Penneo (One-pager): Continued momentum in Belgium and first KYC customer announced in Germany
Penneo reported its H1 2024 results this Wednesday, reaffirming its full-year 2024 guidance. ARR grew by 21% YoY in H1 2024, driven particularly by continued momentum in Belgium. Penneo also improved its EBITDA, aligning with the company's 2024 guidance of achieving a positive EBITDA of DKK 5-10 million.
We have updated our investment case one-pager after the results and recent news, including an updated overview of the peer group of selected listed Danish SaaS companies. Besides valuation perspectives, the investment case one-pager introduces Penneo and highlights key investment reasons and risks.
You can also watch the H1 2024 presentation with Penneo's CEO Christian Stendevad and CFO Casper Christiansen (in Danish) here: https://www.inderes.dk/videos/penneo-praesentation-af-h1-2024
Disclaimer: HC Andersen Capital receives payment from Penneo for a Digital IR/Corporate Visibility subscription agreement./ Kasper Lihn 15:00, 30 August 2024.
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Penneo
Penneo is a Danish Software-as-a-Service (SaaS) company delivering solutions for digital signing (Penneo Sign), document workflow, and compliance such as a Know Your Customer product (Penneo KYC) that helps companies comply with Anti Money Laundering (AML) legislation. Penneo was established in Denmark in 2014, and the company has more than 3,000 customers across Denmark, Sweden, Norway, Finland, and Belgium. Penneo is listed on Nasdaq Copenhagen Main Market.
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