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Eksterne analyser

Qlosr: Set up for seasonally strong Q4 - ABG

Qlosr Group

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

Download analyse (PDF)
Adj. EBITDA SEK 1.6m above ABGSCe
ACV growth of 1% q-o-q
Transformation to subscription model shows effect


Q3'23 results

Qlosr’s Q3’23 revenue came in at SEK 132m (-11% vs ABGSCe SEK 149m), implying a y-o-y total growth rate of 6% and an organic growth rate of -7%. The gross margin amounted to 42.8%, which is 80bps higher than our estimated 42%. EBITDA adjusted for earn-out revaluations was SEK 4.5m vs ABGSCe SEK 2.9m, corresponding to an EBITDA margin of 3.4%, which is 150bps higher than ABGSCe. The nature of Qlosr's business is such that both revenues and costs can be volatile, because implementation costs typically precede revenues. In the case of Q3'23, implementation costs have likely come down sequentially in combination with lower rental expenses and personnel costs. This has lead to an earnings beat despite lagging revenues.
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