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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 2025 2026e 2027e
Sales 1851 1945 2242
Sales growth (%) 127,6 5,1 15,2
EBITDA 220 240 321
EBITDA margin (%) 11,9 12,3 14,3
EBIT adj. 147 171 252
EBIT adj. margin (%) 8 8,8 11,2
Pretax profit -20 86 168
EPS -1,16 1,37 2,65
EPS growth (%) N/A N/A 93,3
EPS adj. -1,06 1,37 2,65
DPS 0 0 0
EV/EBITDA (x) 13 11,9 8,6
EV/EBIT adj. (x) 19,4 16,7 11
P/E (x) N/A 40 20,7
P/E adj. (x) N/A 40 20,7
EV/sales (x) 1,54 1,46 1,23
FCF yield (%) -22,3 0,5 3,5
Le. adj. FCF yld. (%) -22,3 0,5 3,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,1 1,9 1,1
Le. adj. ND/EBITDA (x) 1,9 1,7 1
NOKm 2025 2026e 2027e
Sales 1851 1945 2242
COGS -889 -930 -1071
Gross profit 963 1015 1171
Other operating items -743 -775 -849
EBITDA 220 240 321
Depreciation and amortisation -68 -69 -69
of which leasing depreciation 0 0 0
EBITA 152 171 252
EO Items 0 0 0
Impairment and PPA amortisation -5 0 0
EBIT 147 171 252
Net financial items -167 -85 -84
Pretax profit -20 86 168
Tax -23 -19 -37
Net profit -43 67 131
Minority interest -9 -6 -13
Net profit discontinued 0 0 0
Net profit to shareholders -52 61 118
EPS -1,16 1,37 2,65
EPS adj. -1,06 1,37 2,65
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -118 22 22
Gross margin (%) 52 52,2 52,2
EBITDA margin (%) 11,9 12,3 14,3
EBITA margin (%) 8,2 8,8 11,2
EBIT margin (%) 8 8,8 11,2
Pre-tax margin (%) -1,1 4,4 7,5
Net margin (%) -2,3 3,4 5,8
Sales growth (%) 127,6 5,1 15,2
EBITDA growth (%) 206,3 9 34
EBITA growth (%) 205,6 12,3 47,8
EBIT growth (%) N/A 15,8 47,8
Net profit growth (%) 628,9 -255,8 95,2
EPS growth (%) N/A N/A 93,3
Profitability N/A N/A N/A
ROE (%) -14,5 15,2 22,9
ROE adj. (%) -13,2 15,2 22,9
ROCE (%) -2,2 6,1 11
ROCE adj. (%) -1,7 6,1 11
ROIC (%) 64,4 15,5 21,3
ROIC adj. (%) 64,4 15,5 21,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 220 240 321
EBITDA adj. margin (%) 11,9 12,3 14,3
EBITDA lease adj. 220 240 321
EBITDA lease adj. margin (%) 11,9 12,3 14,3
EBITA adj. 152 171 252
EBITA adj. margin (%) 8,2 8,8 11,2
EBIT adj. 147 171 252
EBIT adj. margin (%) 8 8,8 11,2
Pretax profit Adj. -15 86 168
Net profit Adj. -38 67 131
Net profit to shareholders adj. -47 61 118
Net adj. margin (%) -2,1 3,4 5,8
NOKm 2025 2026e 2027e
EBITDA 220 240 321
Goodwill 454 454 454
Net financial items -167 -85 -84
Other intangible assets 373 362 354
Paid tax 0 0 0
Tangible fixed assets 25 25 25
Non-cash items 0 0 -15
Right-of-use asset 49 49 49
Cash flow before change in WC 53 155 222
Total other fixed assets 19 9 8
Change in working capital -55 -85 -75
Fixed assets 919 898 889
Operating cash flow -2 70 147
Inventories 324 366 404
Capex tangible fixed assets 0 0 0
Receivables 284 326 364
Capex intangible fixed assets -59 -59 -61
Other current assets 0 0 0
Acquisitions and Disposals -484 0 0
Cash and liquid assets 544 555 642
Free cash flow -545 12 86
Total assets 2070 2146 2298
Dividend paid 0 0 0
Shareholders equity 364 440 592
Share issues and buybacks -7 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 364 440 592
Other non-cash items -158 0 0
Long-term debt 957 957 957
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 49 49 49
Total other long-term liabilities 103 103 103
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 598 598 598
Total liabilities and equity 2070 2146 2298
Net IB debt 462 450 364
Net IB debt excl. pension debt 462 450 364
Net IB debt excl. leasing 413 401 315
Capital employed 1370 1446 1598
Capital invested 826 890 956
Working capital 10 95 170
Market cap. diluted (m) 2445 2445 2445
Net IB debt adj. 413 401 315
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 2858 2846 2760
Total assets turnover (%) 139,8 92,3 100,9
Working capital/sales (%) 0,7 2,7 5,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 126,6 102,2 61,4
Net debt / market cap (%) 18,9 18,4 14,9
Equity ratio (%) 17,6 20,5 25,8
Net IB debt adj. / equity (%) 113,3 91,1 53,2
Current ratio 1,93 2,09 2,36
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 2,1 1,9 1,1
Net IB debt/EBITDA lease adj. (x) 1,9 1,7 1
Interest coverage N/A N/A N/A
NOKm 2025 2026e 2027e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -1,16 1,37 2,65
Dividend per share 0 0 0
EPS adj. -1,06 1,37 2,65
BVPS 7,81 8,17 9,87
BVPS adj. -10,36 -8,41 -4,82
Net IB debt/share 9,26 9 7,06
Share price 54,8 54,8 54,8
Market cap. (m) 2445 2445 2445
P/E (x) N/A 40 20,7
EV/sales (x) 1,5 1,5 1,2
EV/EBITDA (x) 13 11,9 8,6
EV/EBITA (x) 18,8 16,7 11
EV/EBIT (x) 19,4 16,7 11
Dividend yield (%) 0 0 0
FCF yield (%) -22,3 0,5 3,5
Le. adj. FCF yld. (%) -22,3 0,5 3,5
P/BVPS (x) 7,01 6,71 5,55
P/BVPS adj. (x) -27,43 -184,28 17,64
P/E adj. (x) N/A 40 20,7
EV/EBITDA adj. (x) 13 11,9 8,6
EV/EBITA adj. (x) 18,8 16,7 11
EV/EBIT adj. (x) 19,4 16,7 11
EV/CE (x) 2,1 2 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 3,2 3 2,7
Capex/depreciation 0,9 0,8 0,9
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 269,7 274,4 274,4

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Media

Xplora Technologies - Company presentation with CEO Sten Kirkbak
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 10.6 % 10.6 % 13 Jan 2026
Harald Ulltveit-Moe 5.5 % 5.5 % 13 Jan 2026
Vinterstua AS 5.4 % 5.4 % 13 Jan 2026
Eden AS 5.0 % 5.0 % 13 Jan 2026
S. Munkhaugen AS 4.4 % 4.4 % 13 Jan 2026
MP Pensjon PK 4.2 % 4.2 % 13 Jan 2026
Camelback 3.0 % 3.0 % 13 Jan 2026
Mk Capital AS 2.9 % 2.9 % 13 Jan 2026
Sten Kirkbak 2.5 % 2.5 % 13 Jan 2026
DNB Asset Management AS 2.5 % 2.5 % 13 Jan 2026
Source: Holdings by Modular Finance AB