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Third party research

Qlosr: Q4'23: miss on sales and earnings - ABG

Qlosr Group

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

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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 is slightly lower than our estimated 44%. Adj. EBITDA of SEK 7.1m was ~60% below our estimate and corresponds to margin of 4.5%, which is 650bps lower than ABGSCe. Importantly, Qlosr released some SEK 63m in working capital, showing that an external financing need to capitalise the business is limited.
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