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ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Mikkel Kousgaard Rasmussen
PENNEO PENNEO

Focus on profitability intensifies

Q1e: We expect 25% ARR growth and adj. EBITDA of DKK -1.9m. Likely to reiterate FY'24 guidance with no material change in demand. FTE reduction lifts '24e-'26e adj. EBITDA by 19-5%.

04/23/24 April 23, 2024 1 EN
Mikkel Kousgaard Rasmussen ... (+2)
  • Mikkel Kousgaard Rasmussen
  • Morten Larsen
PENNEO PENNEO

Penneo - Q3 a tad on the soft side, requiring a strong Q4

Q3 ARR ~2% lower vs. ABGSCe, adj. EBITDA better Reiterated guidance requires strong ARR growth in Q4 Long-term case intact: a quality offering in large markets

11/23/22 November 23, 2022 1 EN
Mikkel Kousgaard Rasmussen ... (+2)
  • Mikkel Kousgaard Rasmussen
  • Morten Larsen
PENNEO PENNEO

Penneo - ARR slightly lower, continuing to invest

Q3 ARR of DKK 65m vs. ABGSCe at DKK 67m Recently adjusted FY’22 guidance reiterated Only minor downward rev.; neutral share reaction likely

11/23/22 November 23, 2022 1 EN
Mikkel Kousgaard Rasmussen ... (+2)
  • Mikkel Kousgaard Rasmussen
  • Morten Larsen
PREMIUM
PENNEO PENNEO

Penneo - Short-term headwinds from a tough macro

We expect Q3 ARR of DKK 67m, ’22e ARR of DKK 70m Short-term headwinds; we cut ’22e-‘24e ARR by 10-22% Still a strong long-term case; high growth should return

10/20/22 October 20, 2022 1 EN
Mikkel Kousgaard Rasmussen ... (+2)
  • Mikkel Kousgaard Rasmussen
  • Morten Larsen
PENNEO PENNEO

Penneo - ABGSC’s DK small/mid-cap seminar feedback

Mgmt. with emphasis on low churn and high uplift Confident in demand for Sign and KYC offerings Sees no need for new capital raise

09/21/22 September 21, 2022 1 EN
Oscar Rönnkvist ... (+2)
  • Oscar Rönnkvist
  • Simon Jönsson
PREMIUM
QFR Q-FREE ASA
PRIC B PRICER AB B ... (+27)

Sector Fast Comment - ABGSC’s Investor Day feedback

Rovio and EG7 attended ABGSC’s Investor Day COVID-rebasing in mobile gaming to normalise soon Important changes presented by new EG7 management

QFR Q-FREE ASA
PRIC B PRICER AB B
KNOW KNOW IT AB
INXL AVENSIA INNOVATION AB
FPIP FORMPIPE SOFTWARE AB
MTG B MODERN TIMES GROUP MTG AB CLASS B
GENI GENERIC SWEDEN AB PUBL
IVSO INVISIO
DORO DORO AB A
FNOX FORTNOX AB
EWRK EWORK GROUP AB
A1W27D CLAVISTER AB
CTM CATENA MEDIA
HMS HMS NETWORKS AB
NETC NETCOMPANY GROUP A/S
BETCO BETTER COLLECTIVE A/S
STRO STRONGPOINT ASA
LITI LITIUM
BRIXMTF BRIOX
AIRX AIRTHINGS AS
VOLUE VOLUE AS
SEAF SEAFIRE
PENNEO PENNEO
PTRK PHYSITRACK
SINCH SINCH AB
CARE CAREIUM AB A
XPLRA XPLORA TECH AS
09/13/22 September 13, 2022 1 EN
Mikkel Kousgaard Rasmussen ... (+2)
  • Mikkel Kousgaard Rasmussen
  • Morten Larsen
PENNEO PENNEO

Penneo - Impressive SaaS metrics, investing in growth

Q2’22 slightly on the weak side Good potential if strong SaaS metrics continue New 1-year fwd. fair value range of DKK 9-24 (12-26)

08/24/22 August 24, 2022 1 EN
Jesper Billeskov
  • Jesper Billeskov
PENNEO PENNEO

Penneo - Succesfully raises more cash than expected

DKK 60m raise vs. its own ambition of just DKK 20-40m Current guidance assumes no growth-fueling capital raise Cash is abundant on our ests. - M&A on the horizon?

03/03/22 March 3, 2022 1 EN
Jesper Billeskov
  • Jesper Billeskov
PENNEO PENNEO

Penneo - Downsizes equity raise and guides softly

No surprises in pre-announced Q4 ARR and EBITDA Soft ’22 guidance, contemplated equity raise downsized ARR growth the key share price driver, FVR 12-26

02/21/22 February 21, 2022 1 EN
Jesper Billeskov
  • Jesper Billeskov
PREMIUM
PENNEO PENNEO

Penneo - Releases prelim. ARR and adj. EBITDA figures

Sequential ARR growth back in double digits We look for 50% ARR growth in ‘22e 5.2x sales in ‘22e, FVR 14-29 (20-37)

02/01/22 February 1, 2022 1 EN
Jesper Billeskov
  • Jesper Billeskov
PREMIUM
PENNEO PENNEO

Penneo - Worrying outlook from key peer DocuSign

DocuSign down 42% on COVID slowdown … … as billings and Q4 guidance fail to meet expectations Different geos and offerings, FVR DKK 20-37 (24-47)

12/06/21 December 6, 2021 1 EN
Jesper Billeskov
  • Jesper Billeskov
PREMIUM
PENNEO PENNEO

Penneo - Q3 shows 53% ARR y-o-y growth, muted churn

Q3 largely in line with our recently adjusted estimates Aspires to grow ARR by 40-60% in ’22 (ABGSCe 50%) Fine-tuning estimates, FVR maintained at DKK 24-47

11/25/21 November 25, 2021 1 EN
Jesper Billeskov ... (+2)
  • Jesper Billeskov
  • Rasmus Overgaard
PREMIUM
PENNEO PENNEO

Penneo - There is a crack in everything

Downgrades ’21 ARR guidance by 4.3% at the mid-point… …due to public COVID measures, closing rates & staff churn Peers re-rating, lower estimates, fair value DKK 24-47 (30-60)

11/15/21 November 15, 2021 15 EN
Jesper Billeskov ... (+2)
  • Jesper Billeskov
  • Rasmus Overgaard
PREMIUM
PENNEO PENNEO

Penneo - ABGSC’s DK small/mid-cap seminar feedback

New CEO presents at small and mid cap seminar DKK 100m capital raise to fuel continued strong growth Overall positive impression

09/22/21 September 22, 2021 4 EN
Jesper Billeskov ... (+2)
  • Jesper Billeskov
  • Rasmus Overgaard
PENNEO PENNEO

Penneo - Digital compliance in signing & AML workflows

Expanded product offering facilitates ARR growth New capital to continue delivering strong SaaS metrics DKK 30-60 FV range derived from intl. and Nordic peers

09/03/21 September 3, 2021 70 EN
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