• Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Third party research

Qlosr: Set to reap the rewards during the rest of '23e - ABG

Qlosr Group

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

Download report (PDF)
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 (-1% deviation vs. ABGSCe) but the deviation of 3% on revenue was attributed to lower sale & leaseback (reported as other operating income) related to financing of hardware sales. With respect to earnings, the company booked higher implementation costs than we had estimated. Therefore, the combination of lower other operating income as well as higher implementation costs resulted in a large deviation in percentage terms, but only SEK 5.7m in absolute numbers. We note that the company has also tied up some working capital during Q1, and that suggests that the company has invested for growth during the remainder of 2023e.