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Third party research

Qlosr: Challenging conditions persist - 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 adj. EBITDA by 13-9%
Shareholders accept the large divestment
'25e EV/EBITA ~5x


What to expect in Q3'24e

We expect Q3 total revenue of SEK 118m and EBITDA of SEK 4m. 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. Combined with the reported ACV of SEK ~415m in Q2'23, this represents visibility on the top-line. However, there have been no contract announcements since 25 April 2024. Even though Q3 is seasonally weak, the lack of recent contract win announcements means that organic growth momentum is likely to become somewhat softer.
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