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Third party research

Xplora Technologies: Positioned for accelerating subscriber growth - Nordea

Xplora Technologies

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

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Xplora reported record results in the Q4 report, and it reported gross profit of NOK 312m, 7% higher than Bloomberg consensus, driven by strong sales in the senior segment. Xplora reported an adjusted EBITDA of NOK 269m in 2025, and we expect the company to reach NOK 511m in 2028, driven by rolling out subscriptions to more than one million senior phones annually. We estimate that Xplora will reach 950k subscribers by 2028, whereas Xplora expects to reach its target by 2028/29, with potential to reach the target faster through M&A, we argue. We estimate a 2025-28 service revenue CAGR of 34% from continued performance in the kids segment and via capitalising on senior synergy potential. We derive a higher DCF- and multiples-based fair value range of NOK 54-100 (51-96), implying 2027E EV/EBIT of 7-13x.
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