Litium (Q3 Review): Profit Delivered, Free Shipping on Growth - Redeye

Redeye concludes that Litium delivered the strongest quarter in its history, with ARR and net sales landing in line with our estimates while profitability beat clearly on lower-than-expected OPEX. ARR grew 17.4% y/y to SEK101.2m, and EBITDA-CAPEX of SEK1.6m (SEK0.7m) was SEK0.9m ahead of our estimate, with an incremental EBITDA-CAPEX margin of around 20%. Our estimate revisions are small, and we maintain our Base Case at SEK20 per share. Redeye remains clearly positive on the case, and with an upside of almost 100% to our Fair Value the stock screens as Cheap.

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