MotorK

MotorK (AMS: MTRK)

Currency in EUR

Last close As at 22/09/2023

EUR1.94

▲ −0.05 (−2.51%)

Market capitalisation

EUR80m

Overview
Price performance
Financials
Research
Thematics

MotorK is a European SaaS provider operating in the automotive retail industry, selling mainly in the EU5 but with a global presence. Its cloud-based platform, SparK, offers original equipment manufacturers (OEMs) and dealers a suite of digital tools to support the vehicle lifecycle end-to-end.

Automotive retailers are moving away from traditional bricks-and-mortar sales methods and are investing more in their digital capabilities. MotorK estimates its current addressable market of automotive OEMs and franchised dealers in the EU5 is worth c €1.4bn; if it chooses to move into the far larger market of all European automotive OEMs and dealers for all vehicle types, this could expand its addressable market to €5.4bn.

Latest Insights

TMT |
Update

31.07.23

MotorK — Driving efficiency to reach profitability

TMT |
Update

21.04.23

MotorK — Positive indicators provide strong visibility

TMT |
Update

01.03.23

MotorK — Cash-generative strategy in place

TMT |
Flash note

26.01.23

MotorK — Promising signs for 2023

Transportation and technology concept. ITS (Intelligent Transport Systems). Mobility as a service.

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Sector

TMT

Equity Analyst

Max Hayes

Associate Analyst

Key Management

Amir Rosentuler

Chairman
Macro Marlia

CEO

Balance Sheet

Forecast net debt (€m)

3.2

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(6.5)	(16.6)	(22.6)
Relative	(6.3)	(13.5)	(29.2)
52 week high/low	€2.9/€1.1

Financials

MotorK reported double-digit H123 revenue growth, with committed annual recurring revenue (ARR) and a pipeline of contracts providing visibility for H223. The migration of acquired Dapda customers to the SparK platform drove a substantial rise in average contract value (ACV) and creates opportunities if this success can be replicated with other acquisitions. Short-term cost impacts drove higher year-on-year losses in the period, which has affected our FY23 profit forecasts, but not our FY24 assumptions.