Penneo: Decent Q3e despite seasonality headwinds - ABG

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 changes; FVR of DKK 4-13 (5-13)


Q3e: 27% y-o-y ARR growth, DKK -4.9m adj. EBITDA

Penneo reports Q3 on 21 November. We forecast Q3 ARR of DKK 82.7m (27% y-o-y growth), driven by a continued low churn of 4.0% y-o-y, uplift of 17.0%, and new ARR of 14.0%. We estimate Q3 revenues of DKK 19.2m (30% y-o-y growth) and an adj. EBITDA of DKK -4.9m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/penneo/Equity-research/2023/10/penneo---decent-q3e-despite-seasonality-headwinds/