SEB har mod betaling udarbejdet denne analyse af Lime Technologies:
Going forward, Lime seeks to include inflation hedges in its contracts, which is long-term positive. We currently see close to 40% upside to our mid-point as well as upside potential to estimates with easing labour markets and M&A in the coming 6-18 months, making Lime a potential doubling candidate in an M&A scenario (not in our estimates). Our fair value is SEK 316-357 per share with a mid-point of SEK 337. We make limited estimate revisions ahead of Q2.
A potential upcoming catalyst as labour markets ease
In recent weeks, several growth companies (especially in tech) have announced savings programmes, mainly through personnel cutbacks (e.g. Klarna, Kry, Nakd, Memmo). We argue this will increase flows of competence in areas crucial for Lime, such as developers, sales, marketing and consultants. The main weakness for Lime over the last year has been Expert Services, which emerged from the pandemic with high personnel churn. Growth momentum in Expert Services has been positive since the trough in Q3, while organic growth rates for subscription revenue have accelerated since Q1/21, making the coming quarters a potential catalyst for strong growth momentum.
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