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Third party research

Qlosr: Set to reap the rewards during the rest of '23e - 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 '23e-'25e EBITDA by 6-5%
Upgraded growth guidance offset by higher implementation costs
'23e EV/EBITA ~9x


Q1 results

Q1 revenue and EBITDA were 3% and 40% below our estimates, respectively. On net sales, the outcome was in line with our expectations (-1% deviation vs. ABGSCe) but the deviation of 3% on revenue was attributed to lower sale & leaseback (reported as other operating income) related to financing of hardware sales. With respect to earnings, the company booked higher implementation costs than we had estimated. Therefore, the combination of lower other operating income as well as higher implementation costs resulted in a large deviation in percentage terms, but only SEK 5.7m in absolute numbers. We note that the company has also tied up some working capital during Q1, and that suggests that the company has invested for growth during the remainder of 2023e.
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