Penneo Q1’22: First Comment
Research Note
2022-05-24
08:59
Redeye will likely make forecast adjustments following Penneo’s Q1’22 report, which showed lower ARR growth than expected. However, Penneo maintained its FY’22 ARR guidance of DKK 77-82m, corresponding to a 40%-49% y/y growth, while adjusted its EBITDA guidance to a negative DKK 15-20m (earlier DKK 5-10m) due to an intensified growth investments thanks to the capital raise completed in Q1. Consequently, we will make minor forecast adjustments that will slightly affect our valuation.
JS
FN
Jacob Svensson
Fredrik Nilsson
Disclosures and disclaimers