Entering '24 with strong momentum

37% y-o-y ARR growth with 118% NRR in Q4. Lifting '24e-'26e ARR by 6-8%, EBITDA largely unchanged. New FVR of DKK 3.3-9.0 (3.1-8.4).

FY'24 guidance better than expected

In for a strong end to the year

Q4e: 36% y-o-y ARR growth, costs higher than in Q3. Focus on '24e: We expect 30% ARR growth and DKK -6.0m EBITDA. Minor '24e-'25e top line revisions, EBITDA up 10-4%: FVR 3.1-8.4.

Cost levels to normalise after abnormal Q3

ARR in line (36% y-o-y growth); minor '23e-'25e top-line revisions. '23e EBITDA up 8% on abnormally low Q3 costs and slower hirings. Small '24e-'25e EBITDA revisions; positive long-term view reiterated.

Likely better Q3 profitability before Q4 ramp-up

36.5% y-o-y ARR growth in Q3e; A seasonally weaker quarter, but likely with better profitability; Limited estimate revisions; FVR of DKK 3.1-8.4

Initiates strategic review

A mixed bag, but with a few more negatives

DKK 51.8m ARR ~3% below ABGSCe, 17% adj. EBITDA beat. Limited ARR estimate revisions, '24e-'25e adj. EBITDA cut 1-6%. FVR of DKK 3.2-8.5.

Another quarter with strong growth ahead

H1e: 40.5% y-o-y ARR growth. New major customer win a possibility; cash burn to continue. Lifting '23e-'25e ARR by ~1%, new FVR of DKK 3.2-8.5 (3.7-8.3)

Continuing the strong growth momentum

Major customer win sends strong signal – '23e-'25e ARR up 1-3%. Shorter path to profitability; FVR of DKK 3.7-8.3.

Time to engage the non-desk workforce

We initiate coverage with a fair value range of DKK 3.7-7.3. We see ample room for growth and good long-term profitability prospects.

Time to engage the non-desk workforce

We initiate coverage with a fair value range of DKK 3.7-7.3. We see ample room for growth and good long-term profitability prospects.