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Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Terminating coverage

ABGSC ceases coverage of Mercell HOLD is our final recommendation NOK 3.5 is our final target price

08/22/22 August 22, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Cash offer at NOK 6.3/share

ARR in-line, 17.5% organic ARR growth y-o-y Adj. EBITDA 25% above FactSet cons due to lower costs Cash offer at NOK 6.3/share: 5.9x Q1’22 ARR

05/25/22 May 25, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Cutting costs by NOK 75m

Will cut costs by NOK 75m, NOK 50m effect in 2022 New ’22-‘23e net debt/adj. EBITDA of 5.3x-3.2x Expect a positive reaction today

04/04/22 April 4, 2022 1 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - The downside risk is building in size

The leverage ratio remains highly aggressive Cloudia’s ARR appears to have been overstated by 20% MCap drop of 30% since the Q4 report (20% same day)

02/28/22 February 28, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Sentiment likely to be soft - down to HOLD

ARR revised down: ’22e-’23e adj. EBITDA down 10-8% Down to HOLD: Long-term outlook still positive… …but near-term sentiment likely to remain soft

02/28/22 February 28, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Adj. EBITDA below, ARR revised down

Coudia ARR revised down, but organic growth was strong Adj. EBITDA 32% below on higher costs, soft cash flow Expect cons to lower ’22-23e adj. EBITDA by 6-10%

02/24/22 February 24, 2022 1 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Product R&D keeps leverage aggressively high

Q3 revenues and EBITDA was 7-13% below consensus Cash flow set to improve short term, but still soft in ’22e We would be a seller at the indicated price range

12/08/21 December 8, 2021 1 EN
Eirik Thune Øritsland ... (+3)
  • Eirik Thune Øritsland
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Better cash flow from Q4

21% organic ARR growth, but soft cash flow in Q3 Cash flow set to improve in 2022e Peer regression and DCF point to NOK 10/share

12/02/21 December 2, 2021 1 EN
Eirik Thune Øritsland ... (+3)
  • Eirik Thune Øritsland
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Soft Q3 cash flow, but lower 2022 capex

Adj. EBITDA 13% below, and soft cash flow Lower 2022 capex: NOK 130m vs. NOK 160-180m Cash flow should improve in Q4/Q1

11/24/21 November 24, 2021 1 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Taking a short break from M&A

Key figures were very much in line The central focus is on organic growth and profitability We find more attractive risk/reward elsewhere

08/26/21 August 26, 2021 21 EN
Eirik Thune Øritsland ... (+3)
  • Eirik Thune Øritsland
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Nordic position secured: next stop Europe

We add Cloudia, change to IFRS and raise LT growth This lifts ’22e revenues by 23% and adj. EBITDA by 18% Strong growth from H2’21, driven by new supplier product

08/02/21 August 2, 2021 30 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Better key KPIs, while R&D focus intensifies

Better organic ARR growth and lower churn in Q1 Financial targets: 15-20% growth + 40% EBITDA margin Capex increase of ~NOK 100m to product development

05/20/21 May 20, 2021 5 EN
Eirik Thune Øritsland ... (+3)
  • Eirik Thune Øritsland
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
MRCEL MERCELL HOLDING

Mercell Holding AS - Aims to double ARR organically by 2025

ARR 2% above ABGSC (+4% q-o-q org. growth) New target: 2x ARR organic by ‘25e (+14% vs. ABGSC) Cons to raise 2021e ARR by ~3%, positive reaction

05/20/21 May 20, 2021 5 EN
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