Xplora Technologies Retail Launch and Growth Acceleration

Xplora reported soft Q1 numbers but reached a milestone with its senior retail launch following the Doro acquisition. Analysts project a subscriber base of nearly 1 million by 2028, driven by a 35% service revenue CAGR.

Key Takeaways

• 1.The retail launch for 'Senior SIM with Power' marks a critical milestone in capturing synergies from the Doro acquisition.
• 2.Subscriber base is projected to reach 977,000 by 2028, with significant growth potential from the Senior segment connectivity.
• 3.Valuation fair value range is narrowed to NOK 54-94 based on conversion rate sensitivities in the Senior segment.

Table of Contents

• Key Data
• Performance
• Valuation Approach
• Estimate Changes
• Retail launch should accelerate growth
• Soft headline numbers but strong underlying KPIs
• 2026-28 estimates
• Narrowing our fair value range to NOK 54-94
• Summary Table - Key Figures
• Estimates
• Key graphs
• Detailed estimates and assumptions
• Group P&L
• Senior segment estimates
• Device assumptions
• Subscriber base assumptions
• Subscriber revenue and gross profit assumptions
• Sensitivity to the Senior conversion rate
• The Doro acquisition provides Xplora with synergy potential
• Valuation
• Valuation summary
• DCF scenarios
• Base case
• Blue-sky scenario
• Low-end case
• DCF sensitivities
• Peer valuation
• Reported numbers and forecasts
• Disclaimer and legal disclosures

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