ARR amounted to SEK 524m, corresponding to growth of 88%, of which 34% organic. The figure is virtually equivalent to our estimate for the full year and thus indicates strong growth. Net sales amounted to SEK 3,316m, corresponding to growth of 89%, of which 30% organic. We believe the powerful growth is attributable to falling CAC in campaigns and rising ARPU resulting from increases in family subscriptions. EBITA amounted to SEK -21.4m and net cash used in operating activities was SEK -7.4m for the quarter. The company is reporting a negative operating quarter due to impairments of annual B2B subscriptions in connection with the start of the school year. Albert also recently launched its business in Finland.

Based on the strong ARR figure, we are raising our ARR estimate by 8% on average across the forecast period. This leads to an increase in the revenue estimate by an average of 7% during the forecast period. In our assessment, the company will be able to see some further ARPU expansion while its good marketing results continue. Considering that the company has maintained its strong cash situation, our estimate still contains scope for acquisitions.

Fair value unchanged

eEducation Albert has made progress towards its financial targets since the IPO and has delivered on its strategy as planned. We therefore choose to retain our fair value unchanged. We believe raising the estimates for the next few years compensates for the multiple contraction in our peer set. At present, the company is traded at an implicit WACC of about 20%.