HCA Market Close 20.12.22 – Roblon posts its annual results for 2021/22, Agillic raises its FY 2022 guidance, and Audientes announced its rights issue was fully subscribed.
Market Movements:
Denmark: OMX:C25 (-0.46%) ; Sweden: OMX:S30 (-0.56%) ; Norway: OBX:OSL (-0.06%) ; S&P 500 (+0.26%) ; Nasdaq (-0.25%); Stoxx 600 (-0.40%)
Market Drivers:
Markets fall as the BoJ raise the cap on its yield curve control.
The Bank of Japan announced it would raise the cap for its yield curve control (YCC) to 0.5% from 0.25% previously. The decision was made in response to inflation returning to Japan, as it reached 3.7% yoy, this is a large reading for Japan which has struggled to generate inflation for much of the last decade.
Western markets fell in response as the rise in Japanese bond yields seeks to draw capital back to Japanese shores. Japanese investors have been forced abroad to find yield under the BoJ’s YCC, driving a Japanese bid for western bonds and equities. A return to higher yields in Japan can see some of this capital returning to Japan, drawing it away from western markets.
The move by the BoJ raises global bond yields, tightening global financial conditions, which reduces global liquidity, negatively impacting global growth. The main theme in markets this week has been a looming recession in 2023. Hawkish speeches by the Fed and ECB are putting the brakes on the Santa rally.
Snacks from the HCA Platform:
Earlier today, Roblon announced their final report for 2021/22, including guidance for 2022/23. As the company had already revealed headline numbers, including guidance for the new financial year in the beginning of December, there were no surprises in today’s release. That probably explains the limited share price reaction of +2.3%. For 2022/23, Roblon is guiding for revenue of DKKm 430-470, while EBITDA and EBIT are expected to land around DKKm 40-55 and DKKm 10-25, respectively. In the new year, we will, on the 5th of January at 11.30 AM CET, host a presentation (in Danish) with Roblon. Please sign up here: https://www.inderes.dk/videos/roblon-praesentation-af-arsregnskabet-202122
Today, Agillic raised its guidance for 2022 on total ARR and revenue for the third time in 2022. The revenue guidance is now DKK 65-67m (previously DKK 61-65m), and the total ARR is now expected to be DKK 72-78m (previously DKK 68-76m). Looking at the ARR split between subscriptions and transactions, the upgrade is driven by ARR transactions as this is upgraded to DKK 18-21m (previously DKK 12-16m), while ARR subscriptions guidance is lowered to the range DKK 54-57m (previously DKK 56-60m). This indicates that the engagement on the Agillic platform has been high, however, the lower ARR subscriptions range could be a result of the uncertain macroeconomic environment. EBITDA guidance is kept in the range of DKK 0 to 3m. The share gained 4.0% in today’s trading.
Audientes today announced that its rights issue of around DKK 14m was fully subscribed. That includes DKK 1.1m in pre-subscription and DKK 1m in bottom-up guarantees. Top-down guarantees were not needed. The share is trading well above the price of DKK 0.75. pr new share, so that will probably come under pressure when new shares are registered. The share fell 11.3% today.
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Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:15