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Third party research

Xplora Technologies: Retail launch should accelerate growth - Nordea

Xplora Technologies

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

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Xplora reported soft revenue and gross profit for the seasonally weak Q1, 3% and 7% lower than Bloomberg consensus, respectively. Xplora has launched its first retail launch for Senior SIM with Power, which is an important milestone towards capturing the synergy potential from the Doro acquisition. It expects to roll out the product for retail in all MVNO countries during 2026. We estimate that Xplora will reach 977,000 subscribers by 2028, whereas the company expects to reach its target by 2028-29, although we see potential for it to reach the target faster if the emporia acquisition is closed. We estimate a 2025-28 service revenue CAGR of 35% based on continued performance in the Kids segment and Xplora capitalising on the Senior synergy potential. We derive a more narrow DCF- and multiples-based fair value range of NOK 54-94 (54-100), implying 2027E EV/EBIT of 8-14x.