SEB har mod betaling udarbejdet denne analyse af Konsolidator:
Konsolidator has continued its good momentum in signing new clients and won 25 new names in Q3 2021 (we had expected 23). This has resulted in annual recurring revenue (ARR) at the end of Q3 2021 of DKK 12m, up from DKK 7m in Q3 last year. Reported revenue increased 96% vs our estimate of 117%. EBIT for Q3 2021 was DKK -4.7m compared with our estimate of DKK -6.8m, mainly due to fewer employees at quarter end than had we expected (37 vs 41).
Outcome: 25 new clients signed
The Nordics remains the main driver with 15 new clients signed in the region; however, with ten new clients signed outside the Nordics (mainly in UK and the DACH region), the momentum outside of Scandinavia is improving. The 25 new clients brings Konsolidator to a total of 202 clients in total, indicating that the company has lost four clients during the quarter. Reported revenue was up 96% to DKK 3.3m – we had forecast DKK 3.7m, while ARR of DKK 12m was in line with our expectations.
Net profit was DKK -4.9m vs our estimate of DKK -7.7m. This compares with DKK DKK -3.1m in Q3 2020. The decline compared to last year is mainly related to growth in the number of employees (+11); however at a slower pace than we had anticipated.
At the end of Q3 2021 Konsolidator has DKK 24.8m in net cash.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
