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2023-09-01 16:15:00
- Lower demand in Aarhus and Odense
- Swedish operations close to breaking even
- We lower our fair share estimate to DKK 9.58 per share
Movinn’s Q2 report was in line with previous quarters, where the company showcases revenue growth but struggles with the bottom-line metrics. The operations in Sweden almost broke even in June 2023 and after the end of Q2 the company signed a lease agreement of 94 units in Copenhagen. The operational underperformance in recent quarters, which led to a downward revision of the company’s financial guidance, has prompted us to adjust our model resulting in a lower valuation for the company of DKK 9.58 per share.
The full report is available here.