EBITDAC DKK 18m above on higher GM and lower opexReiterates FY'23 guidance (corresponding to +20% y-o-y growth)Still sees caution in IT investmentsEBITDAC DKK 17.6m above on higher margin and lower costsNapatech delivered sales of DKK 49.7m, up 31% y-o-y. This was 4% above our estimate of DKK 47.6m.
The gross margin came in at 78%, well above ABGSCe at 64% and consequently gross profit came in 27% above ABGSC. Operating costs were DKK -32.1m, -23% below our estimate of DKK -41.5m.
As a result, EBITDAC was DKK 6.6m vs ABGSC at DKK -11m. Furthermore, capex in the quarter was DKK -1.5m, vs.
our estimate of DKK -6m. Consequently, EBITDA-capex came in at DKK 6.4m vs.
our estimate of DKK -12m. FCFF was DKK -10.3m, vs ABGSC at DKK 0.4m.
