Penneo: Cash burn trumps positive ARR guid. surprise - ABG

'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 2-3%; '23e adj. EBITDA down 30%


High cash burn despite 28% y-o-y ARR growth

Q4 ARR of DKK 71m (announced previously) corresponded to 28% y-o-y growth. However, despite Q4 being the first profitable quarter measured on net profit in several years (although it was mainly driven by one-offs and fewer hirings), FCF incl. leases was still negative at DKK ~5.0m, adding up to a total cash burn of DKK 32m in '22.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/penneo/Equity-research/2023/2/penneo---cash-burn-trumps-positive-arr-guid.-surprise/