ABG har mod betaling udarbejdet denne analyse af Penneo:
Q3 a tad on the soft side, requiring a strong Q4
- Q3 ARR ~2% lower vs. ABGSCe, adj. EBITDA better
- Reiterated guidance requires strong ARR growth in Q4
- Long-term case intact: a quality offering in large markets
Q3 ARR slightly lower than ABGSCe, but better profitability Penneo reported
Q3 ARR of DKK 65m (-2.1% vs. ABGSCe at DKK 67m), corresponding to 29% y-o-y growth, with the miss vs. ABGSCe explained by lower uplift at 15.3% and lower new ARR at 17.5%, while the churn rate was kept low at an impressive 3.2%. Q3 revenue was DKK 15m (+1.2% vs. ABGSCe at DKK 15m), while adj. EBITDA landed at DKK -5m (+35.2% vs. ABGSCe at DKK -7m) from lower investments in growth. The recently adjusted FY’22 guidance was reiterated at ARR of DKK 70m-75m and adj. EBITDA of negative DKK 15m-20m. The high cash burn continued, leaving Penneo with a cash position of DKK 58m.
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