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Research

Qt: Blood-curdling growth

Qt Group
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Qt Group that develops software development tools published a very strong Q2 report on Friday and currency-adjusted net sales nearly doubled from the comparison period. The company's market is on the threshold of strong growth even though component shortage partly caused by growth restricts growth in the short term. Qt still manages to constantly squeeze out stronger growth than we anticipate from the market driven by developer licenses, and we raised our estimates clearly. Valuation has been stretched very high in the short term (2021e EV/S 30x) but the return expectation we estimate (7%) is, however, sufficient to stay with the high-quality grower.

Qt Group

149.4EUR06.08.2021, 18.00
160EURTarget price
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Recommendation updated:08.08.2021

QT Group is active in the IT sector. The group develops various development tools for the global market. The technology is based on QT technology and is used to develop multi-platform interfaces and associated applications. The services are used in, among other things, industrial robots, entertainment systems, and vehicle systems. Businesses are conducted on a global level and customers are found in the automotive and aerospace industries.

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Key Estimate Figures08.08.2021

202021e22e
Revenue79.4123.9177.1
growth-%36.1 %55.9 %43.0 %
EBIT (adj.)17.028.555.5
EBIT-% (adj.)21.4 %23.0 %31.3 %
EPS (adj.)0.530.931.74
Dividend0.000.000.60
Dividend %0.0 %0.0 %1.3 %
P/E (adj.)108.851.427.3
EV/EBITDA70.736.719.9
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