Relesys

37% premium to date of strategic review, 8% discount to last close Equates to '24e-'26e EV/ARR of 4.0-2.4x; within DKK 3.3-9.0 FVR Requests removal from Nasdaq within 2-3 weeks Copilot to acquire all shares at DKK 6.60/share Relesys tonight announced...

37% y-o-y ARR growth with 118% NRR in Q4 Lifting '24e-'26e ARR by 6-8%, EBITDA largely unchanged New FVR of DKK 3.3-9.0 (3.1-8.4) 37% y-o-y ARR growth with 118% NRR in Q4 Relesys delivered a strong Q4, seeing 37% y-o-y ARR growth to DKK 61.9m (+1% vs...

Guides for 34-42% FY'24 ARR growth (vs. ABGSCe at 30%) No outlook comments - we await the annual report later today Cons to lift '24 ARR by 4-10%, profitability likely by more Sets FY'24 ARR and revenue guidance Today, Relesys has announced its FY'24...

Q4e: 36% y-o-y ARR growth, costs higher than in Q3 Focus on '24e: We expect 30% ARR growth and DKK -6.0m EBITDA Minor '24e-'25e top-line revisions, EBITDA up 10-4%: FVR 3.1-8.4 Q4e: 36% y-o-y ARR growth, costs higher than in Q3 We forecast Q4e ARR of...

ARR in line (36% y-o-y growth); minor '23e-'25e top-line revisions '23e EBITDA up 8% on abnormally low Q3 costs and slower hirings Small '24e-'25e EBITDA revisions; positive long-term view reiterated Minor '23e-'25e top-line revisions on reiterated guidance...

Q3e: 36.5% y-o-y ARR growth A seasonally weaker quarter, but profitability likely better Limited estimate revisions; FVR of DKK 3.1-8.4 Q3e: 36.5% y-o-y ARR growth We forecast Q3e ARR of DKK 54.9m for 36.5% y-o-y growth, driven by 3.5% y-o-y ARR churn...

Initiates strategic review to evaluate funding and ownership No timeline; FY'23 guidance unchanged Wording leaves many scenarios open (M&A, capital raise, etc.) What has happened? Today Relesys' BoD has decided to initiate a strategic review, seeking...

DKK 51.8m ARR ~3% below ABGSCe, 17% adj. EBITDA beat Limited ARR estimate revisions, '24e-'25e adj. EBITDA cut 1-6% FVR of DKK 3.2-8.5 Limited '23e-'25e ARR revisions despite weaker Q2 DARR We make minor revisions to '23e-'25e ARR (<1%) and continue ...