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Qlosr: Back-end-loaded 2023 - ABG

Qlosr GroupThird party research27.11.2023, 10.24

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
'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 the consulting services with high incremental margin, but the company did not incur implementation costs to a significant degree, leading to a beat on earnings. Importantly, subscription revenues are up ~10% y-o-y, suggesting that the company's transformation from a direct, transaction model to a subscription model is successful.