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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 1838 1968
Sales growth (%) 18 126 7,1
EBITDA 72 196 220
EBITDA margin (%) 8,9 10,7 11,2
EBIT adj. 12 78 103
EBIT adj. margin (%) 1,5 4,2 5,2
Pretax profit -2 -6 50
EPS -0,13 -0,1 0,89
EPS growth (%) -72,4 -26,8 -1006,2
EPS adj. 2,01 0,81 1,73
DPS 0 0 0
EV/EBITDA (x) 21,2 10,2 8,5
EV/EBIT adj. (x) 125,7 25,7 18,1
P/E (x) N/A N/A 42,9
P/E adj. (x) 18,9 46,7 21,9
EV/sales (x) 1,88 1,09 0,95
FCF yield (%) 4,6 -40,9 8,7
Le. adj. FCF yld. (%) 4,6 -40,9 8,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -2 1,7 0,9
Le. adj. ND/EBITDA (x) -2 1,5 0,7
NOKm 2024 2025e 2026e
Sales 813 1838 1968
COGS -408 -956 -1013
Gross profit 406 882 955
Other operating items -333 -686 -736
EBITDA 72 196 220
Depreciation and amortisation -23 -66 -68
of which leasing depreciation 0 0 0
EBITA 50 130 151
EO Items 0 0 0
Impairment and PPA amortisation -38 -52 -48
EBIT 12 78 103
Net financial items -15 -84 -53
Pretax profit -2 -6 50
Tax -4 1 -11
Net profit -6 -4 39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -6 -4 39
EPS -0,13 -0,1 0,89
EPS adj. 2,01 0,81 1,73
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -151,8 22 22
Gross margin (%) 49,9 48 48,5
EBITDA margin (%) 8,9 10,7 11,2
EBITA margin (%) 6,1 7,1 7,7
EBIT margin (%) 1,5 4,2 5,2
Pre-tax margin (%) -0,3 -0,3 2,6
Net margin (%) -0,7 -0,2 2
Sales growth (%) 18 126 7,1
EBITDA growth (%) 110,5 170,7 12,1
EBITA growth (%) 185,9 160,7 16,6
EBIT growth (%) -153,3 N/A 32,1
Net profit growth (%) -72,4 -26,8 -1006,2
EPS growth (%) -72,4 -26,8 -1006,2
Profitability N/A N/A N/A
ROE (%) -1,7 -1,3 11,1
ROE adj. (%) 9,2 13,7 24,8
ROCE (%) -0,6 -0,6 3,6
ROCE adj. (%) 8,3 5 7
ROIC (%) 52,9 23,3 19,3
ROIC adj. (%) 52,9 23,3 19,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 72 196 220
EBITDA adj. margin (%) 8,9 10,7 11,2
EBITDA lease adj. 72 196 220
EBITDA lease adj. margin (%) 8,9 10,7 11,2
EBITA adj. 50 130 151
EBITA adj. margin (%) 6,1 7,1 7,7
EBIT adj. 12 78 103
EBIT adj. margin (%) 1,5 4,2 5,2
Pretax profit Adj. 35 46 98
Net profit Adj. 32 47 87
Net profit to shareholders adj. 32 47 87
Net adj. margin (%) 3,9 2,6 4,4
NOKm 2024 2025e 2026e
EBITDA 72 196 220
Goodwill 119 119 119
Net financial items -15 -84 -53
Other intangible assets 59 485 421
Paid tax 0 0 0
Tangible fixed assets 1 16 16
Non-cash items 0 0 0
Right-of-use asset 0 32 32
Cash flow before change in WC 57 112 166
Total other fixed assets 6 51 40
Change in working capital 41 37 32
Fixed assets 185 703 627
Operating cash flow 98 149 199
Inventories 81 201 185
Capex tangible fixed assets 0 0 0
Receivables 77 230 214
Capex intangible fixed assets -20 -52 -52
Other current assets 0 0 0
Acquisitions and Disposals 0 -783 0
Cash and liquid assets 235 723 856
Free cash flow 78 -685 147
Total assets 578 1857 1882
Dividend paid 0 0 0
Shareholders equity 349 339 364
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 349 339 364
Other non-cash items 0 215 -14
Long-term debt 90 1016 1016
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 32 32
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 49 209 209
Other current liabilities 90 260 260
Total liabilities and equity 578 1857 1882
Net IB debt -146 325 192
Net IB debt excl. pension debt -146 325 192
Net IB debt excl. leasing -146 293 160
Capital employed 438 1387 1412
Capital invested 203 664 556
Working capital 18 -39 -71
Market cap. diluted (m) 1678 1678 1678
Net IB debt adj. -146 325 192
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 1532 2003 1870
Total assets turnover (%) 144,6 151 105,3
Working capital/sales (%) 3,8 -0,6 -2,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -41,7 96 52,7
Net debt / market cap (%) -8,7 19,4 11,4
Equity ratio (%) 60,3 18,2 19,4
Net IB debt adj. / equity (%) -41,7 96 52,7
Current ratio 2,81 2,46 2,67
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) -2 1,7 0,9
Net IB debt/EBITDA lease adj. (x) -2 1,5 0,7
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 -0,1 0,89
Dividend per share 0 0 0
EPS adj. 2,01 0,81 1,73
BVPS 7,65 7,9 7,67
BVPS adj. 3,85 -6,02 -3,98
Net IB debt/share -3,3 7,36 4,35
Share price 38 38 38
Market cap. (m) 1678 1678 1678
P/E (x) N/A N/A 42,9
EV/sales (x) 1,88 1,09 0,95
EV/EBITDA (x) 21,2 10,2 8,5
EV/EBITA (x) 30,8 15,5 12,4
EV/EBIT (x) 125,7 25,7 18,1
Dividend yield (%) 0 0 0
FCF yield (%) 4,6 -40,9 8,7
Le. adj. FCF yld. (%) 4,6 -40,9 8,7
P/BVPS (x) 4,97 4,81 4,95
P/BVPS adj. (x) 7,31 7,64 6,84
P/E adj. (x) 18,9 46,7 21,9
EV/EBITDA adj. (x) 21,2 10,2 8,5
EV/EBITA adj. (x) 30,8 15,5 12,4
EV/EBIT adj. (x) 125,7 25,7 18,1
EV/CE (x) 3,5 1,4 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 2,5 2,8 2,6
Capex/depreciation 0,9 0,8 0,8
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 52,22 1,98 1,33

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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 % 20 May 2025
Harald Ulltveit-Moe 6.0 % 6.0 % 20 May 2025
Vinterstua AS 5.2 % 5.2 % 20 May 2025
Eden AS 5.0 % 5.0 % 20 May 2025
S. Munkhaugen AS 4.5 % 4.5 % 20 May 2025
MP Pensjon PK 4.3 % 4.3 % 20 May 2025
Mk Capital AS 3.0 % 3.0 % 20 May 2025
Camelback 2.8 % 2.8 % 20 May 2025
Sten Kirkbak 2.5 % 2.5 % 20 May 2025
Fougner Invest AS 2.5 % 2.5 % 20 May 2025
Source: Holdings by Modular Finance AB