCF of DKK -4m vs. ABGSCe DKK -6m Reiterates FY'24 guidance, as expected Expect limited consensus estimate revis...
- Q2e: 21% ARR growth and adj. EBITDA of DKK 1.1m - '24e likely to be even more back-end loaded vs.
23% ARR growth: strong new sales, with churn and uplift weaker.
23% y-o-y ARR growth in Q1, adj. EBITDA of DKK -3.7m "One-off" headwinds in Q1 means unchanged FY'24 guidance Expect consensus to cut '24 ad...
Q1e: We expect 25% ARR growth and adj. EBITDA of DKK -1.
EBITDA and FCF surprised positively in Q4 Much better profitability in '24e-'26e offsets weaker growth profile A new equity issue increasing...
DKK 89.3m pre-announced, adj. EBITDA 8% above ABGSCe Weak '24 ARR guidance, but very positive EBITDA guidance surprise Cons to lower '24e-'2...
Q4e numbers to mark a strong end to '23 with no major surprises '24e: We expect 26% ARR growth and breakeven EBITDA.
ARR in line, new adj. EBITDA guidance 28% higher vs.
Timing effects made Q3 look weak despite ARR in line with ABGSCe Minor ARR revisions, but fewer hirings should raise profitability No change...
ARR 0% vs. ABGSCe, revenue 17% below due to transaction-ARR ARR guidance narrowed; sees no change to weak demand Limited '23e cons estimate ...
Q3e: 27% y-o-y ARR growth, adj. EBITDA of DKK -4.9m Decent Q3 despite seasonality headwinds; still no signs of recovery Limited estimate cha...
Q2 numbers almost bang in line with our estimates (0-1% deviation) Still no signs of improving demand, but Q2 also had many positives '23e-'...
ARR -1% below ABGSCe, revenues and adj. EBITDA bang in line Guidance reiterated; no improvement in buying behaviour Expect limited estimate ...
• Q2e: 25.9% y-o-y ARR growth; expect reiterated guidance • Demand likely still weak, with few or no signs of improvement • Limited est.
Decent Q1: ARR in line with ABGSCe, adj. EBITDA weaker '23e-'25e ARR unchanged; 1-7% EBITDA cut on higher costs FCF estimates largely unchan...
ARR in line with ABGSCe, adj. EBITDA weaker ~27% ARR growth in Q1 despite negative FX impact Reiterates FY'23 guidance; limited cons.
We expect 27% y-o-y Q1 ARR growth; likely reiterating guidance Slightly altering our view on the growth vs.
'23 guidance of 22-34% ARR growth was a positive surprise Worsening cash burn in '23e-'25e; equity issue assumption intact '23e-'25e ARR up ...
Redeye provides a research update following Penneo’s Q4 2022 report.
Prev. announced Q4 ARR in line; key focus is on '23 guidance '23 guidance of 22-34% y-o-y ARR growth but high cash burn Cons.
Redeye provides an initial take on Penneo’s Q4 2022 report.
Q4 will mark a strong end to the year Penneo will report its Q4'22 and FY '22 on 28 February.
Redeye provides a research update following Penneo’s updated 2022 EBITDA guidance, while preliminary figures indicate an ARR within its guid...
Prelim. ARR of DKK 71m corresponds to 28% y-o-y growth New '22 adj.
Redeye makes forecast adjustments on the back of Penneo’s Q3 report, which showed an ARR slightly below our expectations, while the company ...
Q3 ARR ~2% lower vs. ABGSCe, adj. EBITDA better Reiterated guidance requires strong ARR growth in Q4 Long-term case intact: a quality offer...
Q3 ARR of DKK 65m vs. ABGSCe at DKK 67m Recently adjusted FY’22 guidance reiterated Only minor downward rev.
Redeye will make slight forecast adjustments following Penneo’s Q3 2022 report.
Redeye makes forecast adjustments following Penneo’s updated full-year 2022 ARR guidance revealed yesterday.
Mgmt. with emphasis on low churn and high uplift Confident in demand for Sign and KYC offerings Sees no need for new capital raise Consid...
Redeye retains its positive view of Penneo following its Q2 report despite showing slightly lower ARR growth than expected.
Q2’22 slightly on the weak side Good potential if strong SaaS metrics continue New 1-year fwd.
Redeye will likely make forecast adjustments following Penneo’s Q2’22 report, showing slightly lower ARR growth than expected.
Redeye retains its positive view of Penneo following its Q1 report.
Redeye will likely make forecast adjustments following Penneo’s Q1’22 report, which showed lower ARR growth than expected.
Yesterday Penneo announced a private placement of approximately DKK 60m, which corresponds to ~15% of its market capitalization and not the ...
Redeye makes minor forecast adjustments and lowers its Base case following Penneo’s updated 2022 ARR guidance specified in its recent Q4’21 ...
Redeye will likely make minor forecast adjustments, as Penneo revealed its Q4’21 earlier today with an updated ARR FY 2022 guidance, corresp...
Redeye initiates coverage on Penneo, A Danish auditor-focused digital signing solution growing rapidly.
