COMMISIONED RESEARCH

HC Andersen Capital offers commissioned research. We have developed a format for maximum reach and overview for private and semi-institutional investors.

 

Our primary offering is to produce a one-two pager in an overviewable format for investors. We hope to give the reader an introduction to key investment reasons, risks, main numbers and valuation perspectives. The one pager, investment case is designed to maximise reach and engagement with the investor community.

We not only produce the research with senior analysts, we also take steps for maximum distribution. We will continue to challenge how engaging with investors research can be.

 

Our distribution includes relevant Social Media platforms, Bloomberg and partners such as Avanza with 1.8 million users in Sweden – as well as our own platform inderes.dk.

HCA SaaS INDEX - AUG 2023

In this month’s HCA SaaS newsletter primarily covering August, we will focus on the Danish H1 earnings season with some perspectives from the US SaaS sector, including news from the US IPO market. As always, however, we are starting with a quick look into the latest valuation development based on our HCA SaaS Index (DK) and the SaaS Capital Index (US).   

 

Looking at the Danish SaaS sector, we again saw a decline in the median ARR multiple, primarily as a consequence of the construction of the index. We use ARR (latest reported) in the P/ARR calculation, which has increased after many H1 reports were released in August. Combined with a decline in share prices (the median decline was -5% in August), the median ARR multiple is now 3.7x (4.2x ARR in July). The SaaS Capital Index, covering larger global US-listed SaaS companies, declined to 6.9x ARR by the end of August (from 7.4x ARR by the end of July). Again, we have seen headwinds from an increasing US 10Y bond yield, above its recent top (now back above 4.25%), having a negative effect on growth stocks. In our newsletter, we take a deeper look into the recent earnings season where we have a mixed growth picture, but improvements in profitability (EBITDA). Read more here in the full blog.

 

HC Andersen Capital receives payment for a Corporate Visibility/Digital IR agreement from some of the mentioned SaaS companies. /Kasper Lihn, 19:30, 16 sep. 2023.

 

 

Michael Friis

Head of Equities

Rasmus Køjborg

Head of Research, Stables

Kasper Lihn

Head of Research, Growth

Disclaimer: HC Andersen Capital receives payment for a Corporate Visibility/Digital IR subscription agreement from several of the companies that are included in the report.