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Eksterne analyser

Xplora Technologies: Connection established - ABG

Xplora Technologies

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

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- Strong Q2 – good start with Doro Connect
- '25e-'28e EBIT CAGR of 30% driven by senior subscriptions...
- ...leading EV/EBIT to drop from 18x in '25e to 6.6x in '28e


Record Q2 driven by Senior device sales and GM

Xplora delivered a strong Q2 with revenue of NOK 463m and adj. EBITDA of NOK 60m, 3% and 42% above our estimates, respectively. This was driven by: 1) Strong Senior (Doro) device sales 11% above ABGSCe, and 2) a GM of 50.0% vs. ABGSCe at 47.4%, driven by newly launched products with higher margins. While some of the increase in Doro volumes should likely not be extrapolated (boosted by the shutdown of 2G and new product launches), the strong Senior device sales should at least continue in H2 (strong backlog). Underlying opex was spot on our estimate, and Xplora also shut down a German logistics operation, which we estimate will save ~NOK 10m in costs p.a. We lift EBITDA by 1% on higher gross profit, partly offset by slightly higher costs.
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