contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


saas-hca-update-march-2025-trend-shows-declining-growth-but-improving-profit

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Equities

Michael Friis

Equity Research Assistant

Victor Skriver

Agillic är ett danskt mjukvarubolag i kategorin marknadsföringsteknologi som erbjuder en så kallad 'customer experience platform', där företag kan arbeta med datadriven insikt och innehåll för att skapa, automatisera och skicka personlig kommunikation till stora kundbaser och över kanaler. Visionen är att hjälpa företag att bygga och utveckla kundrelationer utifrån kundupplevelsen.

Agillic

Impero är verksamt inom IT-sektorn. Bolaget är specialiserat inom utveckling av SaaS-lösningar. Programvaran är egenutvecklad och används huvudsakligen för riskhantering, dokumentation och rapportering. Kunderna består av små- och medelstora företagskunder verksamma i ett flertal sektorer. Utöver huvudverksamheten erbjuds även diverse mervärdestjänster. Störst verksamhet återfinns inom Europa och Nordamerika.

Impero

MapsPeople är verksamt inom IT-sektorn. Bolaget är specialiserat inom utveckling av SaaS-lösningar. Programvaran är egenutvecklad och används huvudsakligen för navigering i stora kontorsbyggnader, sjukhus, arenor och universitet. Bolaget har utvecklat sin egen inomhuskarta och navigationsplattform, MapsIndoors, som bolagets kunder använder i sina egna appar och andra system på global nivå.

MapsPeople

In the March SaaS newsletter, we among others take a look at the Danish reporting season and the first large IPO in the US.

Median ARR multiple: By the end of March 2025, our HCA SaaS Index declined to a new low with a median multiple of 2.9x (3.0x by the end of March 2025), however, it is also dragged down by the delisting of Penneo (removed from the index) following the acquisition from Visma. Yet, The SaaS Capital Index, covering the US/global SaaS market, also declined to a median ARR multiple of 6.6x (from 7.1x by the end of February 2025) following continued market headwinds across the US software sector.  
Biggest tech IPO since 2021: If we set aside all the general macro uncertainty, primarily from the uncertainty created by the Trump administration, and we zoom into other news, Nasdaq welcomed CoreWeave &#x2013; the biggest tech IPO since 2021 based on the raised amount of capital. CoreWeave is considered a pure-play AI company, supplying OpenAI with cloud services (62% of the USD 1.92bn revenue in 2024). After a flat stock price development, the CoreWeave share now trades approx. 9% above the offer price. A successful IPO could normally open up the markets for more IPO. But the tarif-crisis have probably closed the window again very fast. &#xa0;
 Overview of the Danish SaaS reports and 2025 guidance: As almost all of the Danish-listed SaaS companies have now reported their 2024 results and new 2025 guidance, we can now summarize the earnings season. As shown in the graphs, the general trend is that ARR growth has declined since 2022 levels, yet profitability (EBITDA) has improved to less negative results for the growth stocks. Two of the latest reports from March were from Impero and MapsPeople, delivering ARR growth of 28% YoY and 12% YoY, respectively. Impero continued its momentum in the German-speaking markets (DACH) from various industries and expects to grow between 19% and 34% in 2025. MapsPeople expects to accelerate the ARR growth to between 20% and 37% in 2025, evenly distributed between EMEA and North America. Below, we have provided an overview of the results (2022-2024) for both ARR growth and EBITDA across the Danish-listed SaaS companies.
Read the newsletter here:&#xa0;<a href="https://nyhedsbrev.hcandersencapital.dk/api/api/webcopy/view/L1Fa6KvctU8u5NLB5vkEHz_7kQ58MCytiTzGfnL6xsH40dCE1Yf32DTud85DVoq2:UCEjnpuN5yAGL-0fsflqbA==/03+SaaS+-+mar+-+2025.html?lgn_uid=LkZ0TToxNzc1ODMxNDIwIabbfn63hjoAgRBwbEgsSw!!&amp;lgn_uid=LkZ0TToxNzc1ODMzMjk38WtYcrMBLBIojvvNosxdUA!!&amp;ea=FiPkfD84T_2OsSQVeyGaGrQSuyPPR0yc_icLzz7U9DNBbI38wC0Rhi2T37EZmE6oq1xbZg5RBuJmRV4ihniH1g==:8YxXrn2fKBJIHab8tAgVkA==">Link</a>
Disclaimer: HC Andersen Capital receives payment from some of the mentioned SaaS companies in the newsletter (Agillic, Impero, MapsPeople) for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis 15:16, 10-04-2025.
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SaaS HCA update March 2025: Trend shows declining growth but improving profit

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