Paynova; Paynova enters the off-line market
Research Update
2016-03-03
10:16
The Q4-report showed continued stable revenues of 6,7 mSEK from the PSP-operation which is at par with last year. EBIT was -4,0 mSEK vs -3,5 mSEK in Q4 2014. The main reason for the deviation was increased costs for staff due to the implementation of the consumer credit service for SJ. Profit after tax was -4,6 mSEK vs -3,5 mSEK last year. The implementation of the consumer credit platform for Paynovas major client SJ is proceeding according to plan. Live tests have been performed with a pilot since December and Paynova expects to see the first revenues from invoice and installments in the second quarter. The new contract is a potentially larger revenue contributor than Paynovas largest client, SJ. Updated financial projections has therefore resulted in a new estimated fair value of 1,90 SEK per share. The bear and bull case scenarios indicate values of 0,90 SEK and 3,10 SEK respectively.
JE
Johan Ekström
Disclosures and disclaimers