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Third party research

Qlosr: Contract win momentum maintained - ABG

Qlosr Group

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

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Minor estimate changes
Solid pace of public procurement wins
'24e EV/EBITA ~9x


What to expect in Q1'24e

We expect Q1 revenue of SEK 157m and EBITDA of SEK 9m. 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 400m in Q4'23, there is visibility on the top-line going forward. That said, the quarterly variations in EBITDA are significant, and a rolling 12-month perspective therefore provides a more representative view of the underlying business than a single quarter.
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