Paynova: Lowered base case

Research Update

2017-09-11

15:53

Paynova’s revenue of SEK 8.2 million was in line with our expectations (estimate SEK 7.6 million). EBIT of SEK -5.4 was also close to our projections. We find it positive that Paynova has chosen to expand its product suite by including invoice purchases. This will likely increase revenues in the near future. Slower than expected progress with the health care client, the lack of larger announced customers and a tightened competition from among others Qliro Financial Services has lowered our estimated growth and EBIT-margins. Our new fair value range is SEK 0.36-2.80 with a base case of SEK 0.90 (previous SEK 1.2).

TO

Tomas Otterbeck

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