Litium: Awaiting comeback in B2C momentum - ABG
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
'24e-'26e ARR cut by 2-3% on continued macro weakness
B2C business momentum likely to return in H2'24
EV/ARR ~2x, '24e EV/EBITDA ~11x
What to look for in Q1'24e
For Q1, we expect a reported ARR of SEK 73m and sales of SEK 16.1m. Both of these figures imply y-o-y growth of 4%. We also anticipate an EBITDA of SEK 3.5m, which corresponds to a margin of ~22%, and operating cash flow of SEK ~6m. Given the linearity of the ARR growth and the large share of recurring, fixed revenues, it is unlikely that sales will be more volatile than history suggests.
B2C business momentum likely to return in H2'24
EV/ARR ~2x, '24e EV/EBITDA ~11x
What to look for in Q1'24e
For Q1, we expect a reported ARR of SEK 73m and sales of SEK 16.1m. Both of these figures imply y-o-y growth of 4%. We also anticipate an EBITDA of SEK 3.5m, which corresponds to a margin of ~22%, and operating cash flow of SEK ~6m. Given the linearity of the ARR growth and the large share of recurring, fixed revenues, it is unlikely that sales will be more volatile than history suggests.