Relesys: Likely better Q3 profitability before Q4 ramp-up - ABG

Q3e: 36.5% y-o-y ARR growth
A seasonally weaker quarter, but profitability likely better
Limited estimate revisions; FVR of DKK 3.1-8.4


Q3e: 36.5% y-o-y ARR growth

We forecast Q3e ARR of DKK 54.9m for 36.5% y-o-y growth, driven by 3.5% y-o-y ARR churn, uplift of 16.5% and new sales of 23.5%. We forecast Q3e revenues of DKK 14.2m. Note that Q3 will be the first with full quarterly reporting (but we have no cost comparables from Q3'22 available).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/relesys/Equity-research/2023/11/relesys---likely-better-q3-profitability-before-q4-ramp-up/