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Redeye concludes that Q1 came in softer than Redeye had estimated. Revenue was 4% below estimates and the profitability was weaker. Nepa states that it expects an annual cost base of SEK220m by Q4 2023, c8% above Redeye's previous estimates. The company has also changed reporting standard, now presenting proper SaaS metrics. 55% of the company's net sales is subscription revenue with a historical NRR of 99.9% since Q1 2020. Nepa is currently trading at 0.73 EV/ARR, which obviously excludes the remaining 45% of total sales. Redeye will lower its estimates and valuation, but still sees a considerable upside to its Base Case.
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