Penneo Q2e: likely a non-event - ABG

• Q2e: 25.9% y-o-y ARR growth; expect reiterated guidance
• Demand likely still weak, with few or no signs of improvement
• Limited est. changes; FVR unchanged at DKK 6-13

Q2e: likely a non-event with reiterated guidance...
We expect Q2 ARR of DKK 79.9m (25.9% y-o-y growth), driven by a churn of 4.3%, uplift of 16.5%, and new ARR of 13.7%. We estimate Q2 revenues of DKK 22.0m and adj. EBITDA of DKK -3.6m.

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/ea1ecc27f3f04aa0a22752947fb09795/pdf/q2e-likely-a-non-event.pdf