Awardit: SEK 4.4m write-down of bad debt - ABG

• Reserves SEK 4.4m after Paygoo partner files for bankruptcy
• Consensus 2023e EBITDA affected by ~4%
• No further estimate revisions expected from this

Write-down after Paygoo partner files for bankruptcy
Awardit has made a reservation of SEK 4.4m for bad debt and inventory write-down in MBXP, related to the Paygoo product, in conjunction with bankruptcy proceedings of one of its Mastercard issuing partners. This will affect 2023e EBITDA negatively by ~4%. We see no reason for consensus to further revise estimates based on this, as management said Paygoo's operations going forward are unaffected.

MBXP has developed positively in Q3
Awardit also said sales in MBXP has developed positively since Q2 where it reported lower sales and a loss. Redemption rates are also lower again and costs more balanced, which is positive and in line with management's guidance after Q2