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Litium: B2B momentum looks promising for H2'23e - ABG

• Minor estimate revisions
• ARR growth streak untouched
• EV/ARR ~2x, '23e EV/EBITDA 19x

Q2'23 report in brief
The report was mostly in line with expectations. With respect to the numbers, Litium achieved an ARR of SEK 72.4m, corresponding to y-o-y growth of ~8% (or ~9% adjusted for platform migrations). We are positively surprised by the ~SEK 1m EBITDA beat, and believe that the company is firmly on the path to generating positive free cash flow in the near term
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