<a id="bm-comp-85a20fe8-0dfb-4c64-8ee2-d8f440a36b05" name="bm-comp-85a20fe8-0dfb-4c64-8ee2-d8f440a36b05" class="BMCustomAnchor"></a><table><tr><td bm-component-id="85a20fe8-0dfb-4c64-8ee2-d8f440a36b05" style="vertical-align: top; width:100.000000%;"><ul><li>Q3'24e organic sales growth of 24% y-o-y</li><li>Minor positive estimate revisions</li><li>FVR of SEK 25-40 reiterated</li></ul></td></tr></table><a id="bm-comp-05d2a5d4-dbcf-46d4-bab9-6d7683ba1454" name="bm-comp-05d2a5d4-dbcf-46d4-bab9-6d7683ba1454" class="BMCustomAnchor"></a><table><tr><td bm-component-id="05d2a5d4-dbcf-46d4-bab9-6d7683ba1454" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">What to expect in Q3'24e</h3><p>We expect Q3 to deliver solid volume-driven sales, as the quarter is seasonally strengthened by the start of the school year. However, we expect growth to come down somewhat, as Q3'23 was exceptionally strong and presents tough comps. We expect sales of SEK 50m for Q3'24 (24% y-o-y), along with EBITDA of SEK 0.6m. Furthermore, we expect a continued increase in the utilisation rate, meaning increased sales of partner tools. This is positive for sales, but tends to weigh on the gross margin. We expect growth in paying users of 23% y-o-y and consequently an ARPPU of SEK 158.</p><h3 class="bm-h3">Minor estimate changes</h3><p>We raise our '24e-'26e sales by 0-2% and '25e-'26e EBITDA by 2-4% due to operating leverage. We leave our Q3 estimates largely unchanged, as the tough comps from Q3'23 were already reflected in our estimates. The continued international expansion should support an increase in paying users of 28% for the full year. Furthermore, the recent strong growth in ARPPU implies an increase in utilisation rate, although given that the utilisation rate for new users is typically lower than for recurring customers, we expect more modest growth in ARPPU for the year of 12%.</p><h3 class="bm-h3">Implied valuation</h3><p>Based on our revised estimates, the company is trading at a 4x-3x '25e-'26e EV/Sales multiple, which is on par with the peer group for '25e, but 20% lower for '26e despite 3x higher sales growth in '26e. We reiterate our fair value range of SEK 25-40.</p></td></tr></table>