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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 1917,61 1928,84 2110,19
Sales growth (%) 135,8 0,6 9,4
EBITDA 241 247 355
EBITDA margin (%) 12,6 12,8 16,8
EBIT adj. 164 170 276
EBIT adj. margin (%) 8,6 8,8 13,1
Pretax profit 4 145 193
EPS -0,73 2,5 3,16
EPS growth (%) N/A N/A 26,2
EPS adj. -0,62 2,5 3,16
Dividend per share 0 0 0
EV/EBITDA (x) 10,2 9,2 5,9
EV/EBIT adj. (x) 14,9 13,4 7,6
P/E (x) N/A 17,2 13,62
P/E adj. (x) N/A 17,2 13,6
EV/sales (x) 1,28 1,18 1
FCF yield (%) -30,2 5,4 8,7
Le. adj. FCF yld. (%) -30,2 5,4 8,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,2 0,9 0,1
Le. adj. ND/EBITDA (x) 2,2 0,9 0,1
NOKm 2025 2026e 2027e
Sales 1917,61 1928,84 2110,19
COGS -921 -928 -1001
Gross profit 997 1001 1109
Other operating items -756 -753 -754
EBITDA 241 247 355
Depreciation and amortisation -72 -77 -79
Depreciation on leased assets 0 0 0
EBITA 168,59 170,15 275,5
Operating EO items 0 0 0
Impairment and amortisation charges -5 0 0
EBIT 163,98 170,15 275,5
Net financial items -160 -25 -82
Pretax profit 4 145 193
Tax -31 -26 -43
Net profit -27 120 151
Minority interest -6 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -32 119 151
EPS -0,73 2,5 3,16
EPS adj. -0,62 2,5 3,16
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 714,4 17,6 22
Gross margin (%) 52 51,9 52,5
EBITDA margin (%) 12,6 12,8 16,8
EBITA margin (%) 8,8 8,8 13,1
EBIT margin (%) 8,6 8,8 13,1
Pre-tax margin (%) 0,2 7,5 9,2
Net margin (%) -1,4 6,2 7,1
Sales growth (%) 135,8 0,6 9,4
EBITDA growth (%) 235,1 2,7 43,5
EBITA growth (%) 239,1 0,9 61,9
EBIT growth (%) N/A 3,8 61,9
Net profit growth (%) 349,1 -551,7 25,8
EPS growth (%) N/A N/A 26,2
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -8,9 24,5 22,4
ROE adj. (%) -7,7 24,5 22,4
ROCE (%) 0,5 10,2 12,2
ROCE adj. (%) 1 10,2 12,2
ROIC (%) -186,3 16,2 26,5
ROIC adj. (%) -186,3 16,2 26,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 241 247 355
EBITDA adj. margin (%) 12,6 12,8 16,8
EBITDA lease adj. 241 247 355
EBITDA lease adj. margin (%) 12,6 12,8 16,8
EBITA adj. 169 170 276
EBITA adj. margin (%) 8,8 8,8 13,1
EBIT adj. 164 170 276
EBIT adj. margin (%) 8,6 8,8 13,1
Pretax profit Adj. 9 145 193
Net profit Adj. -22 120 151
Net profit to shareholders adj. -28 119 151
Net adj. margin (%) -1,1 6,2 7,1
NOKm 2025 2026e 2027e
EBITDA 241 247 355
Goodwill 454 448 448
Net financial items -160 -25 -82
Other intangible assets 379 314 283
Paid tax 0 0 0
Tangible fixed assets 20 34 34
Non-cash items 77 -37 -43
Right-of-use asset 55 52 52
Cash flow before change in WC 158 186 230
Other Fixed Assets All 32 11 11
Change in working capital -126 0 -3
Fixed assets 940 858 828
Operating cash flow 32 185 226
Inventories 354 314 306
Capex tangible fixed assets 0 0 0
Receivables 298 286 316
Capex intangible fixed assets -48 -44 -49
Other current assets 0 0 0
Acquisitions and Disposals -563 -29 0
Cash and liquid assets 423 689 867
Free cash flow -579 112 178
Total assets 2014 2149 2317
Dividend paid 0 0 0
Shareholders equity 377 596 747
Share issues and buybacks 3 144 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 377 596 747
Other changes in net debt -206 35 0
Long-term debt 954 917 917
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 104 117 117
Short-term debt 0 0 0
Accounts payable 175 168 185
Other current liabilities 403 350 350
Total liabilities and equity 2014 2149 2317
Net IB debt 532 228 50
Net IB debt excl. pension debt 532 228 50
Net IB debt excl. leasing 532 228 50
Capital employed 1332 1514 1665
Capital invested 909 824 797
Working capital 74 83 86
Market cap. diluted (m) 1918 2053 2053
Net IB debt adj. 532 228 50
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 2450 2281 2103
Total assets turnover (%) 148 92,7 94,5
Working capital/sales (%) 2,4 4,1 4
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 141 38,2 6,7
Net debt / market cap (%) 27,7 11,1 2,4
Equity ratio (%) 18,7 27,8 32,3
Net IB debt adj. / equity (%) 141 38,2 6,7
Current ratio 1,86 2,49 2,78
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 2,2 0,9 0,1
Net IB debt/EBITDA lease adj. (x) 2,2 0,9 0,1
Interest coverage N/A N/A N/A
NOKm 2025 2026e 2027e
Shares outstanding adj. 45 48 48
Diluted shares adj. 45 48 48
EPS -0,73 2,5 3,16
Dividend per share 0 0 0
EPS adj. -0,62 2,5 3,16
BVPS 7,81 7,9 12,5
BVPS adj. -10,21 -3,46 0,34
Net IB debt/share 11,92 4,77 1,05
Share price 43 43 43
Market cap. (m) 1918 2053 2053
P/E (x) N/A 17,2 13,62
EV/sales (x) 1,28 1,18 1
EV/EBITDA (x) 10,2 9,2 5,9
EV/EBITA (x) 14,5 13,4 7,6
EV/EBIT (x) 14,9 13,4 7,6
Dividend yield (%) 0 0 0
FCF yield (%) -30,2 5,4 8,7
Le. adj. FCF yld. (%) -30,2 5,4 8,7
P/BVPS (x) 5,5 5,44 3,44
P/BVPS adj. (x) -25,08 13,82 6,86
P/E adj. (x) N/A 17,2 13,6
EV/EBITDA adj. (x) 10,2 9,2 5,9
EV/EBITA adj. (x) 14,5 13,4 7,6
EV/EBIT adj. (x) 14,9 13,4 7,6
EV/CE (x) 1,8 1,5 1,3
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -2,5 -2,3 -2,3
Capex/depreciation 0,7 0,6 0,6
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 362,88 226,84 233,17

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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 10.0 % 10.0 % 3 Jun 2026
Harald Ulltveit-Moe 5.1 % 5.1 % 3 Jun 2026
Vinterstua AS 4.9 % 4.9 % 3 Jun 2026
Eden AS 4.7 % 4.7 % 3 Jun 2026
MP Pensjon PK 4.3 % 4.3 % 3 Jun 2026
S. Munkhaugen AS 4.2 % 4.2 % 3 Jun 2026
DNB Asset Management AS 3.2 % 3.2 % 3 Jun 2026
Handelsbanken Fonder 3.1 % 3.1 % 31 May 2026
Camelback 2.9 % 2.9 % 3 Jun 2026
Mk Capital AS 2.8 % 2.8 % 3 Jun 2026
Source: Holdings by Modular Finance AB