Q4 will mark a strong end to the year
Penneo will report its Q4'22 and FY '22 on 28 February. We lift '22e ARR slightly, to DKK 71.0m, for 28% y-o-y growth, to reflect the preliminary ARR figure announced on 19 January. However, we raise '22e adj. EBITDA significantly, to negative DKK 11.3m. This is in line with the new guidance of negative DKK 10m-12m and is a result of the company recognising a significant amount of one-time fees in Q4 from customers using Penneo's services beyond their initial agreements (this has no effect on ARR). Lower provisions and less recruitment than the company anticipated contributes further to the improved profitability, but the latter was already implied in our estimates.
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