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).

Northern Lights

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

Lime Technologies reported a solid Q1, primarily driven by Expert Services, which can be a bit lumpy. Nevertheless, we have raised our 2023–2025e sales by c2% and EBITDA by c5%. We reiterate our BUY and SEK300 target price.

Northern Lights

Lime Technologies (Buy, TP: SEK300.00) - Set for continued solid growt...

Lime is due to report its Q1 results at 07:50 CET on 26 April. We expect continued solid growth, and we are 2% and 3% above consensus, respectively, on revenue and EBITDA. We reiterate our BUY and SEK300 target price.

E&P bonds in the Nordic High Yield market

Rallying commodity prices in 2021-2022 have enabled E&P companies to improve their balance sheets, with long-lasting gains for credit quality.

Nordic High Yield Bond Coverage 2023

This year we have 69 high yield issuers in our booklet, including a one-page summary of each credit and key focus areas and any credit triggers.

Lime Technologies (Buy, TP: SEK300.00) - No signs of weakness

A solid Q4 report included 19% organic growth YOY, and management said it is not seeing slowing demand. We have raised our 2023–2025e EPS by 2–4%, and reiterate our BUY and SEK300 target price.

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