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Xplora Technologies: Strong 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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Ahead of the Q3 report, we make only minor changes to our estimates but lift 2026E-27E EBITDA by 1-2%, owing to a higher subscriber base of 443k (426k) in Q3. Xplora continues to roll out Senior subscriptions into new regions and soon new channels, and we expect an updated timeline at the CMD. We argue that rolling out subscriptions in the Senior segment is an important element of its aim to reach one million subscribers; we expect 957k subscribers in 2028 and a 2024-28 service revenue CAGR of 33%. We derive a higher DCF- and multiples-based fair value range of NOK 47-97 (45-95), driven by Q3's higher subscription base, implying 2027E EV/EBIT of 7-15x.
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