Positive revisions on hiked margin assumptions
We cut revenue estimates by 1% for 2020, 2% for 2021 and 3% for 2022 on lower ARR in Q3 but raise our adjusted EBITA estimates by 5%, 4% and 3%, respectively. This stems from our belief that we previously have underestimated scalability given cost coverage from recurring revenues increasing. We now forecast an adjusted EBITA margin of 28% in 2020 and 2021 (mainly stemming from larger recruitment cohorts and a reversal of temporary cost savings in 2020) and 30% in 2022. Lime targets EBITA margins of >23%.
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