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Nikola Kalanoski ... (+2)
  • Nikola Kalanoski
  • Simon Jönsson

Litium - Sequential ARR growth streak continues

ARR of SEK 67.4m, up 15% y-o-y, -3% vs. ABGSCe Committed to cash flow break-even Share trading at ’23e 12.1x EV/EBITDA

Nikola Kalanoski ... (+2)
  • Nikola Kalanoski
  • Simon Jönsson

Litium - Solid Q3 in a tough environment

ARR +15% y-o-y, -3% vs ABGSCe Expect minor est. revisions Webcast scheduled for 11:00 CET

Nikola Kalanoski ... (+2)
  • Nikola Kalanoski
  • Simon Jönsson

Litium - Still anticipate positive EBITDA in Q3

Q3 report due Thursday, 27 October Growth muted but profitability still in sight B2B likely to offer downside protection for now

Nikola Kalanoski ... (+2)
  • Nikola Kalanoski
  • Simon Jönsson

Litium - ABGSC’s Investor Days feedback

We hosted a presentation with CEO Patrik Settlin today B2B and indexed contracts mitigate inflation woes Profitability still in sight

Simon Jönsson
  • Simon Jönsson

Litium - Sailing through a weaker e-commerce market

ARR of SEK 67m, up 19% y-o-y, -2% vs. ABGSCe Breakthrough deal in the US with a B2B customer Share trading at 2.0x ARR and 15x EV/EBIT on 2024e

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Litium - Growth is still top priority

New communication around financial target… …” balance between profitability and growth” The share trades at 2.8x-2.4x EV/ARR

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Litium - External factors affected Q1, but strong ARR

ARR +19% y-o-y. -0.7% vs. ABGSC Expect cons. to make relatively small forecast changes Webcast scheduled for 10:00 CET

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Litium - External factors affect Q1, but set for growth

Activity has slowed due to high inflation Slightly lower ARR in Q1’22e due to external factors We lower our fair value range to SEK 15-41 (18-42)

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Litium - Strong market momentum played out in Q4

Record intake of new customers, ARR +21% y-o-y We cut ARR slightly due to the new price model Share is trading at EV/ARR of 2.5x-2.1x for ’22e-’23e

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Litium - Strong market momentum likely to benefit Q4

Q4 report on Thursday, 17 January We move profitability expectations to 2023e EV/ARR of 3.1x-2.4x for ’22e-‘23e

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Litium - Miss on sales, but outlook maintained

Q3’21 ARR SEK 59m, up 20% y-o-y We cut ‘21e-‘23e sales by 3-4% on transitory effects 4.2x-2.8x EV/ARR for ‘21e-‘23e

Rebecka Gärderup ... (+2)
  • Rebecka Gärderup
  • Simon Jönsson

Litium - Closing in on positive EBITDA

Q3 ARR SEK 59m, -3.2% vs. ABGSC, +20% y-o-y Operating costs at SEK -16m, growing +7% y-o-y Webcast scheduled for 11:00 CET

Jesper Birch-Jensen
  • Jesper Birch-Jensen

Litium - No surprises in Q2, growth to ramp up in ’22e

Q2’21 ARR SEK 57m, up 21.5% y-o-y Growth could ramp up in ’22e, driven by Litium 8 Fair value range adjusted to SEK 19-45 (19-43) per share

Jesper Birch-Jensen
  • Jesper Birch-Jensen

Litium - Strong ARR growth & leverage in Q1’21

Q1’21 ARR of SEK 55m, +3.7% vs. ABGSCe, +27.3% y-o-y We increase 21e-‘23e ARR by 3.3% ‘ Fair value range of SEK 19-43 (17-39) per share

Jesper Birch-Jensen
  • Jesper Birch-Jensen

Litium - Strong ARR growth for Litium in Q1’21

Q1 ARR SEK 55m, +3.7% vs. ABGSCe, +27.3% y-o-y… …operational costs at SEK -19m, growing +16.3% y-o-y Webcast scheduled for 11:00 CET

Jesper Birch-Jensen
  • Jesper Birch-Jensen

Litium - Long-term investments pressure Q4’20

Q4 ARR SEK 51m, -4.2% vs. ABGSC, +23% y-o-y Estimate drivers: new cost base, H1 COVID-19 pressure Fair value range SEK 17-38 (19-41) per share

Jesper Birch-Jensen
  • Jesper Birch-Jensen

Litium - Expect solid Q4, long-term outlook enhanced

Forecast 28.5% ARR growth in Q4’20e to SEK 54m Strong underlying growth in e-commerce during ‘20 Fair value SEK 19-41 (14-35) per share

Jesper Birch-Jensen
  • Jesper Birch-Jensen

Litium - Scalability shines through, strong outlook

Q3 ARR growth of ~28% vs. opex growth ~2%... …highlights scalability and drives estimate change Fair value range of SEK 14-35 (10-25) per share

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