P&L headline figures known, cash flow and cost items not
We leave our estimates unchanged from our initiation in January on limited news flow and due to the '23 ARR and P&L headline figures already being known from January's Q4 trading update. OrderYOYO grew its ARR by ~40% in '23 to DKK 296m (we estimate 32% organic growth) on a GMV of ~DKK 2.9bn. The company delivered a positive adj. EBITDA of DKK 26m in '23, corresponding to a margin of 10% (with a material improvement from H1 to H2). Cash EBITDA of DKK 0m for '23 was also a significant improvement from '21-'22. Aside from some DKK 26m in capitalised R&D in '23e (~DKK 12m in H2'23e), FCF for the year is still unknown. We estimate a cash burn excl. M&A of DKK 15m in '23e (DKK ~0m H2'23e) to bring the cash position down to DKK 50m at YE'23e, from DKK 61m at YE'22.
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