Redeye lifts its ARR and EBITDA-CAPEX estimates for Litium after the Q2 report, where ARR growth significantly exceeded expectations. The revised, forward-looking ARR definition highlights the underlying sales momentum, as Litium matched its record customer intake from Q1. Despite effects from legacy migrations weighing on revenue and margins in the quarter, we see a clear inflection toward continued solid ARR growth and improved profitability in H2. We raise our Base Case to SEK19 (17) and reiterate our positive stance.

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