Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 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.

SEKm 2023 2024e 2025e
Sales 600 666 728
Sales growth (%) 16,4 11 9,2
EBITDA 12 38 69
EBITDA margin (%) 2 5,6 9,5
EBIT adj. 13 21 50
EBIT adj. margin (%) 2,2 3,2 6,9
Pretax profit -78 -49 -19
EPS -1,32 -0,85 -0,33
EPS growth (%) 36,8 -35,5 -61,2
EPS adj. -0,22 -0,08 0,45
DPS 0 0 0
EV/EBITDA (x) 17,3 6,5 3,1
EV/EBIT adj. (x) 16 11,4 4,3
P/E (x) -0,7 -1,1 -2,9
P/E adj. (x) -4,3 -11,8 2,1
EV/sales (x) 0,35 0,37 0,3
FCF yield (%) -68,9 -122,1 51,1
Le. adj. FCF yld. (%) -68,9 -122,1 51,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 12,6 5 2,3
Le. adj. ND/EBITDA (x) 5,4 5 2,3
SEKm 2023 2024e 2025e
Sales 600 666 728
COGS -375 -398 -397
Gross profit 225 268 330
Other operating items -213 -231 -261
EBITDA 12 38 69
Depreciation and amortisation -15 -15 -17
of which leasing depreciation 0 0 0
EBITA -3 22 52
EO Items -16 0 0
Impairment and PPA amortisation -62 -56 -57
EBIT -65 -34 -5
Net financial items -13 -15 -14
Pretax profit -78 -49 -19
Tax 0 0 0
Net profit -78 -49 -19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -78 -49 -19
EPS -1,32 -0,85 -0,33
EPS adj. -0,22 -0,08 0,45
Total extraordinary items after tax -16 0 0
Leasing payments 0 0 0
Tax rate (%) -0,3 0 0
Gross margin (%) 37,4 40,2 45,4
EBITDA margin (%) 2 5,6 9,5
EBITA margin (%) -0,5 3,4 7,2
EBIT margin (%) -10,8 -5,1 -0,7
Pre-tax margin (%) -13 -7,4 -2,6
Net margin (%) -13 -7,4 -2,6
Sales growth (%) 16,4 11 9,2
EBITDA growth (%) -45 214,3 84,7
EBITA growth (%) -135,2 -839,2 133
EBIT growth (%) 35,2 -47,4 -85,2
Net profit growth (%) 40,5 -36,8 -61,2
EPS growth (%) 36,8 -35,5 -61,2
Profitability N/A N/A N/A
ROE (%) -205,5 232 34,5
ROE adj. (%) -1,3 -32,7 -68,3
ROCE (%) -26,7 -18,4 -2,8
ROCE adj. (%) 5,6 12,3 31,9
ROIC (%) -1,5 15,1 44
ROIC adj. (%) 6,6 15,1 44
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 28 38 69
EBITDA adj. margin (%) 4,7 5,6 9,5
EBITDA lease adj. 28 38 69
EBITDA lease adj. margin (%) 4,7 5,6 9,5
EBITA adj. 13 22 52
EBITA adj. margin (%) 2,2 3,4 7,2
EBIT adj. 13 21 50
EBIT adj. margin (%) 2,2 3,2 6,9
Pretax profit Adj. 0 7 38
Net profit Adj. 0 7 38
Net profit to shareholders adj. 0 7 38
Net adj. margin (%) -0,1 1 5,2
SEKm 2023 2024e 2025e
EBITDA 12 38 69
Goodwill 166 110 55
Net financial items -13 -15 -14
Other intangible assets 5 8 12
Paid tax 0 0 0
Tangible fixed assets 36 34 32
Non-cash items -7 -30 0
Right-of-use asset 0 0 0
Cash flow before change in WC -9 -8 55
Total other fixed assets 13 38 38
Change in working capital 42 -42 -6
Fixed assets 219 190 136
Operating cash flow 33 -49 49
Inventories 32 33 38
Capex tangible fixed assets -25 -13 -14
Receivables 43 73 92
Capex intangible fixed assets 0 -5 -7
Other current assets 58 81 95
Acquisitions and Disposals -47 0 0
Cash and liquid assets 38 7 35
Free cash flow -39 -67 28
Total assets 390 385 397
Dividend paid 0 0 0
Shareholders equity 3 -46 -65
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 3 -46 -65
Other non-cash items 54 30 0
Long-term debt 132 123 123
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 97 97
Accounts payable 90 93 107
Other current liabilities 106 116 134
Total liabilities and equity 390 385 397
Net IB debt 151 188 160
Net IB debt excl. pension debt 150 188 159
Net IB debt excl. leasing 151 188 160
Capital employed 193 174 155
Capital invested 154 142 95
Working capital -63 -22 -15
Market cap. diluted (m) 56 55 55
Net IB debt adj. 151 188 160
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 207 243 215
Total assets turnover (%) 138 172 186,2
Working capital/sales (%) -7 -6,4 -2,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 4422,2 -408,4 -245,2
Net debt / market cap (%) 268,3 341,4 290,3
Equity ratio (%) 0,9 -12 -16,4
Net IB debt adj. / equity (%) 4422,2 -408,4 -245,2
Current ratio 0,68 0,64 0,77
EBITDA/net interest 0,9 2,4 4,9
Net IB debt/EBITDA (x) 12,6 5 2,3
Net IB debt/EBITDA lease adj. (x) 5,4 5 2,3
Interest coverage 0,2 1,4 3,6
SEKm 2023 2024e 2025e
Shares outstanding adj. 59 58 58
Diluted shares adj. 59 58 58
EPS -1,32 -0,85 -0,33
Dividend per share 0 0 0
EPS adj. -0,22 -0,08 0,45
BVPS 0,06 -0,79 -1,12
BVPS adj. -2,81 -2,81 -2,27
Net IB debt/share 2,54 3,23 2,75
Share price 0,95 0,95 0,95
Market cap. (m) 56 55 55
P/E (x) -0,7 -1,1 -2,9
EV/sales (x) 0,35 0,37 0,3
EV/EBITDA (x) 17,3 6,5 3,1
EV/EBITA (x) -68,4 10,9 4,1
EV/EBIT (x) -3,2 -7,1 -42,7
Dividend yield (%) 0 0 0
FCF yield (%) -68,9 -122,1 51,1
Le. adj. FCF yld. (%) -68,9 -122,1 51,1
P/BVPS (x) 16,48 -1,2 -0,84
P/BVPS adj. (x) -0,35 -0,35 -0,46
P/E adj. (x) -4,3 -11,8 2,1
EV/EBITDA adj. (x) 7,4 6,5 3,1
EV/EBITA adj. (x) 16 10,9 4,1
EV/EBIT adj. (x) 16 11,4 4,3
EV/CE (x) 1,1 1,4 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 4,1 2,7 2,9
Capex/depreciation 1,7 1,2 1,2
Capex tangibles / tangible fixed assets 68,8 38,4 44
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 42,88 53,31

Equity research

Read earlier research

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Qlosr Holding AB 52.8 % 72.4 % 26 Mar 2024
Lodet AB 5.6 % 3.3 % 26 Mar 2024
Nordnet Pensionsförsäkring 4.6 % 2.7 % 26 Mar 2024
Peter Svensson 2.3 % 1.4 % 26 Mar 2024
Sellers of Bmore IT AB & IT Finansiering i Väst AB 2.2 % 1.3 % 27 Mar 2024
Avanza Pension 2.2 % 1.3 % 26 Mar 2024
Andreas Hofman 2.1 % 1.2 % 26 Mar 2024
Pierre Strandelin 1.3 % 0.8 % 26 Mar 2024
Jan Utberg Consulting AB 1.2 % 0.7 % 26 Mar 2024
Fredrik Grevelius 1.2 % 0.7 % 26 Mar 2024
Source: Holdings by Modular Finance AB