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Bimobject: Shifting focus to sales growth - Redeye

Redeye retains its positive view on BIMobject despite lowering its forecasts and Base case. Q1 highlighted the significant cost reductions, and while the ARR was flat q/q, we believe sales growth will accelerate from now on for several reasons. Combined with limited cost increases, we believe BIMobject is heading for a cash flow neutral 2022 and a profitable 2023.

We lower our sales forecasts, mostly for the short-term, as we believe our previous forecasts were overly optimistic timing-wise. However, we still expect BIMobject to significantly increase its sales growth without needing a substantial raise in OPEX, resulting in rapid margin increases over the next years. While we lower our Base case to SEK 14 (17), corresponding to a 55% upside potential, our view on BIMobject remains positive.
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