Terminating coverage

Potential for ARR growth acceleration in H2'25

Strong client intake bodes well for '25 growth

Fixed revenue base amid uncertain conditions

Earnings upside thanks to variable revenues

Report in line with estimates

Linear growth likely to continue

Margins expand as growth moderates

Stable operating performance

Recovery in volumes still ahead

Volume recovery required to accelerate growth

Marginal estimate changes. Awaiting B2C and B2B volume recovery for growth upside. EV/ARR ~2.4x, '24e EV/EBITDA ~12x.

Dependable as usual

Should deliver a robust Q2, despite headwinds

We cut '24e-'26e ARR by 2-3% on continued macro weakness. Still awaiting a return in B2C business momentum. EV/ARR ~2.4x, '24e EV/EBITDA ~12x.

Linear growth in a tough environment

'24e sales up 2%. New ARR shows sequential growth stability. '24e-'25e EV/EBITDA ~11-9x.

Beat on sales and EBITDA

Awaiting comeback in B2C momentum

'24e-'26e ARR cut by 2-3% on continued macro weakness. B2C business momentum likely to return in H2'24. EV/ARR ~2x, '24e EV/EBITDA ~11x.

Year of profitability ahead

Minor '24e-'25e EBITDA estimate changes. We deem positive EBIT in '24 to be a credible target. EV/ARR 2.2x, '24e EV/EBITDA ~11x.

Beats on profitability again

Stability in a tough environment

'24e-'25e EBITDA cut by 9-6% on tough macro. Growth somewhat more muted on lighter investments. EV/ARR ~2x, '24e EV/EBITDA ~11x.

Profitable growth in a tough environment

'23e-'25e sales cut by 0-3%. On the right path toward cash flow generation. EV/ARR 1.8x, '23e EV/EBITDA ~15x.