Redeye initiates coverage of Pagero, a software-as-a-service (SaaS) company that helps businesses simplify their buying and selling processes. Pagero’s Smart Business Network allows users to exchange business documents, such as orders, invoices and payment messages, digitally with their customers and suppliers while ensuring compliance with local tax laws. We argue that the investor community focuses too much on near-term investments and overlooks the long-term potential of Pagero’s business model and its carved-out market position. We initiate with a base case of SEK24.