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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 1bn by 2024 and to generate an EBITA margin of 10-12%.

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 2022 2023e 2024e
Sales 516 634 718
Sales growth (%) 186,5 23 13,3
EBITDA 22 58 79
EBITDA margin (%) 4,2 9,2 10,9
EBIT adj. 24 47 64
EBIT adj. margin (%) 4,6 7,4 9
Pretax profit -58 -11 10
EPS -0,96 -0,18 0,17
EPS growth (%) 30410,2 -81,1 -194,9
EPS adj. 0,25 0,73 1,09
DPS 0 0 0
EV/EBITDA (x) 20,9 7,3 4,8
EV/EBIT adj. (x) 19 8,9 5,8
P/E (x) -5,2 -27,3 28,8
P/E adj. (x) 19,9 6,8 4,6
EV/sales (x) 0,88 0,66 0,52
FCF yield (%) -10 10,5 16,5
Le. adj. FCF yld. (%) -10 10,5 16,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 7,7 2,3 1,1
Le. adj. ND/EBITDA (x) 4,3 2,3 1,1
SEKm 2022 2023e 2024e
Sales 516 634 718
COGS -300 -352 -397
Gross profit 216 282 322
Other operating items -194 -224 -243
EBITDA 22 58 79
Depreciation and amortisation -13 -11 -13
of which leasing depreciation 0 0 0
EBITA 9 48 65
EO Items -17 0 0
Impairment and PPA amortisation -57 -53 -53
EBIT -48 -6 12
Net financial items -10 -5 -2
Pretax profit -58 -11 10
Tax 2 0 0
Net profit -56 -11 10
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -56 -11 10
EPS -0,96 -0,18 0,17
EPS adj. 0,25 0,73 1,09
Total extraordinary items after tax -16 0 0
Leasing payments 0 0 0
Tax rate (%) 4,3 0,5 0
Gross margin (%) 41,8 44,4 44,8
EBITDA margin (%) 4,2 9,2 10,9
EBITA margin (%) 1,7 7,5 9,1
EBIT margin (%) -9,3 -0,9 1,7
Pre-tax margin (%) -11,3 -1,7 1,4
Net margin (%) -10,8 -1,7 1,4
Sales growth (%) 186,5 23 13,3
EBITDA growth (%) -157,8 167,6 35,2
EBITA growth (%) -121 452 37,6
EBIT growth (%) 3,3 -88,2 -317,1
Net profit growth (%) 20,7 -81,1 -194,9
EPS growth (%) 30410,2 -81,1 -194,9
Profitability N/A N/A N/A
ROE (%) -58,3 -15,6 14,9
ROE adj. (%) 17,7 63,2 94
ROCE (%) -18 -1,6 5
ROCE adj. (%) 9,6 17 23,4
ROIC (%) 3,8 21,8 37
ROIC adj. (%) 11,3 21,8 37
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 39 58 79
EBITDA adj. margin (%) 7,5 9,2 10,9
EBITDA lease adj. 39 58 79
EBITDA lease adj. margin (%) 7,5 9,2 10,9
EBITA adj. 25 48 65
EBITA adj. margin (%) 4,9 7,5 9,1
EBIT adj. 24 47 64
EBIT adj. margin (%) 4,6 7,4 9
Pretax profit Adj. 15 43 63
Net profit Adj. 17 43 63
Net profit to shareholders adj. 17 43 63
Net adj. margin (%) 3,3 6,7 8,8
SEKm 2022 2023e 2024e
EBITDA 22 58 79
Goodwill 222 169 117
Net financial items -10 -5 -2
Other intangible assets 6 9 14
Paid tax 2 0 0
Tangible fixed assets 21 27 27
Non-cash items 31 8 0
Right-of-use asset 0 0 0
Cash flow before change in WC 45 61 76
Total other fixed assets 15 15 15
Change in working capital 6 0 -9
Fixed assets 265 220 174
Operating cash flow 51 61 67
Inventories 17 50 59
Capex tangible fixed assets -14 -16 -13
Receivables 103 130 144
Capex intangible fixed assets 0 -4 -7
Other current assets 49 79 106
Acquisitions and Disposals -66 -11 0
Cash and liquid assets 47 86 134
Free cash flow -29 30 48
Total assets 480 566 616
Dividend paid 0 0 0
Shareholders equity 73 62 72
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 73 62 72
Other non-cash items -64 3 0
Long-term debt 210 215 215
Pension debt 1 0 0
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 1 1 1
Short-term debt 4 6 6
Accounts payable 73 101 102
Other current liabilities 117 180 220
Total liabilities and equity 480 566 616
Net IB debt 167 133 86
Net IB debt excl. pension debt 165 133 85
Net IB debt excl. leasing 167 133 86
Capital employed 289 283 293
Capital invested 239 195 158
Working capital -21 -22 -13
Market cap. diluted (m) 288 288 288
Net IB debt adj. 167 133 86
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 455 421 374
Total assets turnover (%) 117,1 121,3 121,6
Working capital/sales (%) -3,6 -3,4 -2,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 229 214,2 118,6
Net debt / market cap (%) 57,8 46,2 29,7
Equity ratio (%) 15,2 11 11,7
Net IB debt adj. / equity (%) 229 214,2 118,6
Current ratio 1,11 1,2 1,35
EBITDA/net interest 2,1 11,7 35,1
Net IB debt/EBITDA (x) 7,7 2,3 1,1
Net IB debt/EBITDA lease adj. (x) 4,3 2,3 1,1
Interest coverage 0,8 8,1 15,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 58 58 58
Diluted shares adj. 58 58 58
EPS -0,96 -0,18 0,17
Dividend per share 0 0 0
EPS adj. 0,25 0,73 1,09
BVPS 1,26 1,07 1,25
BVPS adj. -2,68 -2,01 -1,03
Net IB debt/share 2,88 2,3 1,48
Share price 4,98 4,98 4,98
Market cap. (m) 288 288 288
P/E (x) -5,2 -27,3 28,8
EV/sales (x) 0,88 0,66 0,52
EV/EBITDA (x) 20,9 7,3 4,8
EV/EBITA (x) 52,8 8,9 5,7
EV/EBIT (x) -9,5 -74,8 30,5
Dividend yield (%) 0 0 0
FCF yield (%) -10 10,5 16,5
Le. adj. FCF yld. (%) -10 10,5 16,5
P/BVPS (x) 3,96 4,63 3,99
P/BVPS adj. (x) -1,93 -2,69 -6,38
P/E adj. (x) 19,9 6,8 4,6
EV/EBITDA adj. (x) 11,8 7,3 4,8
EV/EBITA adj. (x) 17,9 8,9 5,7
EV/EBIT adj. (x) 19 8,9 5,8
EV/CE (x) 1,6 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 2,8 3,2 2,8
Capex/depreciation 1,1 1,9 1,5
Capex tangibles / tangible fixed assets 67,6 58,7 48,7
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 61,45 38,46 47,11

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Qlosr Holding AB 54.3 % 73.5 % 17 May 2023
Lodet AB 5.9 % 3.4 % 17 May 2023
Nordnet Pensionsförsäkring 4.1 % 2.4 % 29 Mar 2023
Andreas Hofman 3.5 % 2.0 % 17 May 2023
Avanza Pension 2.3 % 1.3 % 29 Mar 2023
Sellers of Bmore IT AB & IT Finansiering i Väst AB 2.3 % 1.3 % 28 Sep 2022
Pierre Strandelin 1.4 % 0.8 % 17 May 2023
Fredrik Grevelius 1.3 % 0.8 % 17 May 2023
Cambrian AB 1.1 % 0.6 % 17 May 2023
Kasper Ljungkvist 0.9 % 0.5 % 17 May 2023
Source: Holdings by Modular Finance AB