Lime Technologies (Sell, TP: SEK355.00) - Expecting soft Q1 consulting...

We are 1% below Bloomberg consensus on Q1e sales and in line on EBITDA, reflecting our view of another slow quarter for Expert Services but a still-solid performance by the Software business (results due at 07:50 CET on 24 April). Due to the recent strong share performance and cuts to our estimates (2025–2027e adj. EPS lowered by an average of 3.5%), we have downgraded to SELL (HOLD) and reduced our target price to SEK355 (375).

Brage remains the core asset

Lime Technologies (Hold, TP: SEK375.00) - Cautiously optimistic commen...

The Q4 report was about in line with our expectations, but showed improving organic growth. Management gave cautiously optimistic guidance for 2025, indicating further momentum in organic growth. In addition, we believe the risk related to the SportAdmin hacker attack is low. We reiterate our HOLD, but have raised our target price to SEK375 (340).

Lime Technologies (Hold, TP: SEK340.00) - Waiting for underlying impro...

We continue to see fairly slow organic growth, but expect an improvement to 10% YOY from 8% in Q3. We are 3% above consensus on EBITDA, but reiterate our HOLD and SEK340 target price.

Lime Technologies (Sell, TP: SEK340.00) - Q3 set to be similar to Q2

We continue to see slow demand for Expert Services, resulting in overall low organic growth in Q3e. Still, on a quarterly basis, we forecast improved organic growth at 12% YOY versus 11% in Q2 (results due at 07:50 CET on 23 October). We are broadly in line with consensus on sales and EBITDA. We reiterate our SELL and SEK340 target price.

Lime Technologies (Sell, TP: SEK340.00) - Downgraded to SELL on valuat...

Lime Technologies reported a soft Q2, with weakness in sales relating to Expert Services and higher costs from increased sales activities. We have made limited estimate revisions and reiterate our SEK340 target price. Due to valuation, we have downgraded to SELL (HOLD).

Lime Technologies (Hold, TP: SEK340.00) - Expecting improved momentum

After a Q1 on the weak side, with organic growth of only 9% YOY, mainly reflecting Expert Services, we forecast improved organic growth of 13% YOY for Q2 (results due at 07:50 CET on 12 July). We are broadly in line with consensus on sales and EBITDA. We reiterate our HOLD and SEK340 target price.

Expanding the portfolio

We expect ~30% more production in 2024. Bestla field grants valuable long-term prospects. Bond seems de-risked – decent short-term carry.

Lime Technologies (Hold, TP: SEK340.00) - Softer Expert Services marke...

The Q1 sales were a bit soft, but compared to our forecast this appears fully related to Expert Services (subscription revenues overall solid). We have trimmed our net sales and EBITDA estimates by c2% for 2024–2025. We reiterate our HOLD and have reduced our target price to SEK340 (345).

Lime Technologies (Hold, TP: SEK345.00) - Consensus reflects tough qua...

We forecast a slight slowdown in organic growth and margin dilution from the acquisition of SportAdmin ahead of the Q1 results (due at 07:50 CET on 25 April). However, we believe this is fully reflected in consensus and we are 3% above on Q1e EBITDA. We reiterate our HOLD and SEK345 target price.

Lime Technologies (Hold, TP: SEK345.00) - Slowdown in Expert Services

The Q4 results were slightly soft due to slower growth in Expert Services, whereas Software revenues remained strong. We have added the acquired SportAdmin to our forecasts, explaining our increased sales estimates. We reiterate our HOLD and have raised our target price to SEK345 (310).

Lime Technologies (Hold, TP: SEK310.00) - Rest of Europe set to drive ...

In Q3, Lime Technologies reported improved organic growth driven by Expert Services and Rest of Europe (RoE). We expect Q4 to be another strong growth quarter, with continued good order intake and several won orders. However, we reiterate our HOLD and SEK310 target price as we find the valuation rich. The Q4 results are due at 07:50 CET on 14 February.

Lime Technologies (Hold, TP: SEK310.00) - Down to HOLD on valuation

The Q3 report was solid, with growth improving in RoE – where the company has been targeting higher growth. We have raised our sales and EBITDA estimates by 2–3% in 2024–2025e. We have increased our target price to SEK310 (300), but with limited upside potential to the target price, we have downgraded to HOLD (BUY).

Lime Technologies (Buy, TP: SEK300.00) - Expecting continued solid gro...

In Q2, Lime Technologies highlighted strong order intake and improved performance in its German operation. We believe this supports continued solid organic growth. For Q3, we forecast 17% organic growth YOY, which is similar to Q2. The Q3 results are due at 07:50 CET on 19 October. We reiterate our BUY and SEK300 target price.

The cash flow story is still alive

Estimates revised on higher-than-expected capex in 2023. Just enough headroom to covenant in June. Bond attractive at prices up to ~102% of par.

Soft H1 23, albeit promising outlook

Northern Lights

Lime Technologies (Buy, TP: SEK300.00) - Solid execution

Lime reported a solid Q2, with an acceleration in Subscription revenue growth and tight cost control. We believe solid order intake supports a positive outlook for H2e. We have made limited estimate revisions and reiterate our SEK300 target price. Given the recent share-price weakness, we have upgraded to BUY (HOLD).

Lime Technologies (Hold, TP: SEK300.00) - Out of the limelight

Lime is due to report its Q2 results at 07:50 CET on 14 July. We expect continued solid growth, albeit lower than Q1’s strong performance. We are 2% above consensus on revenue and EBITDA. We reiterate our SEK300 target price, but following recent share price gains, we see limited upside potential, and have downgraded the stock to HOLD (BUY).

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