• Top line growth of 27 percent compared to Q1 2022
• Gross margin and vacancy rates not in line with our expectations
• We maintain our valuation of DKK 11.60 per share

Movinn’s Q1 report for 2023 included no major news apart from the “quiet” launch of Collective Yoyo. Net revenue came in as expected but the company has not been able to optimise the financial metrics which was part of their new strategic plan. Costs in general came in higher than expected which affected margins and the bottom-line performance. However, we still see the company turning the year around and apart from us slightly increasing our cost estimates in the short term, no major changes are made to our financial model, and we maintain our valuation of DKK 11.60 per share.

The full report is available here.