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Third party research

Qlosr: Conditions remain largely unchanged - ABG

Qlosr Group

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

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We cut '24e-'26e EBITDA by 17-9%
Still expect meaningful share of hardware-related sales
NTM EV/EBITA ~6x


What to expect in Q2'24e

We expect Q2 revenue of SEK 179m and EBITDA of SEK 8m. On a YTD basis, the company has announced contracts with an estimated order value of ~SEK 650m over nearly four years, implying an annual weighted average contract value of ~SEK 175m. When combining this with the reported ACV of SEK ~406m in Q1'23, there is visibility on the top-line going forward. However, there have been no contract announcements since 25 April 2024. Even though the summer is seasonally weak, the lack of recent contract win announcements means that organic growth momentum is likely to become slightly softer.
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