OrderYOYO: Q1e to show continued strong momentum - ABG

Q1e: We forecast ARR of DKK 297m, 13% adj. EBITDA margin
Lifting '24e-'26e ARR by 3-1% and adj. EBITDA by 9-5%
Guidance upgrade looks increasingly likely; FVR of DKK 5-13


Q1e: ARR of DKK 297m, 13% adj. EBITDA margin

OrderYOYO will report Q1 on 18 April. We anticipate strong numbers, forecasting Q1e GMV of DKK 2,968m and ARR of DKK 297m, for 31% total ARR growth. We estimate around 25% organic growth (OrderYOYO has since Q1'23 acquired both Kingfood and Gustoco), understanding that Q1e has seen a continuation of last year's strong momentum with higher volumes than anticipated. However, we highlight that OrderYOYO is still prone to significant seasonality. For instance, one of the most busy days for OrderYOYO, Easter Monday, landed in April this year, therefore benefiting Q2e and not Q1e. We estimate revenues of DKK 71.8m for the quarter (33% y-o-y growth), adj. EBITDA of DKK 9.0m (for a margin of 13%), and cash EBITDA of DKK 2.9m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/orderyoyo/Equity-research/2024/4/orderyoyo---q1e-to-show-continued-strong-momentum/