Limited estimate revisions
Promising outlook for international expansion
Maintain fair value range of SEK 30-45
A small quarter with improved EBITDA
The report was largely in line on sales, with a better than expected EBITDA. There was a minor, negative deviation on sales (~SEK 2m), as reported sales were SEK 32.2m vs. our expected SEK 34.6m. Skolon's growth is lumpy, due to the seasonal nature of the business, where Q1 is the smallest quarter particularly for volume growth. The organic growth of 37% was mainly ARPPU-driven (23% y-o-y) and supported by volume growth of 14% y-o-y. This alludes to increased engagement by users, and that new tools such as Skolon Guardians has been well-received. While earnings were negative, the EBITDA margin grew by 5pp y-o-y (from -7% to -2%), despite a lower GM. We anticipate that volume growth in the upcoming months will stem from continued expansion into the UK, potential wins of Norwegian tenders as well as further market share gains in Sweden.