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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 1863 2006
Sales growth (%) 18 129 7,7
EBITDA 72 208 236
EBITDA margin (%) 8,8 11,2 11,8
EBIT adj. 12 124 156
EBIT adj. margin (%) 1,5 6,6 7,8
Pretax profit -2 3 99
EPS -0,13 -0,72 1,38
EPS growth (%) -72,4 N/A -291,7
EPS adj. 0,72 -0,62 1,38
DPS 0 0 0
EV/EBITDA (x) 21,9 9,4 7,5
EV/EBIT adj. (x) 128,9 15,8 11,3
P/E (x) N/A N/A 28,1
P/E adj. (x) 54,3 N/A 28,1
EV/sales (x) 1,93 1,05 0,88
FCF yield (%) 4,5 -22 11,2
Le. adj. FCF yld. (%) 4,5 -22 11,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -2 1,4 0,4
Le. adj. ND/EBITDA (x) -2 1,2 0,2
NOKm 2024 2025e 2026e
Sales 813 1863 2006
COGS -408 -953 -1028
Gross profit 406 909 977
Other operating items -334 -702 -741
EBITDA 72 208 236
Depreciation and amortisation -22 -80 -80
of which leasing depreciation 0 0 0
EBITA 50 128 156
EO Items 0 0 0
Impairment and PPA amortisation -38 -5 0
EBIT 12 124 156
Net financial items -15 -120 -58
Pretax profit -2 3 99
Tax -4 -19 -22
Net profit -6 -16 77
Minority interest 0 -16 -16
Net profit discontinued 0 0 0
Net profit to shareholders -6 -32 61
EPS -0,13 -0,72 1,38
EPS adj. 0,72 -0,62 1,38
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -151,8 614,8 22
Gross margin (%) 49,9 48,8 48,7
EBITDA margin (%) 8,8 11,2 11,8
EBITA margin (%) 6,1 6,9 7,8
EBIT margin (%) 1,5 6,6 7,8
Pre-tax margin (%) -0,3 0,2 4,9
Net margin (%) -0,7 -0,9 3,8
Sales growth (%) 18 129 7,7
EBITDA growth (%) 113,4 189,4 13,6
EBITA growth (%) 185,9 157,9 21,7
EBIT growth (%) -153,3 N/A 26,3
Net profit growth (%) -72,4 170,1 -581,7
EPS growth (%) -72,4 N/A -291,7
Profitability N/A N/A N/A
ROE (%) -1,7 -8,7 14,2
ROE adj. (%) 9,2 -7,4 14,2
ROCE (%) -0,6 0,3 6,7
ROCE adj. (%) 8,3 0,8 6,7
ROIC (%) 52,9 -150,5 19,6
ROIC adj. (%) 52,9 -150,5 19,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 72 208 236
EBITDA adj. margin (%) 8,8 11,2 11,8
EBITDA lease adj. 72 208 236
EBITDA lease adj. margin (%) 8,8 11,2 11,8
EBITA adj. 50 128 156
EBITA adj. margin (%) 6,1 6,9 7,8
EBIT adj. 12 124 156
EBIT adj. margin (%) 1,5 6,6 7,8
Pretax profit Adj. 35 8 99
Net profit Adj. 32 -11 77
Net profit to shareholders adj. 32 -27 61
Net adj. margin (%) 3,9 -0,6 3,8
NOKm 2024 2025e 2026e
EBITDA 72 208 236
Goodwill 119 451 451
Net financial items -15 -120 -58
Other intangible assets 59 349 326
Paid tax 0 0 0
Tangible fixed assets 1 26 26
Non-cash items 0 0 0
Right-of-use asset 0 46 46
Cash flow before change in WC 57 87 179
Total other fixed assets 6 16 4
Change in working capital 41 76 71
Fixed assets 185 888 853
Operating cash flow 98 163 250
Inventories 81 196 161
Capex tangible fixed assets 0 0 0
Receivables 77 176 141
Capex intangible fixed assets -20 -57 -57
Other current assets 0 0 0
Acquisitions and Disposals 0 -484 0
Cash and liquid assets 235 743 935
Free cash flow 78 -378 193
Total assets 578 2003 2090
Dividend paid 0 0 0
Shareholders equity 349 388 475
Share issues and buybacks 0 -7 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 349 388 475
Other non-cash items 0 -150 0
Long-term debt 90 982 982
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 46 46
Total other long-term liabilities 0 104 104
Short-term debt 0 0 0
Accounts payable 49 0 0
Other current liabilities 90 483 483
Total liabilities and equity 578 2003 2090
Net IB debt -146 286 93
Net IB debt excl. pension debt -146 286 93
Net IB debt excl. leasing -146 240 47
Capital employed 438 1416 1504
Capital invested 203 674 568
Working capital 18 -110 -181
Market cap. diluted (m) 1718 1718 1718
Net IB debt adj. -146 240 47
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 1572 1958 1765
Total assets turnover (%) 144,6 144,4 98
Working capital/sales (%) 3,8 -2,5 -7,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -41,7 73,7 19,6
Net debt / market cap (%) -8,5 16,6 5,4
Equity ratio (%) 60,3 19,4 22,7
Net IB debt adj. / equity (%) -41,7 61,8 9,9
Current ratio 2,81 2,31 2,56
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) -2 1,4 0,4
Net IB debt/EBITDA lease adj. (x) -2 1,2 0,2
Interest coverage N/A N/A N/A
NOKm 2024 2025e 2026e
Shares outstanding adj. 44 44 44
Diluted shares adj. 44 44 44
EPS -0,13 -0,72 1,38
Dividend per share 0 0 0
EPS adj. 0,72 -0,62 1,38
BVPS 7,65 7,9 8,78
BVPS adj. 3,85 -9,33 -6,82
Net IB debt/share -3,3 5,43 1,06
Share price 38,9 38,9 38,9
Market cap. (m) 1718 1718 1718
P/E (x) N/A N/A 28,1
EV/sales (x) 1,93 1,05 0,88
EV/EBITDA (x) 21,9 9,4 7,5
EV/EBITA (x) 31,6 15,3 11,3
EV/EBIT (x) 128,9 15,8 11,3
Dividend yield (%) 0 0 0
FCF yield (%) 4,5 -22 11,2
Le. adj. FCF yld. (%) 4,5 -22 11,2
P/BVPS (x) 5,09 4,93 4,43
P/BVPS adj. (x) 7,48 -27,32 70,26
P/E adj. (x) 54,3 N/A 28,1
EV/EBITDA adj. (x) 21,9 9,4 7,5
EV/EBITA adj. (x) 31,6 15,3 11,3
EV/EBIT adj. (x) 128,9 15,8 11,3
EV/CE (x) 3,6 1,4 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 2,5 3,1 2,8
Capex/depreciation 0,9 0,7 0,7
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 2328,71 301,07 302,8

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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 13.4 % 13.4 % 29 Jul 2025
Harald Ulltveit-Moe 6.0 % 6.0 % 29 Jul 2025
Vinterstua AS 5.3 % 5.3 % 29 Jul 2025
Eden AS 5.0 % 5.0 % 29 Jul 2025
S. Munkhaugen AS 4.5 % 4.5 % 29 Jul 2025
MP Pensjon PK 4.3 % 4.3 % 29 Jul 2025
Camelback 3.0 % 3.0 % 29 Jul 2025
Mk Capital AS 3.0 % 3.0 % 29 Jul 2025
Sten Kirkbak 2.5 % 2.5 % 29 Jul 2025
Fougner Invest AS 2.5 % 2.5 % 29 Jul 2025
Source: Holdings by Modular Finance AB