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Simon Granath ... (+2)
  • Simon Granath
  • Simon Jönsson

Briox - Continues to strengthen its product offering

ARR crossed SEK 10m in Q2, up 44% y-o-y Ests: slightly lower sales ‘22e, higher product dev. costs Share trading at 15x-12x EV/sales on ‘23e-‘24e

Simon Granath ... (+2)
  • Simon Granath
  • Simon Jönsson

Briox - Strong growth with solid cost control

Q1 ARR of SEK 9.4m, +68% y-o-y Report relatively in line with our expectations Share trading at 12x-10x ‘23e-’24e EV/sales

Simon Granath ... (+2)
  • Simon Granath
  • Simon Jönsson

Briox - Strategic initiatives starting to bear fruit

Q4 ARR +50% y-o-y We raise ‘22e-‘23e EBITDA by 1% and 2% Trading at 17.6x ‘22e EV/ARR

Simon Granath ... (+2)
  • Simon Granath
  • Simon Jönsson

Briox - Solid growth, but EBIT below expectations

Sales +39% y-o-y (+5% vs. ABGSCe), ARR +34% y-o-y We raise ’22-‘23e sales and EBIT by 1% ‘21e, ‘22e and ‘23e EV/sales of 37x, 23x, and 17x

Simon Granath ... (+2)
  • Simon Granath
  • Simon Jönsson

Briox - New product package comes bearing fruit

Sales +29% y-o-y (+4% vs. ABGSCe), ARR +30% y-o-y ’21-‘23e sales raised by 2%, 6%, and 1% ‘21e, ‘22e and ‘23e EV/sales of 39x, 23x, and 17x

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Weaker sales but better EBIT than expected

+19% growth y-o-y (-4% vs. ABGSCe) ’21-23e sales down 8-13% ’21e, 22e and ‘23e EV/sales of 50x, 31x and 22x

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Positioned for growth, but lacklustre Q4

Soft Q4 below our expectations We cut our ‘21-‘22e sales forecasts by 19-26% 56x-23x ‘21-‘23e EV/sales

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Feedback from ABGSC Investor Day

New CEO explained the strategy ahead Much focus remains on the accounting agencies Briox benefits from the industry’s ongoing transformation

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Continued growth, but below our expectations

Adj. sales growth of 19% y-o-y, EBIT relatively flat y-o-y Neg. sales revisions, but fixed cost base should be set Share trading at 100x-33x EV/sales on ’20-‘22e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Outlook promising despite sales miss

Softer than expected, sales were -13% vs. ABGSCe We cut ‘20e sales by 11%, but raise EBIT on lower costs 47x ‘21e EV/sales, 58% ’19-‘22e sales CAGR

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Solid Q1, resilient business model

9% sales miss, EBIT -1% vs. ABGSCe We see several tailwinds for Briox in 2020 ’20-‘22e EV/sales of 18-54x, SEK 15m in net cash

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Good momentum for sales of licenses

Q4 sales adj. for new accounting -6% vs. ABGSCe ‘20e-‘21e sales reduced by 15-22% 56% sales CAGR for ’18-22e, positive OCF in ‘22e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Short-term investments for long-term growth

Sales up 34% y-o-y, number of licenses growing rapidly Opex ramp-up is a reflection of the growth strategy Higher margins should come in due time

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Briox - Strong sequential uptick in ARPU

Sales: 36% y-o-y growth, 16% above ABGSCe Raised sales estimates on higher ARPU assumptions 58% ’18-’21e sales CAGR, 21x EV/sales on ’21e

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