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Research

Qt: Blood-curdling growth

Qt Group
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Qt Group that develops software development tools published a very strong Q2 report on Friday and currency-adjusted net sales nearly doubled from the comparison period. The company's market is on the threshold of strong growth even though component shortage partly caused by growth restricts growth in the short term. Qt still manages to constantly squeeze out stronger growth than we anticipate from the market driven by developer licenses, and we raised our estimates clearly. Valuation has been stretched very high in the short term (2021e EV/S 30x) but the return expectation we estimate (7%) is, however, sufficient to stay with the high-quality grower.

QT Group operates in the IT sector. The group develops various development tools for the global market. The technology is based on QT technology and is used to develop multi-platform interfaces and associated applications. The services are used in, among other things, industrial robots, entertainment systems, and vehicle systems. Operations are conducted on a global level and customers are found in the automotive and aerospace industries.

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Key Estimate Figures2021-08-08

202021e22e
Revenue79.4123.9177.1
growth-%36.1 %55.9 %43.0 %
EBIT (adj.)17.028.555.5
EBIT-% (adj.)21.4 %23.0 %31.3 %
EPS (adj.)0.530.931.74
Dividend0.000.000.60
Dividend %0.0 %0.0 %2.3 %
P/E (adj.)108.828.715.2
EV/EBITDA70.720.110.5

Forum discussions

Maybe not, but Karo summarizes it aptly: ”The OP analyst did exactly what an analyst is supposed to do: reported the news. It happened rather...
10 hours ago
by JuhaR
15
More speculation regarding ‘CFO-gate’. Nothing that hasn’t already been tossed around on this forum over the past two days, though. QT’s results...
10 hours ago
by Opa
6
LG released its results today, and here is one excerpt: The LG Media Entertainment Solution (MS) Company MS posted revenue of KRW 19.43 trillion...
15 hours ago
by anttirs
22
I’ll answer my own question by asking a) what the market will look like in the future. AI etc. Coders won’t really be needed. New competitors...
15 hours ago
by Zuri
0
The mistake was made by Kuutti and the CFO, but some of the commenters seem to be okay with the fact that essential information affecting a ...
16 hours ago
by Pörssiturska
8
3 messages were merged into the thread: Investor Communications and its Regulation
16 hours ago
by Sijoittaja-alokas
0
I am only commenting on our guidelines, according to which if there is any uncertainty or a case falls into a gray area, information is not ...
16 hours ago
by Mikael Rautanen
75
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