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Qlosr: The fun begins in H2'23e - ABG

'23 guidance: at least SEK 600m revenue with 7% EBITDA margin
We cut '23e-'25e EBITDA by 20-7%
NTM EV/EBITA ~10x


Q2 results

Q2 revenue and EBITDA were 6% above and 23% below our estimates, respectively. On revenue, the outcome beat our expectation by 6%. The company booked higher costs due to implementation projects and a greater degree of non-subscription revenues. As we have pointed out previously, deviations on earnings may appear large in relative terms but that is due to low absolute figures and the volatile nature of the business on a quarterly basis.
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