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Third party research

Xplora Technologies: Expect a record quarter - Nordea

Xplora Technologies

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

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Ahead of the Q4 report, we make only minor changes to our estimates but lift 2026E-27E EBITDA by 8%, owing to an expected NOK 30m in cost synergies. Xplora continues to roll out Senior subscriptions into new regions and soon new channels, and we expect an updated timeline and new datapoints for conversion ratios. We argue that rolling out subscriptions in the Senior segment is an important element of its aim to reach one million subscribers; we forecast 960,000 subscribers for 2028 and a 2024-28 service revenue CAGR of 34%. We adjust our a DCF- and multiples-based fair value range to NOK 51-96 (49-101), driven mainly by cost synergies, implying 2027E EV/EBIT of 7-15x.
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