MGI's Q4 revenues were well ahead of our and consensus expectations. During the quarter, MGI saw the beginnings of a recovery in the advertising market, which has continued into the first months of 2024. As a result, MGI's outlook for the current year is a return to double-digit revenue growth.
The company's Q4 results were operationally well in line with our forecasts. We also believe that this year's guidance, which is non-numerical, is pretty much in line with our expectations, although it leaves a lot of room for interpretation with the current data.
The big picture of Digital Workforce's H2 was already known and revenue decreased clearly and the result was slightly in the red. However, the company was confident in the current year and guided that revenue and earnings would grow.
Aiforia has gained a promising first foothold in the clinical segment of digital pathology. We continue to see the company in a good competitive position and on a clear trajectory to grow into one of the long-term winners in its market. On the other hand, poor growth predictability and elevated financing risks argue for some caution in pricing the company's potential.
Sitowise's Q4 results and 2024 outlook were below our expectations, especially in terms of profit margin, which lowered our forecasts for the coming years. 2024 is expected to remain challenging for the Buildings business, but the overall economic environment is also weakening other businesses.
Revenue was slightly higher than the preliminary data suggested and the result hit our forecasts. The H2 cash flow was also at the expected zero level considering the partial transfer of cash flow to 2024 through increased trade receivables.
Read our latest investment case one-pager on Agillic following the annual report 2023 and new 2024 guidance which came out last week. The one-pager updates the investment case, key investment risks, key investment reasons, key SaaS metrics, and multiples against a Danish SaaS peer group.
The company will publish its Q4 report on Wednesday. We expect revenue to decline year-on-year, reflecting the December profit warning, while EBIT is expected to be at a good level. In line with the declining net profit, we expect the company to reduce its dividend slightly. However, the main focus of the report is the outlook and guidance for the current year, which we expect to signal a significant increase in both revenue and operating profit.
Modulight's revenue was already known after the profit warning. EBIT was clearly below our forecast, mainly due to surprisingly high depreciation but also higher costs than expected. There are no concrete signs of a turnaround yet, so we lowered our forecasts for the coming years.
Read our latest investment case one-pager on Penneo following the annual report 2023 and new 2024 guidance which came out earlier this week. The one-pager updates the investment case, key investment risks, key investment reasons, key SaaS metrics, and multiples against a Danish SaaS peer group.
The negative surprise element that we had flagged in our pre-comment on Incap's outlook materialized and we lowered our forecasts for the company quite significantly, especially for this year. On the other hand, the strong profitability in Q4, the solid cash flow in H2 and the comments on the quarterly turnaround, as well as the decline in the revenue share of the largest customer have, in our view, also removed a fair amount of risk from the stock.
Tecnotree's Q4 results exceeded our forecast at the EBIT level, but exchange rate movements had a significant impact on the bottom lines of the income statement. Cash flow improved as expected towards the end of the year, but free cash flow remained negative.
Read our latest One-pager investment case on NORDEN, which gives updated insights into the company’s full-year 2023 performance, current market conditions, and expectations for 2024 and beyond. The One-pager also updates the investment case, key investment risks, key investment reasons, and relative valuation against a peer group.
Inderes announced today that it has signed a Nordic-wide distribution partnership with Nordnet, enabling Inderes' and HC Andersen Capital's equity research reports to be distributed to 1.9m investors via Nordnet's services. We see especially the improved visibility in Sweden through the partnership important, probably supporting in Inderes' Swedish expansion.
SciBase's revenue growth continued in Q4 in Germany and the US, with gross margin trending upwards. In our view, the company remains operationally on a credible path to build an attractive position in its markets. We believe this potential is now very attractively priced. At the same time, the falling share price has increased financing risks (equity issue 1-3x current MCAP expected in the next ~3-6 months) and is starting to cause uncomfortably high volatility in expected returns and dilution, and we now wait for these risks to subside.
Gofore's revenue growth slowed organically in Q4, as expected, but profitability was well ahead of our expectations. Overall, Gofore's strong performance in a challenging year demonstrates the company's ability to adapt quickly to change and manage critical billing rates and profitability. We expect the company to continue to grow faster and more profitably than the sector in the coming years, even if the weak economy slows things down somewhat. The valuation picture (2024e adj. EV/EBIT 12x and expected return ~20%) is attractive.
Our latest Danske Bank One-pager updated the company and market outlook following the Bank’s FY 2023 earnings.
Read the One-pager to get an update on Danske Bank's development in 2023, its progress in closing its valuation gap with its peers, updates on the key investment risks, key investment reasons, and its Forward ’28 strategy.
The Q4 figures offered no major negative surprises and was overall in line with our and consensus forecast. However, the company’s comments regarding the outlook for European Climate Solution sales, as well as the planned action program indicates a continued weak market situation during the year.