Qlosr: Back-end-loaded 2023 - ABG

'23e-'25e revenue cut by 3%
'23e adj EBITA cut by 3%, '24e-'25e raised by 1%
NTM EV/EBITA ~5x


Q3 results

Q3 revenue and adj. EBITDA were 11% below and 55% above our estimates, respectively. Qlosr's revenue was negatively impacted by lower demand for the consulting services with high incremental margin, but the company did not incur implementation costs to a significant degree, leading to a beat on earnings. Importantly, subscription revenues are up ~10% y-o-y, suggesting that the company's transformation from a direct, transaction model to a subscription model is successful.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/qlosr/Equity-research/2023/11/qlosr---back-end-loaded-2023/