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Q-Free

Q-Free

Q-Free is a leading global supplier of intelligent transportation systems (ITS). The company operates in 15 different geographical markets and its operations are divided into tolling and traffic management. In the tolling segment, Q-Free provides hardware, software and services solutions for electronic toll collection (ETC). In the Traffic Management segment, Q-Free provides technology for the planning and control of traffic, including solutions for traffic signalling, software for inter-urban traffic management, as well as traffic counting and classification systems.

Q-Free operates in a market with competing technologies. While the company’s technology is currently established as a leading technology, new ones could emerge in the future. Note, however, that new technologies, such as satellite, would most likely be adopted in combination with an already established technology and that Q-Free’s technology in this case is expected to be used as an enforcement mechanism. Furthermore, Q-Free expects to deliver improved margins going forward, driven by an increased focus on ARR and investments in S&M. If most customers prefer upfront payments, this could affect margin expansion going forward.

NOKm 2022 2023e 2024e
Sales 949 984 1065
Sales growth (%) 10,3 3,6 8,3
EBITDA 86 75 129
EBITDA margin (%) 9,1 7,6 12,1
EBIT adj. 32 19 74
EBIT adj. margin (%) 3,4 1,9 7
Pretax profit 12 -23 32
EPS 0,02 -0,16 0,22
EPS growth (%) -95,3 -757 -234,8
EPS adj. 0,02 -0,16 0,22
DPS 0 0 0
EV/EBITDA (x) 9,5 11,1 6,4
EV/EBIT adj. (x) 25,2 44,1 11,1
P/E (x) 238,4 -36,3 26,9
P/E adj. (x) 238,4 -36,3 26,9
EV/sales (x) 0,86 0,84 0,77
FCF yield (%) 1,1 2,1 3,3
Le. adj. FCF yld. (%) 1,1 2,1 3,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,8 2,2 1,2
Le. adj. ND/EBITDA (x) 1,8 2,2 1,2
NOKm 2022 2023e 2024e
Sales 949 984 1065
COGS -357 -413 -416
Gross profit 592 571 649
Other operating items -506 -496 -520
EBITDA 86 75 129
Depreciation and amortisation -54 -56 -55
of which leasing depreciation 0 0 0
EBITA 32 19 74
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 32 19 74
Net financial items -20 -42 -43
Pretax profit 12 -23 32
Tax -10 5 -7
Net profit 3 -18 25
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 3 -18 25
EPS 0,02 -0,16 0,22
EPS adj. 0,02 -0,16 0,22
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 77,5 22 22
Gross margin (%) 62,4 58 60,9
EBITDA margin (%) 9,1 7,6 12,1
EBITA margin (%) 3,4 1,9 7
EBIT margin (%) 3,4 1,9 7
Pre-tax margin (%) 1,3 -2,4 3
Net margin (%) 0,3 -1,9 2,3
Sales growth (%) 10,3 3,6 8,3
EBITDA growth (%) -18,2 -13,4 72,2
EBITA growth (%) -35,4 -42 293,3
EBIT growth (%) -35,4 -42 N/A
Net profit growth (%) -95,3 -757 -234,8
EPS growth (%) -95,3 -757 -234,8
Profitability N/A N/A N/A
ROE (%) 0,6 -3,8 5,1
ROE adj. (%) 0,6 -3,8 5,1
ROCE (%) 8,2 4,5 12,2
ROCE adj. (%) 8,2 4,5 12,2
ROIC (%) 1,2 2,3 8,9
ROIC adj. (%) 1,2 2,3 8,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 86 75 129
EBITDA adj. margin (%) 9,1 7,6 12,1
EBITDA lease adj. 86 75 129
EBITDA lease adj. margin (%) 9,1 7,6 12,1
EBITA adj. 32 19 74
EBITA adj. margin (%) 3,4 1,9 7
EBIT adj. 32 19 74
EBIT adj. margin (%) 3,4 1,9 7
Pretax profit Adj. 12 -23 32
Net profit Adj. 3 -18 25
Net profit to shareholders adj. 3 -18 25
Net adj. margin (%) 0,3 -1,9 2,3
NOKm 2022 2023e 2024e
EBITDA 86 75 129
Goodwill 313 313 313
Net financial items -20 -42 -43
Other intangible assets 151 196 232
Paid tax 0 -1 -7
Tangible fixed assets 114 94 80
Non-cash items -1 0 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 65 31 79
Total other fixed assets 3 3 3
Change in working capital 13 58 18
Fixed assets 581 607 628
Operating cash flow 78 90 97
Inventories 87 40 49
Capex tangible fixed assets -11 -8 -6
Receivables 296 206 240
Capex intangible fixed assets -60 -68 -70
Other current assets 44 40 43
Acquisitions and Disposals 0 0 0
Cash and liquid assets 76 66 75
Free cash flow 7 14 22
Total assets 1083 959 1035
Dividend paid N/A N/A N/A
Shareholders equity 493 475 499
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 493 475 499
Other non-cash items -11 0 0
Long-term debt 177 177 177
Pension debt N/A N/A N/A
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 40 15 3
Short-term debt 57 57 57
Accounts payable 103 64 69
Other current liabilities 214 171 230
Total liabilities and equity 1083 959 1035
Net IB debt 157 168 158
Net IB debt excl. pension debt 157 168 158
Net IB debt excl. leasing 157 168 158
Capital employed 727 708 733
Capital invested 650 642 658
Working capital 109 51 32
Market cap. diluted (m) 663 663 663
Net IB debt adj. 157 168 158
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 820 831 821
Total assets turnover (%) 93,4 96,3 106,8
Working capital/sales (%) 12,1 8,1 3,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 31,9 35,3 31,7
Net debt / market cap (%) 23,7 25,3 23,9
Equity ratio (%) 45,5 49,5 48,2
Net IB debt adj. / equity (%) 31,9 35,3 31,7
Current ratio 1,34 1,2 1,14
EBITDA/net interest 4,3 1,8 3
Net IB debt/EBITDA (x) 1,8 2,2 1,2
Net IB debt/EBITDA lease adj. (x) 1,8 2,2 1,2
Interest coverage 1,3 0,6 1,6
NOKm 2022 2023e 2024e
Shares outstanding adj. 111 111 111
Diluted shares adj. 111 111 111
EPS 0,02 -0,16 0,22
Dividend per share 0 0 0
EPS adj. 0,02 -0,16 0,22
BVPS 4,43 4,27 4,49
BVPS adj. 0,26 -0,31 -0,41
Net IB debt/share 1,41 1,51 1,42
Share price 6 6 6
Market cap. (m) 663 663 663
P/E (x) 238,4 -36,3 26,9
EV/sales (x) 0,86 0,84 0,77
EV/EBITDA (x) 9,5 11,1 6,4
EV/EBITA (x) 25,2 44,1 11,1
EV/EBIT (x) 25,2 44,1 11,1
Dividend yield (%) 0 0 0
FCF yield (%) 1,1 2,1 3,3
Le. adj. FCF yld. (%) 1,1 2,1 3,3
P/BVPS (x) 1,34 1,4 1,33
P/BVPS adj. (x) 8,61 34,25 75,21
P/E adj. (x) 238,4 -36,3 26,9
EV/EBITDA adj. (x) 9,5 11,1 6,4
EV/EBITA adj. (x) 25,2 44,1 11,1
EV/EBIT adj. (x) 25,2 44,1 11,1
EV/CE (x) 1,1 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 7,5 7,7 7,1
Capex/depreciation 1,3 1,4 1,4
Capex tangibles / tangible fixed assets 9,8 8 7,7
Capex intangibles / definite intangibles 58 47,8 39,3
Depreciation on intang / def. intang 52 39 31
Depreciation on tangibles / tangibles 0 0 0

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Q-Free - Company presentation with President & CEO Håkon Volldal

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