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Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - Cost cuts lift 2023 EBITDA by 20%

Cutting costs by 10-20%: we lift ‘23e EBITDA by 20% Higher ASP and subscriptions to drive growth in ‘23e 14x 2023e EV/EBITA, fair value range of NOK 9-23

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - EBITDA miss on higher cost, cost cuts initiated

EBITDA NOK -19m due to lower GM and higher opex Initiated 10-20% cost reduction program for 2023 Cons to lower estimates. Negative reaction expected

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - Higher ASP to help growth in 2023

Softer macro outlook: we lower 2023e sales by ~20% Long-term case unchanged: 59% ’21-‘25e EBITA CAGR 0.6x ‘22e EV/Sales, fair value range of NOK 9-21

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - ~40% volume growth despite tougher market

Q3 sales 3% below, but strong volume growth of 40% Cuts ’22 guidance from +50% to 20-30% growth … already expected, new guidance seems within reach

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - Growth to accelerate in H2

Good Q2 report, we raise our ’22-‘23e EBITDA New product launches to drive higher growth in H2 ~0.9x ‘22e EV/Sales, fair value range of NOK 14-28

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - Good report, strong line-up for H2

19% revenue growth y-o-y, gross profit 21% above Reiterates 2022 target, but sees increased uncertainty Strong roll-out plan for H2 to drive growth

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - 4% sales beat driven by core markets

Q2: 4% sales beat due to 8% better device sales Likely core markets that are performing well New markets should begin to contribute from H2’22e

Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard

Xplora Technologies - A stock to watch

Leading provider of smartwatches for children Geographic expansion to drive 32% CAGR in ’21-25e Fair value range of NOK 14-28/share

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