Penneo: Altering our view on growth vs. profitability - ABG

EBITDA and FCF surprised positively in Q4
Much better profitability in '24e-'26e offsets weaker growth profile
A new equity issue increasingly unlikely; FVR of DKK 6-14


Q4 EBITDA and FCF surprised positively

ARR of DKK 89.3m (26% y-o-y growth) was pre-announced, while Q4 adj. EBITDA of DKK 9.0m came in 8% above ABGSCe, driven primarily by lower staff costs. FCF of DKK 5.4m surprised positively vs. our DKK -0.2m estimate on received tax credits. See our fast-comment for more details: "Stronger profitability guidance than expected".

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/penneo/Equity-research/2024/2/penneo---altering-our-view-on-growth-vs.-profitability/