Physitrack: Continues to increase the subscriber base - ABG

Q1 sales of EUR 2.6m (-5.7% vs ABGSC)
The number of subscribers +17% y-o-y (vs ABGSC 21%)
Expect relatively small forecasts changes

Q1 results
Sales EUR 2.6m (-5.7% vs ABGSC 2.7m and -8.0% vs cons 2.8m), EBITDA EUR 0.3m (-38.0% vs ABGSC 0.4m), Adj. EBITDA EUR 0.7m (-13.7% vs ABGSC 0.9m and -16.7% vs cons 0.9m), EBIT EUR -0.1m (5.2% vs ABGSC -0.1m).

Q1 thoughts
Physitrack grew 63% in Q1 compared to the last Q1 (note that we are comparing with Dec-Feb ‘20/’21). The growth was driven by acquisitions, but also more subscribers in the quarter. The number of subscribers grew 17% y-o-y (vs ABGSC 21%) to on average 40,174 for the SaaS platform. Looking ahead, the company will continue to work with the three companies acquired in 2022 and we note a very positive wording about these entities in the report. During Q1 Physitrack acquired PTcourses and Wellnow and after the quarter closed Physitrack acquired Champion Health. On 1 June 2022, the company plan to launch a subscription-based offering of PTcourses, something we expect likely will lead to cross-selling.

Valuation and estimate changes
The share is -16% YTD (while OMXS PI is -22%) and is trading at EV/EBITDA of 26.3x-11.4x for ‘22e-‘23e on our unrevised estimates. A webcast will be held at 10.00 (CET). At a first glance, we would expect consensus to make relatively small forecasts changes and we expect a reduction of EBITDA by -2-5%. There is a conference call at 10.00 (CET). Link to webcast: https://tv.streamfabriken.com/physitrack-group-q1-2022
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Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/physitrack/Equity-research/2022/5/physitrack---continues-to-increase-the-subscriber-base/