Acquisition bridges downward revisions

'24e-'26e ARR up 2-1%, but cash burn also up. Trading below our '24e cash estimate. Acquisition of HERO to burn cash in the near term.

Soldiering through difficult conditions

'24e and '25e ARR down 11% and 9%. Trading below our Q1'24 cash estimate. Keep BUY but TP cut to SEK 3.0 (3.5).

Q4'23: ARR miss but cost base contained

Opportunity to focus fully on core business

We cut '23e-'25e ARR by 4-3%. Cash burn largely unchanged following divestment of Relatable. Trading at Q4'23e enterprise value of zero, TP down to SEK 3.5.

Expect stabilising ARR and more opex cuts

Minimal estimate changes. Churn moving in the right direction. Trading below our 23e cash estimate, TP unchanged at SEK 4.0.

Q3 beat: churn and cash burn decreasing

Valued below our Q3'23 cash estimate

We cut '23e-'25e ARR by 4-2%. Previously announced layoffs to weigh on Q3. Trading below our Q3'23 cash est., TP unchanged at SEK 4.0.

Elevated churn most likely to continue in H2'23

We cut '23 ARR est. by 26%. Costs and cash burn going in the right direction. EV/ARR 0.7x, TP unchanged at SEK 4.0

Miss on ARR but with lower cash burn

Live shopping at a discount

Well-capitalised business with ~30-35% ARR growth. We initiate with BUY, TP SEK 4.0 implying ~90% upside.