Money Forward - Q3 22 Results Reaction: Revenue Is Growing but so Are EBITDA Losses

Money Forward - Q2 22 Results Reaction: Mixed Results Short of Consensus

Money Forward Q1 22 Results: Mixed Quarter but Underlying KPIs Solid

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Q4 revenue growth of 43% was driven by growth in sales to corporates (+54%) on new user growth, customer mix, and upside from cross-selling</li>
<li>EBITDA erosion improved from the peak losses of Q3 and whilst it has not issued full-year FY23 guidance, it says it expects steady improvements as the year goes on</li>
<li>This was a good quarter but we expect that is largely reflected in the share price after a 61% run over the last six months</li>
</ul>


Q4 revenue growth of 43% was driven by growth in sales to corporates (+54%) on new user growth, customer mix, and upside from cross-selling
EBITDA erosion improved from the peak losses of Q3 and whilst it has not issued full-year FY23 guidance, it says it expects steady improvements as the year goes on
This was a good quarter but we expect that is largely reflected in the share price after a 61% run over the last six months


Money Forward - Q4 Results Reaction: Encouraging Signs of User Growth and Monetization