Equity research White Pearl Technology Group: Upgraded revenue guidance supports the investment case

White Pearl Technology Group’s upgraded revenue guidance for Q3 and full year 2025, announced on 29 September, strongly validates the momentum and investment thesis set out in our initiation of coverage report.  The latest update confirms rapid expansion in high-growth emerging markets.

Strong growth in Q3 underpins the raised financial targets

Previously, we had forecasted 2025 revenues of SEK 474m (a 53% increase on 2024), which aligns with the company outlook communicated in the Q2 report. White Pearl’s revised guidance now points to an additional 5–10% upside on this already bullish estimate. Q3 revenues of SEK 130–135m imply a ~55% increase, boosted by acquisitions (primarily Lumin4ry) but also stronger organic growth than we had assumed.  We are encouraged by the positive revision of the full-year estimate, which implies a solid development at the back end of the year.

Further, the company expects to exceed the previous 2026 sales target of SEK 572m. It plans to present an updated forecast in conjunction with the Q3 report on 5 November. White Pearl provides no updated guidance regarding profitability in the Q3 preannouncement. In our last report, we projected EBITDA margins of 14.9% in 2025 versus 16.3% achieved in 2024, slightly more conservative than the company’s own target of 15.3%. The reason is that we anticipate dilution from M&A.

All in all, pending more clarity regarding the margin development, we expect to raise our sales and earnings estimates in the short to medium term by ten to 15 per cent. In such a scenario, the base case valuation (previously SEK 21 per share) will be positively adjusted accordingly.

We still see low valuation despite the recent share price gain

The share is still valued at a discount to Nordic and international IT services peers according to our estimates,  at EV/EBIT NTM at 7.3x vs. a peer median of 10.6x, and a P/E NTM at 9.2x vs. 15.0. The stronger guidance sharpens the case for re-rating.

The stock shows strong bullish momentum, trading well above key moving averages, confirming upside strength. After a solid surge and rebound from support around SEK 15.0-15.5, it is now testing resistance at 19.45–21.00. A breakout could drive further gains, while failure may trigger consolidation between 15.50–17.60. A bullish MACD crossover suggests room for continued upside. Key resistance and support levels remain crucial for confirmation.

Read our latest update here. 

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