ABG har mod betaling udarbejdet denne analyse af Penneo:
- Expanded product offering facilitates ARR growth
- New capital to continue delivering strong SaaS metrics
- DKK 30-60 FV range derived from intl. and Nordic peers
Leveraging audit vertical ownership into adjacent industries
Penneo is a B2B SaaS (Software-as-a-Service) provider originally established to help primarily the auditing industry with digital document signatures, thereby replacing pen and paper with a digital solution. In October 2020, Penneo added onboarding and KYC & AML compliance to its product offering via the acquisition of CLA Reply, thereby expanding its offering to facilitate further upselling to existing clients and to cater for adjacent industries governed by AML regulation such as financial institutions. Penneo is present in Denmark, Sweden, Norway, Finland, Belgium, and Germany.
Capital raise to continue scaling the business at a rapid pace
Focusing on subscriptions revenue, Penneo is ARR-driven (annual recurring revenue) and guides for ARR of DKK 56-60m in ’21, corresponding to y-o-y ARR growth of 51-62%. The high growth is a result of low churn of ~2%, high uplift of existing clients of ~32% and ~32% growth from new clients. With a proven product market fit, Penneo intends to raise DKK 100m to continue scaling the business rapidly through roll-out of its KYC solution to existing clients in the auditor vertical and new customers in AML regulated industries while securing its audit vertical ownership in current countries. Penneo plans to migrate to Nasdaq Copenhagen in connection with the publication of its annual report in Q1 2022. The intended capital raise of DKK 100m is to be concluded no later than by the official listing on Nasdaq Copenhagen.
Generelt 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.