Price hikes to support growth after Q1e

Solid Q1e, though recent price hikes will not contribute until Q2. '24e-'26e adj. EBIT up 2-1% on 2% higher sales due to the price lifts. We reiterate HOLD.

New price hikes to drive positive est. revisions

Intensified partnership with Findity and price lift

Exciting execution and improved outlook

12% EBIT beat, 26% organic growth (vs. 25% in Q3). We lift '24e-'25e EBIT 10-8% on higher sales and lower costs. We stick to HOLD as we await more clarity around price hikes.

12% EBIT beat vs. cons

Will we see price hikes in '24?

Q4e: 24% organic growth, partly hurt by macro headwinds. We keep our estimates largely unchanged. Reiterate HOLD amid current momentum and 40x f12m EV/EBIT.

We cut '24e EBIT by 8%

First EBIT miss since Q4'21. We cut '24e-'25e EBIT 8-9% on 4-5% lower sales. A couple of quarters with pressure on organic growth - HOLD.

Decelerating org. growth

Tougher comps in Q3e

Q3e: we expect decelerating org. growth (+28%) on tough comps. '24e EBIT -6% on lower assumptions for upselling of products. Decelerating org. growth to hold back multiple expansion – HOLD.

A market dominated by a few

Feedback from trade fair visit

Feedback from product demonstration

Visma raises prices - again

Reaping the benefits of price hikes

Strong Q2, largely in line with expectations. We cut '23e-'25e EBIT on fine-tuned sales and higher opex. Starting to look more appealing, but we keep HOLD on valuation.

Strong report, 52% adj. EBIT growth

Tougher comps, but still strong growth in Q2e

Q2e: 32% org. growth on recent price hikes. We trim '23e-'25e EBIT by 1% on a lower customer intake. Resilient business model, but HOLD on valuation.

Strong Q1 across the board, good outlook

Strong Q1, 32% org. growth and 4% EBIT beat. We lift '23e-'25e EBIT 3-2% on slightly higher sales. Attractive equity story, but reiterate HOLD at 42x '24e EV/EBIT.

4% EBIT beat and strong ARR

Bankruptcies up, but focus remains on ARPC

Keep for Core, Finance is an option

Highlighting our expectations: strong '23e-'24e outlook for Core but slower progress for Finance, as traction will occur gradually. Reiterate HOLD at 54x f12m EV/EBIT - LT outlook remains good.