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Qlosr: Expect a back-end-loaded 2024 - ABG

Qlosr GroupThird party research24.05.2024 klo 09.57

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

Download report (PDF)
'24e-'26e EBITDA cut by 14-1%
Near-term margin pressure driven by business transformation
'24e EV/EBITA ~11x


Q1 results

Q1 revenue and adj. EBITDA were ~14% above and ~70% below our estimates, respectively. The large deviations were driven by an increased share of hardware-related sales, which are margin-dilutive. The company has issued debt to capitalise the business in the near-term, but we expect some working capital release by the end of the year to aid the company's cash generation. The subscription business continues to grow but is progressing somewhat more modestly than we had expected.