OrderYOYO: Likely not the last guidance upgrade in '24 - ABG

Solid Q1 with 33% ARR growth and 15% adj. EBITDA margin
Raising '24e-'26e ARR by ~1%, EBITDA by 19-10%
More guidance upgrades in sight; FVR of DKK 5-14 (5-13)


Solid Q1 with 33% ARR growth and 15% adj. EBITDA margin

While Q1 only revealed key figures for the quarter, as expected, the numbers were rock-solid. ARR grew 33% y-o-y and revenues 35%, both only marginally higher than we had expected (+1% and +2%, respectively). The key driver was higher-than-expected volumes, e.g. illustrated by GMV growth roughly replicating ARR growth, meaning that prices had a more limited impact. The higher top-line also drove the 19% adj. EBITDA beat, landing at DKK 10.8m, for a margin of 15% (up 10pp y-o-y). Q1 cash EBITDA of DKK 4.5m corresponded to a margin of 6%, thereby continuing the sequential improvement q-o-q.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/orderyoyo/Equity-research/2024/4/orderyoyo---likely-not-the-last-guidance-upgrade-in-24/