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Qlosr

Qlosr

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.

SEKm 2021 2022e 2023e
Sales N/A 521 626
Sales growth (%) N/A N/A 20,3
EBITDA N/A 24 64
EBITDA margin (%) N/A 4,7 10,3
EBIT adj N/A -21 0
EBIT adj margin (%) N/A -4 -0,1
Pretax profit N/A -46 -2
EPS rep N/A -0,8 -0,04
EPS growth (%) N/A N/A 95
EPS adj N/A 0,48 0,95
DPS N/A 0 0
EV/EBITDA (x) N/A 19,4 6,2
EV/EBIT adj (x) N/A -22,4 -1171,9
P/E (x) N/A -6,5 -130,8
P/E adj (x) N/A 10,8 5,5
EV/sales (x) N/A 0,9 0,6
FCF yield (%) N/A -1,2 24,8
Dividend yield (%) N/A 0 0
Net IB debt/EBITDA N/A 7 1,5
Lease adj. FCF yield (%) N/A -1,2 24,8
Lease adj. ND/EBITDA N/A 4,1 1,5
SEKm 2021 2022e 2023e
Sales N/A 521 626
COGS N/A -312 -338
Gross profit N/A 209 288
Other operating items N/A -185 -224
EBITDA N/A 24 64
Depreciation and amortisation N/A -5 -7
Of which leasing depreciation N/A 0 0
EBITA N/A 19 57
EO items N/A -17 0
Impairment and PPA amortisation N/A -57 -57
EBIT N/A -38 0
Net financial items N/A -8 -2
Pretax profit N/A -46 -2
Tax N/A 0 0
Net profit N/A -46 -2
Minority interest N/A 0 0
Net profit discontinued N/A 0 0
Net profit to shareholders N/A -46 -2
EPS N/A -0,8 -0,04
EPS Adj N/A 0,48 0,95
Total extraordinary items after tax N/A -16,8 0
Leasing payments N/A 0 0
Tax rate (%) N/A 0 0
Gross margin (%) N/A 40,1 46
EBITDA margin (%) N/A 4,7 10,3
EBITA margin (%) N/A 3,7 9,1
EBIT margin (%) N/A -7,3 -0,1
Pretax margin (%) N/A -8,8 -0,4
Net margin (%) N/A -8,8 -0,4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) N/A N/A 20,3
EBITDA growth (%) N/A N/A 164,8
EBIT growth (%) N/A N/A 99,1
Net profit growth (%) N/A N/A 95
EPS growth (%) N/A N/A 95
Profitability 2021 2022 2023
ROE (%) N/A N/A -2
ROE Adj (%) N/A N/A 47,2
ROCE (%) N/A N/A 0,5
ROCE Adj(%) N/A N/A 16,6
ROIC (%) N/A N/A -0,1
ROIC Adj (%) N/A N/A -0,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj N/A 41 64
EBITDA Adj margin (%) N/A 7,9 10,3
EBITDA lease Adj N/A 41 64
EBITDA lease Adj margin (%) N/A 7,9 10,3
EBITA Adj N/A 36 57
EBITA Adj margin (%) N/A 6,9 9,1
EBIT Adj N/A -21 0
EBIT Adj margin (%) N/A -4 -0,1
Pretax profit Adj N/A 28 55
Net profit Adj N/A 28 55
Net profit to shareholders Adj N/A 28 55
Net Adj margin (%) N/A 5,3 8,8
SEKm 2021 2022e 2023e
EBITDA N/A 24 64
Net financial items N/A -8 -2
Paid tax N/A 0 0
Non-cash items N/A 0 0
Cash flow before change in WC N/A 16 62
Change in WC N/A 35 31
Operating cash flow N/A 51 93
CAPEX tangible fixed assets N/A -10 -13
CAPEX intangible fixed assets N/A -2 -6
Acquisitions and disposals N/A -44 0
Free cash flow N/A -3 74
Dividend paid N/A 0 0
Share issues and buybacks N/A 0 0
Lease liability amortisation N/A 0 0
Other non cash items N/A -84 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill N/A 268 212
Other intangible assets N/A 7 12
Tangible fixed assets N/A 15 21
Right-of-use asset N/A 0 0
Total other fixed assets N/A 11 11
Fixed assets N/A 302 256
Inventories N/A 55 55
Receivables N/A 135 154
Other current assets N/A 123 134
Cash and liquid assets N/A 65 139
Total assets N/A 679 738
Shareholders equity N/A 118 115
Minority N/A 0 0
Total equity N/A 118 115
Long-term debt N/A 232 232
Pension debt N/A 3 3
Convertible debt N/A 0 0
Leasing liability N/A 0 0
Total other long-term liabilities N/A 2 2
Short-term debt N/A 4 4
Accounts payable N/A 76 99
Other current liabilities N/A 245 282
Total liabilities and equity N/A 679 738
Net IB debt N/A 170 96
Net IB debt excl. pension debt N/A 167 93
Net IB debt excl. leasing N/A 170 96
Capital invested N/A 290 213
Working capital N/A -8 -39
EV breakdown 2021 2022 2023
Market cap. diluted (m) N/A 300 300
Net IB debt Adj N/A 170 96
Market value of minority N/A 0 0
Reversal of shares and participations N/A 0 0
Reversal of conv. debt assumed equity N/A 0 0
EV N/A 470 396
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) N/A N/A 88,4
Working capital / sales (%) N/A N/A -3,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) N/A 144,9 83,3
Net debt / market cap (%) N/A 56,8 32
Equity ratio (%) N/A 17,3 15,6
Net IB debt adj. / equity (%) N/A 144,9 83,3
Current ratio (%) N/A 116,2 124,9
EBITDA / net interest (%) N/A 296,1 3288,3
Net IB debt / EBITDA (%) N/A 702,3 149,5
Net IB debt / EBITDA lease Adj (%) N/A 414,9 149,5
Interest cover (%) N/A 229,2 1421,5
SEKm 2021 2022e 2023e
Shares outstanding adj. N/A 58 58
Fully diluted shares Adj N/A 58 58
EPS N/A -0,8 -0,04
Dividend per share Adj N/A 0 0
EPS Adj N/A 0,48 0,95
BVPS N/A 2,03 1,99
BVPS Adj N/A -2,61 -1,67
Net IB debt / share N/A 2,9 1,7
Share price 9,75 5,18 5,18
Market cap. (m) N/A 300 300
Valuation 2021 2022 2023
P/E N/A -6,5 -130,8
EV/sales N/A 0,9 0,63
EV/EBITDA N/A 19,4 6,2
EV/EBITA N/A 24,5 7
EV/EBIT N/A -12,4 -1171,9
Dividend yield (%) N/A 0 0
FCF yield (%) N/A -1,2 24,8
Lease adj. FCF yield (%) N/A -1,2 24,8
P/BVPS N/A 2,55 2,6
P/BVPS Adj N/A -1,99 -3,1
P/E Adj N/A 10,8 5,5
EV/EBITDA Adj N/A 11,4 6,2
EV/EBITA Adj N/A 13,1 7
EV/EBIT Adj N/A -22,4 -1171,9
EV/cap. employed N/A 1,3 1,1
Investment ratios 2021 2022 2023
Capex / sales N/A 2,2 3
Capex / depreciation N/A 221 256,5
Capex tangibles / tangible fixed assets N/A 61,7 59,6
Capex intangibles / definite intangibles N/A 0 0
Depreciation on intangibles / definite intangibles N/A 0 0
Depreciation on tangibles / tangibles N/A 32,2 32,9

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Qlosr Holding AB 54.3 % 73.5 % 28 Sep 2022
Lodet AB 6.8 % 3.9 % 28 Sep 2022
Andreas Hofman 3.3 % 1.9 % 28 Sep 2022
Modelio Equity AB 2.6 % 1.5 % 28 Sep 2022
Sellers of Bmore IT AB & IT Finansiering i Väst AB 2.3 % 1.3 % 28 Sep 2022
Avanza Pension 1.9 % 1.1 % 28 Sep 2022
Nordnet Pensionsförsäkring 1.9 % 1.1 % 28 Sep 2022
Fredrik Grevelius 1.7 % 1.0 % 28 Sep 2022
Pierre Strandelin 1.4 % 0.8 % 28 Sep 2022
Cambrian AB 1.1 % 0.6 % 28 Sep 2022
Source: Holdings by Modular Finance AB