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Xplora Technologies

Xplora Technologies

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Xplora is a leading provider of kids' smartwatches and sold 457k watches in 2023. The watches enable parents to contact and track their children and are restricted to only showing child-friendly content. The company bundles their smartwatches with mobile subscriptions and premium services, ensuring recurring service revenues in addition to device sales. As of Q3’24 it had 326k subscriptions, and the service segment accounted for 58% of total LTM gross profit in Q2'24. It has established itself as the leading kid's smartwatch player in Europe, with 20% market penetration in Norway and 8% in the Nordics overall. The company will also start to offer senior watches and youth smartphones, with expected product launches in Q4'24 and H2'25, respectively.

Sustainability information

The global market has numerous international competitors. With low barriers to entry, there are few hindrances that shield Xplora’s product proposition from being replicated. This could lead to loss in market share, reduced revenues, pressure on margins, loss of personnel, etc. User preferences change over time, and there is a risk that Xplora will not be able to adapt its offering to meet changing preferences. Xplora is constantly seeking to develop new products, and R&D failures may occur. The company’s subscription churn is 30-40% annually. If Xplora fails to replace the loss in customers, stability in revenue flow would decrease. Xplora has a large digital platform and could thus be subject to hacking, which could damage the company’s reputation.

Financials

NOKm 2024 2025e 2026e
Sales 813 1872 1994
Sales growth (%) 18 130,1 6,5
EBITDA 72 216 240
EBITDA margin (%) 8,8 11,5 12
EBIT adj. 12 151 186
EBIT adj. margin (%) 1,5 8,1 9,3
Pretax profit -2 -28 104
EPS -0,13 -1,28 1,66
EPS growth (%) -72,4 N/A N/A
EPS adj. 0,72 -1,18 1,66
DPS 0 0 0
EV/EBITDA (x) 30,5 12,4 10,7
EV/EBIT adj. (x) 180 17,7 13,7
P/E (x) N/A N/A 31,9
P/E adj. (x) 74 N/A 31,9
EV/sales (x) 2,7 1,43 1,28
FCF yield (%) 3,3 -19,1 5,2
Le. adj. FCF yld. (%) 3,3 -19,1 5,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -2 1,7 1
Le. adj. ND/EBITDA (x) -2 1,5 0,8
NOKm 2024 2025e 2026e
Sales 813 1872 1994
COGS -408 -941 -1008
Gross profit 406 930 986
Other operating items -334 -715 -747
EBITDA 72 216 240
Depreciation and amortisation -22 -60 -53
of which leasing depreciation 0 0 0
EBITA 50 156 186
EO Items 0 0 0
Impairment and PPA amortisation -38 -5 0
EBIT 12 151 186
Net financial items -15 -179 -83
Pretax profit -2 -28 104
Tax -4 -21 -23
Net profit -6 -49 81
Minority interest 0 -8 -7
Net profit discontinued 0 0 0
Net profit to shareholders -6 -57 74
EPS -0,13 -1,28 1,66
EPS adj. 0,72 -1,18 1,66
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -151,8 -76,7 22
Gross margin (%) 49,9 49,7 49,5
EBITDA margin (%) 8,8 11,5 12
EBITA margin (%) 6,1 8,3 9,3
EBIT margin (%) 1,5 8,1 9,3
Pre-tax margin (%) -0,3 -1,5 5,2
Net margin (%) -0,7 -2,6 4,1
Sales growth (%) 18 130,1 6,5
EBITDA growth (%) 113,4 200,4 11
EBITA growth (%) 185,9 213,9 19,3
EBIT growth (%) -153,3 N/A 23
Net profit growth (%) -72,4 729,3 -265,2
EPS growth (%) -72,4 N/A N/A
Profitability N/A N/A N/A
ROE (%) -1,7 -16,1 18,2
ROE adj. (%) 9,2 -14,8 18,2
ROCE (%) -0,6 -2,9 6,9
ROCE adj. (%) 8,3 -2,5 6,9
ROIC (%) 52,9 59,4 20,5
ROIC adj. (%) 52,9 59,4 20,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 72 216 240
EBITDA adj. margin (%) 8,8 11,5 12
EBITDA lease adj. 72 216 240
EBITDA lease adj. margin (%) 8,8 11,5 12
EBITA adj. 50 156 186
EBITA adj. margin (%) 6,1 8,3 9,3
EBIT adj. 12 151 186
EBIT adj. margin (%) 1,5 8,1 9,3
Pretax profit Adj. 35 -23 104
Net profit Adj. 32 -44 81
Net profit to shareholders adj. 32 -53 74
Net adj. margin (%) 3,9 -2,4 4,1
NOKm 2024 2025e 2026e
EBITDA 72 216 240
Goodwill 119 456 456
Net financial items -15 -179 -83
Other intangible assets 59 380 387
Paid tax 0 0 0
Tangible fixed assets 1 23 23
Non-cash items 0 0 0
Right-of-use asset 0 48 48
Cash flow before change in WC 57 37 157
Total other fixed assets 6 14 0
Change in working capital 41 58 28
Fixed assets 185 920 914
Operating cash flow 98 94 185
Inventories 81 262 249
Capex tangible fixed assets 0 0 0
Receivables 77 223 209
Capex intangible fixed assets -20 -61 -61
Other current assets 0 0 0
Acquisitions and Disposals 0 -484 0
Cash and liquid assets 235 723 847
Free cash flow 78 -451 124
Total assets 578 2128 2218
Dividend paid 0 0 0
Shareholders equity 349 362 453
Share issues and buybacks 0 -10 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 349 362 453
Other non-cash items 0 -153 0
Long-term debt 90 1037 1037
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 48 48
Total other long-term liabilities 0 106 106
Short-term debt 0 0 0
Accounts payable 49 0 0
Other current liabilities 90 574 574
Total liabilities and equity 578 2128 2218
Net IB debt -146 362 238
Net IB debt excl. pension debt -146 362 238
Net IB debt excl. leasing -146 314 191
Capital employed 438 1447 1538
Capital invested 203 725 691
Working capital 18 -89 -116
Market cap. diluted (m) 2340 2364 2364
Net IB debt adj. -146 314 191
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 2195 2679 2555
Total assets turnover (%) 144,6 138,4 91,8
Working capital/sales (%) 3,8 -1,9 -5,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -41,7 100 52,7
Net debt / market cap (%) -6,2 15,3 10,1
Equity ratio (%) 60,3 17 20,4
Net IB debt adj. / equity (%) -41,7 86,8 42,1
Current ratio 2,81 2,1 2,27
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) -2 1,7 1
Net IB debt/EBITDA lease adj. (x) -2 1,5 0,8
Interest coverage N/A N/A N/A
NOKm 2024 2025e 2026e
Shares outstanding adj. 44 45 45
Diluted shares adj. 44 45 45
EPS -0,13 -1,28 1,66
Dividend per share 0 0 0
EPS adj. 0,72 -1,18 1,66
BVPS 7,65 7,81 8,12
BVPS adj. 3,85 -10,6 -8,75
Net IB debt/share -3,3 7,05 4,27
Share price 53 53 53
Market cap. (m) 2340 2364 2364
P/E (x) N/A N/A 31,9
EV/sales (x) 2,7 1,4 1,3
EV/EBITDA (x) 30,5 12,4 10,7
EV/EBITA (x) 44,2 17,2 13,7
EV/EBIT (x) 180 17,7 13,7
Dividend yield (%) 0 0 0
FCF yield (%) 3,3 -19,1 5,2
Le. adj. FCF yld. (%) 3,3 -19,1 5,2
P/BVPS (x) 6,93 6,78 6,53
P/BVPS adj. (x) 10,2 -25,3 -745,23
P/E adj. (x) 74 N/A 31,9
EV/EBITDA adj. (x) 30,5 12,4 10,7
EV/EBITA adj. (x) 44,2 17,2 13,7
EV/EBIT adj. (x) 180 17,7 13,7
EV/CE (x) 5 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 2,5 3,3 3,1
Capex/depreciation 0,9 1 1,1
Capex tangibles / tangible fixed assets 0 0 0
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 2328,7 262,9 234,8

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Media

Xplora Technologies - Company presentation with Founder & CEO Sten Kirkbak & CFO Knut Stålen

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Passesta AS 13.3 % 13.3 % 19 Aug 2025
Harald Ulltveit-Moe 6.0 % 6.0 % 19 Aug 2025
Vinterstua AS 5.3 % 5.3 % 19 Aug 2025
Eden AS 5.0 % 5.0 % 19 Aug 2025
S. Munkhaugen AS 4.4 % 4.4 % 19 Aug 2025
MP Pensjon PK 4.0 % 4.0 % 19 Aug 2025
Camelback 3.0 % 3.0 % 19 Aug 2025
Mk Capital AS 2.9 % 2.9 % 19 Aug 2025
Sten Kirkbak 2.5 % 2.5 % 19 Aug 2025
Fougner Invest AS 2.5 % 2.5 % 19 Aug 2025
Source: Holdings by Modular Finance AB