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Qlosr

Qlosr

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Qlosr is an IT solutions provider that serves small and medium-sized enterprises, public sector actors and educational institutions. The service offering consists of e.g., complete workplace setups, network services, server solutions, identity management and secure printing. An active, transformative M&A agenda is at the core of the company’s growth and profitability strategy. Through acquisitions, the company aims to grow sales to SEK 1.4bn by 2026 and to generate an EBITA margin of at least 10%.

Sustainability information

Considering that the company has an acquisitive agenda, there are M&A integration risks that could lead to unfulfillment of expected synergies. Component shortages could adversely impact the company’s growth trajectory. Changes in tax regulations could affect potential returns to shareholders and indirect political risk with respect to private education could adversely affect Qlosr’s clients. Competitive and technological development risks could negatively impact the long-term growth of the business.

Financials

SEKm 2023 2024e 2025e
Sales 600 599 661
Sales growth (%) 16,4 -0,2 10,3
EBITDA 12 17 52
EBITDA margin (%) 2 2,9 7,9
EBIT adj. 13 7 33
EBIT adj. margin (%) 2,2 1,2 5
Pretax profit -78 -75 -34
EPS -1,32 -1,29 -0,58
EPS growth (%) 36,8 -2 -54,7
EPS adj. -0,22 -0,37 0,2
DPS 0 0 0
EV/EBITDA (x) 13,3 10,7 3,3
EV/EBIT adj. (x) 12,2 26 5,2
P/E (x) -0,1 -0,1 -0,2
P/E adj. (x) -0,6 -0,4 0,7
EV/sales (x) 0,26 0,31 0,26
FCF yield (%) -497,3 -767,9 159
Le. adj. FCF yld. (%) -497,3 -767,9 159
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 12,6 10,3 3,2
Le. adj. ND/EBITDA (x) 5,4 6,8 3,2
SEKm 2023 2024e 2025e
Sales 600 599 661
COGS -375 -367 -368
Gross profit 225 231 292
Other operating items -213 -214 -240
EBITDA 12 17 52
Depreciation and amortisation -15 -19 -17
of which leasing depreciation 0 0 0
EBITA -3 -1 35
EO Items -16 -9 0
Impairment and PPA amortisation -62 -57 -57
EBIT -65 -58 -22
Net financial items -13 -17 -12
Pretax profit -78 -75 -34
Tax 0 0 0
Net profit -78 -75 -34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -78 -75 -34
EPS -1,32 -1,29 -0,58
EPS adj. -0,22 -0,37 0,2
Total extraordinary items after tax -16 -9 0
Leasing payments 0 0 0
Tax rate (%) -0,3 0,1 0
Gross margin (%) 37,4 38,6 44,3
EBITDA margin (%) 2 2,9 7,9
EBITA margin (%) -0,5 -0,2 5,3
EBIT margin (%) -10,8 -9,7 -3,3
Pre-tax margin (%) -13 -12,6 -5,2
Net margin (%) -13 -12,5 -5,2
Sales growth (%) 16,4 -0,2 10,3
EBITDA growth (%) -45 44,4 203,4
EBITA growth (%) -135,2 -52,9 -2560,7
EBIT growth (%) 35,2 -10,4 -61,9
Net profit growth (%) 40,5 -4 -54,7
EPS growth (%) 36,8 -2 -54,7
Profitability N/A N/A N/A
ROE (%) -205,5 222,2 38,7
ROE adj. (%) -1,3 28,7 -26,3
ROCE (%) -26,7 -37,5 -23
ROCE adj. (%) 5,6 5,1 36
ROIC (%) -1,5 -1,1 42,3
ROIC adj. (%) 6,6 5,7 42,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 28 26 52
EBITDA adj. margin (%) 4,7 4,4 7,9
EBITDA lease adj. 28 26 52
EBITDA lease adj. margin (%) 4,7 4,4 7,9
EBITA adj. 13 7 35
EBITA adj. margin (%) 2,2 1,2 5,3
EBIT adj. 13 7 33
EBIT adj. margin (%) 2,2 1,2 5
Pretax profit Adj. 0 -10 23
Net profit Adj. 0 -10 23
Net profit to shareholders adj. 0 -10 23
Net adj. margin (%) -0,1 -1,6 3,5
SEKm 2023 2024e 2025e
EBITDA 12 17 52
Goodwill 166 109 54
Net financial items -13 -17 -12
Other intangible assets 5 5 9
Paid tax 0 0 0
Tangible fixed assets 36 34 30
Non-cash items -7 -31 0
Right-of-use asset 0 0 0
Cash flow before change in WC -9 -31 40
Total other fixed assets 13 31 31
Change in working capital 42 -9 -9
Fixed assets 219 180 124
Operating cash flow 33 -40 31
Inventories 32 33 37
Capex tangible fixed assets -25 -15 -13
Receivables 43 52 67
Capex intangible fixed assets 0 -2 -6
Other current assets 58 80 85
Acquisitions and Disposals -47 -2 0
Cash and liquid assets 38 -11 2
Free cash flow -39 -59 12
Total assets 390 333 315
Dividend paid 0 0 0
Shareholders equity 3 -71 -105
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 3 -71 -105
Other non-cash items 54 32 0
Long-term debt 132 107 107
Pension debt 0 1 1
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 1 1 1
Short-term debt 57 78 78
Accounts payable 90 98 104
Other current liabilities 106 121 130
Total liabilities and equity 390 333 315
Net IB debt 151 177 165
Net IB debt excl. pension debt 150 176 164
Net IB debt excl. leasing 151 177 165
Capital employed 193 114 80
Capital invested 154 106 60
Working capital -63 -54 -45
Market cap. diluted (m) 8 8 8
Net IB debt adj. 151 177 165
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 159 185 173
Total assets turnover (%) 138 165,5 203,7
Working capital/sales (%) -7 -9,8 -7,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 4422,2 -249,5 -157,1
Net debt / market cap (%) 1937,7 2322,7 2163,7
Equity ratio (%) 0,9 -21,3 -33,3
Net IB debt adj. / equity (%) 4422,2 -249,5 -157,1
Current ratio 0,68 0,52 0,61
EBITDA/net interest 0,9 1 4,4
Net IB debt/EBITDA (x) 12,6 10,3 3,2
Net IB debt/EBITDA lease adj. (x) 5,4 6,8 3,2
Interest coverage 0,2 0,1 3
SEKm 2023 2024e 2025e
Shares outstanding adj. 59 58 58
Diluted shares adj. 59 58 58
EPS -1,32 -1,29 -0,58
Dividend per share 0 0 0
EPS adj. -0,22 -0,37 0,2
BVPS 0,06 -1,22 -1,8
BVPS adj. -2,81 -3,18 -2,89
Net IB debt/share 2,54 3,04 2,83
Share price 0,13 0,13 0,13
Market cap. (m) 8 8 8
P/E (x) -0,1 -0,1 -0,2
EV/sales (x) 0,26 0,31 0,26
EV/EBITDA (x) 13,3 10,7 3,3
EV/EBITA (x) -52,4 -129,5 4,9
EV/EBIT (x) -2,5 -3,2 -7,8
Dividend yield (%) 0 0 0
FCF yield (%) -497,3 -767,9 159
Le. adj. FCF yld. (%) -497,3 -767,9 159
P/BVPS (x) 2,28 -0,11 -0,07
P/BVPS adj. (x) -0,05 -0,04 -0,05
P/E adj. (x) -0,6 -0,4 0,7
EV/EBITDA adj. (x) 5,7 7,1 3,3
EV/EBITA adj. (x) 12,2 24,7 4,9
EV/EBIT adj. (x) 12,2 26 5,2
EV/CE (x) 0,8 1,6 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 4,1 2,8 2,9
Capex/depreciation 1,7 0,9 1,1
Capex tangibles / tangible fixed assets 68,8 44,4 42,3
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 41,66 53,56 55,97

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Main shareholders - Qlosr

Main shareholders Share capital % Voting shares % Verified
Qlosr Holding AB 52.7 % 72.3 % 26 Sep 2024
Lodet AB 4.4 % 2.6 % 26 Sep 2024
Peter Svensson 4.2 % 2.5 % 26 Sep 2024
Nordnet Pensionsförsäkring 3.7 % 2.1 % 26 Sep 2024
Avanza Pension 2.4 % 1.4 % 26 Sep 2024
Sellers of Bmore IT AB & IT Finansiering i Väst AB 2.2 % 1.3 % 26 Sep 2024
Swedbank Försäkring 1.4 % 0.8 % 26 Sep 2024
Pierre Strandelin 1.3 % 0.8 % 26 Sep 2024
Jan Utberg Consulting AB 1.2 % 0.7 % 26 Sep 2024
Cambrian AB 1.0 % 0.6 % 26 Sep 2024
Source: Holdings by Modular Finance AB