Information från ABG Sundal Collier

Här finner du information kring börsens mindre och medelstora bolag. Avsändare är ABG Sundal Collier, innehållet är inte skapat av placera.nu:s redaktion.

« Tillbaka

OrderYOYO - Make way for a train of guidance upgrades

17 januari 2025

<a id="bm-comp-542b35e3-e73f-41be-8c7a-8c0f7bbf3f07" name="bm-comp-542b35e3-e73f-41be-8c7a-8c0f7bbf3f07" class="BMCustomAnchor"></a><table><tr><td bm-component-id="542b35e3-e73f-41be-8c7a-8c0f7bbf3f07" style="vertical-align: top; width:100.000000%;"><ul><li>Strong Q4 with a beat on all headline items...</li><li>...adds more fuel to '25e growth: guidance remains too low</li><li>'25e-'26e EBITDA up 3-6%, FVR to DKK 8-16 (8-15)</li></ul></td></tr></table><a id="bm-comp-65493f76-bc70-4f06-8a1a-5d8302ba45b4" name="bm-comp-65493f76-bc70-4f06-8a1a-5d8302ba45b4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="65493f76-bc70-4f06-8a1a-5d8302ba45b4" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Strong Q4 with a beat on all headline items...</h3><p>Q4 saw OrderYOYO &#8212; as we expected &#8212; concluding '24 with a beat on all five guidance items (despite upgrading it four times prior to Q4). ARR grew by 22% y-o-y, beating our 19%, while revenues were 9% stronger (seeing 24% growth y-o-y). Despite the strong top line, a higher share of lower-margin hardware sales and a quicker-than-expected ramp-up of FTEs limited the adj. EBITDA beat somewhat, but the margin was still up 7pp y-o-y. Cash EBITDA grew to DKK 11.1m in Q4 (vs. DKK 3.6m in Q4'23).</p><h3 class="bm-h3">...adds more fuel to '25e growth: guidance remains too low</h3><p>Extrapolation of a further de-risked operational momentum prompts 3% higher '25-'26 ARR estimates (or DKK 13m-14m higher), resulting in 18% ARR growth in '25e (most of which should be volume-driven). We estimate App4 will drive ~DKK 17m of the DKK 65m total ARR uplift y-o-y, corresponding to an inorganic growth contribution of 5pp (assuming a take-rate of 7% vs. OrderYOYO's ~10%). However, we also pencil in a slightly faster hiring pace in our 3-6% higher adj. EBITDA estimates. Although this somewhat limits short-term operating leverage, we still see the margin up 4pp y-o-y to 22%, lining OrderYOYO up to meet its &#8220;<em>long-term</em>&#8221; margin target of 25% already in '26e. Our '25e estimates are 2% above on GMV, ARR, and net revenues, and 16% above the DKK 70m-75m adj. EBITDA (ABGSCe DKK 87m) and DKK 43m-48m cash EBITDA guidance (ABGSCe DKK 56m). We thus expect the train of guidance upgrades to continue its journey as visibility gradually increases.</p><h3 class="bm-h3">Revisions prompt a higher FVR of DKK 8-16 (8-15)</h3><p>OrderYOYO is currently trading at 2.4-1.9x EV/Sales and 19-11x EV/EBITDA-capex in '25e-'26e. Revisions raise our FVR to DKK 8-16 (8-15). A Q4 conference call will be held on 22 January at 10:00 CET, and the annual report is scheduled for 20 March.</p></td></tr></table>

Senaste artiklar från alla bolag

Datum Titel Bolag Typ
2025-02-14 Clavister - Outlook unchanged Clavister Analys
2025-02-14 Prevas - Building a Nordic company Prevas Analys
2025-02-14 Humble Group - Red Sea prevents gross margin expa... Humble Group Analys
2025-02-14 INVISIO - Continues to impress INVISIO Analys
2025-02-14 Formpipe - Overall in line with preliminary figures Formpipe Analys
2025-02-14 Skolon - Prepare for UK expansion in '25 Skolon Analys
2025-02-14 Impact Coatings - Sales beat, EBIT slightly below Impact Coat.. Analys
2025-02-14 Litium - Earnings upside thanks to variable revenues Litium Analys
2025-02-13 Eolus Vind - Impressive quarter wraps up '24 Eolus Vind Analys
2025-02-13 Careium - Solid end to a challenging year Careium Analys
2025-02-13 OrganoClick - Demand recovery in 2025 OrganoClick Analys
2025-02-13 INVISIO - Good Q4 orders and updated TAM INVISIO Analys
2025-02-13 Fastpartner - Rental markets remain challenging Fastpartner Analys
2025-02-13 Studsvik - Getting back on track Studsvik Analys
2025-02-13 Vestum - Miss driven by service companies Vestum Analys
2025-02-13 StrongPoint - Report largely in line StrongPoint Analys
2025-02-13 OrganoClick - Better opex counters weaker sales OrganoClick Analys
2025-02-13 Litium - Report in line with estimates Litium Analys
2025-02-13 Careium - Improved GM supports EBIT beat Careium Analys
2025-02-13 Eolus Vind - No big surprises, new targets for '2... Eolus Vind Analys