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Lime: A snowball in motion - SEB

Lime delivered Q4 numbers that were in line on revenues (corresponding to 14% organic growth) but above on EBITA, with the headcount step-down bigger than expected. Going into 2021, we think trends remain favourable for Lime as we model 16% organic growth with a slight margin step-down as opex investments (which warrant good growth estimates beyond) come up as indicated by the company. Our fair value range now is SEK 296-319.

Lime delivered Q4 numbers that were in line on revenues (corresponding to 14% organic growth) but above on EBITA, with the headcount step-down bigger than expected. Going into 2021, we think trends remain favourable for Lime as we model 16% organic growth with a slight margin step-down as opex investments (which warrant good growth estimates beyond) come up as indicated by the company. Our fair value range now is SEK 296-319.
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