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Currency in EUR
Last close As at 17/03/2023
EUR2.62
▲ 0.30 (12.93%)
Market capitalisation
EUR97m
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 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 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.
Associate Analyst
Amir Rosentuler
Chairman
Macro Marlia
CEO
Forecast net cash (€m)
6.3
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 10.5 | 136.0 | (59.2) |
| Relative | 17.3 | 127.3 | (60.5) |
| 52 week high/low | €5.6/€1.1 |
For FY22, MotorK reported a record Q4, driven by its focus on higher-value enterprise contracts, the launch of its SparK platform and the continued migration of acquired companies onto the platform. Annualised recurring revenue (ARR), management’s main metric for tracking performance, was €26.9m, falling short of our €28m forecast and management’s guided range of €28–30m. FY23 and beyond looks set to benefit from a large pipeline of contract opportunities, with €5.2m of additional ARR committed as at 31 December 2022. Growth should be supported by maintaining low customer churn and high net revenue retention.
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 19.3 | (1.1) | (6.1) | (19.07) | N/A | N/A |
| 2021A | 27.6 | 0.8 | (8.2) | (36.73) | N/A | N/A |
| 2022E | 38.5 | 0.2 | (8.8) | (22.03) | N/A | N/A |
| 2023E | 55.8 | 14.8 | 2.8 | 5.26 | 49.8 | 104.8 |
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