Huddly is IA conference call intelligent cameras and software. The company had its IPO to start trading two weeks ago. It is out of blackout period now, so the brokers in the IPO can publish reports. The company this morning reported their quarterly report. It reported its best quarter ever and provided strong guidance for 2021. I assume the analyst were waiting with publication of the research for the results. The syndicate included AGB and Pareto. The publication of the research is normally start of the rerating in the post IPO trading. It may be a good short term play (selling on the publication of the research) and long term play, as stocks generally starts to go up after the post IPO selling. I have bought the shares again yesterday.

Huddly Q4 presentation published this morning:

I enclose Pareto’s summary of the Huddly results:

HDLY (Not rated): EBIT up ~120% y/y and 2021 guidance unchanged

Huddly reports Q4’20 figures with the pre-announced revenues of NOK 112.0m, up ~67% y/y. Gross margin came in at 55.1%, slightly higher than in Q4’19 and up 2 p.p. vs. Q3’20. EBITDA of NOK 45m and EBIT of NOK 32m also showed strong growth, up ~74% and ~120% y/y, respectively2021 guidance is kept unchanged with revenues of NOK 500-600m (corresponds to 37-64% y/y growth) and gross margins of ~50%. The company comments that the COVID-19 pandemic has impacted the sales opportunities into the enterprise office market in the start of 2021. However, Huddly sees signs of improvements in this vertical and believe sales opportunities will increase going forward, especially in second half of 2021. We highlight that the company has tendency to beat and revise up its own guidance – i.e. in the Q4’19 report it guided revenues of NOK 225-325m for 2020, which in the end came in at NOK 365m Please note that we have no rating on HDLY


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