Minor estimate revisions Subscription business performed well... ...despite a challenging market Q3 results better than expected Q3 revenue and EBITDA were 6% and 39% above our estimates, respectively. Even though the deviations are seemingly large in...
We cut '24e-'26e adj. EBITDA by 13-9% Shareholders accept the large divestment '25e EV/EBITA ~5x What to expect in Q3'24e We expect Q3 total revenue of SEK 118m and EBITDA of SEK 4m. On a YTD basis, the company has announced contracts with an estimated...
'24e-'26e EBITDA cut by 7-8% Intends to divest the subscription businesses... ...to focus on hardware sales Q2 results and intended divestment Q2 revenue and adj. EBITDA were 26% and 28% below our estimates, respectively. The large deviations were driven...
We cut '24e-'26e EBITDA by 17-9% Still expect meaningful share of hardware-related sales NTM EV/EBITA ~6x What to expect in Q2'24e We expect Q2 revenue of SEK 179m and EBITDA of SEK 8m. On a YTD basis, the company has announced contracts with an estimated...
'24e-'26e EBITDA cut by 14-1% Near-term margin pressure driven by business transformation '24e EV/EBITA ~11x Q1 results Q1 revenue and adj. EBITDA were ~14% above and ~70% below our estimates, respectively. The large deviations were driven by an increased...
Minor estimate changes Solid pace of public procurement wins '24e EV/EBITA ~9x What to expect in Q1'24e We expect Q1 revenue of SEK 157m and EBITDA of SEK 9m. On a YTD basis, the company has announced contracts with an estimated order value of ~SEK 650m...
'24e-'25e EBITDA cut by 36-19% Continued hardware sales to dilute margins '24e EV/EBITA ~9x Q4 results Q4 revenue and adj. EBITDA were ~7% below and ~60% below our estimates, respectively. This implies that Qlosr did not meet its targeted EBITDA margin...
Adj. EBITDA ~60% below ABGSCe ACV growth of 3% q-o-q Negative consensus estimate revisions likely Q4'23 results Qlosr’s Q4’23 revenue came in at SEK 158m (-7% vs ABGSCe SEK 169m), implying 9% organic growth. The adj. gross margin amounted to 42.7%, which...
We cut '23e-'25e adj. EBITDA by 15-2% Public sector weakness a drag on performance '24e EV/EBITA 4x What to expect in Q4'23e We expect Q4 revenue of SEK 169m and EBITDA of SEK 19m. These estimates imply cuts of ~2% and ~28%, respectively (albeit from...
'23e-'25e revenue cut by 3% '23e adj EBITA cut by 3%, '24e-'25e raised by 1% NTM EV/EBITA ~5x Q3 results Q3 revenue and adj. EBITDA were 11% below and 55% above our estimates, respectively. Qlosr's revenue was negatively impacted by lower demand for ...
Adj. EBITDA SEK 1.6m above ABGSCe ACV growth of 1% q-o-q Transformation to subscription model shows effect Q3'23 results Qlosr’s Q3’23 revenue came in at SEK 132m (-11% vs ABGSCe SEK 149m), implying a y-o-y total growth rate of 6% and an organic growth...
'23 guidance: at least SEK 600m revenue with 7% EBITDA margin We cut '23e-'25e EBITDA by 20-7% NTM EV/EBITA ~10x Q2 results Q2 revenue and EBITDA were 6% above and 23% below our estimates, respectively. On revenue, the outcome beat our expectation by...
Revenue +6% vs. ABGSCe, EBITDA -23% vs. ABGSCe ACV growth of 3% q-o-q Targets 15-20% org. growth over time Q2'23 results Qlosr’s Q2’23 revenue came in at SEK 165.6m (+6% vs ABGSCe SEK 156.5m), implying a y-o-y total growth rate of 33% and an organic ...
We cut '23e-'25e EBITDA by 5-1% Expect some additional implementation costs in Q2 '23e-'24e EV/EBITA 8-5x What to expect in Q2'23e We expect Q2 revenue SEK 156m and EBITDA of SEK 10m, respectively. These estimates imply cuts of ~2% and ~23%, respectively...
We cut '23e-'25e EBITDA by 6-5% Upgraded growth guidance offset by higher implementation costs '23e EV/EBITA ~9x Q1 results Q1 revenue and EBITDA were 3% and 40% below our estimates, respectively. On net sales, the outcome was in line with our expectations...
Sales -3% vs. ABGSCe ACV growth of 7% q-o-q Guides for SEK 650m 2023e revenue Q1'23 results Qlosr’s Q1’23 revenue came in at SEK 144m (-3% vs ABGSCe SEK 149m), implying a y-o-y total growth rate of 24% and an organic growth rate of ~5%. The gross margin...
We cut '23e-'24e EBITDA by 3-6% Financial targets still achievable Positive outcomes in public and private tenders Q4 results Q4 total sales and EBITDA came in 14% and 13% below our estimates, respectively. The deviation is due to a previously optimistic...
EBITDA -13% vs ABGSCe Guides for at least 10% ACV growth We expect cons. to make minor neg. revisions Q4 results Qlosr’s Q4’22 revenue came in at SEK 145.5m (-14% vs ABGSCe SEK 169m), implying a y-o-y total growth rate of 137%. The gross margin amounted...
Buy & build IT solutions business ’22e-24e adj. EBITA CAGR of 44% (excl. new M&A) Fair value range of SEK 4-11 Opportunities in a fragmented market Qlosr is a Swedish provider of IT solutions with an XaaS (Everything-as-a-Service) business model. The...