MotorK (AMS: MTRK)

Currency in EUR

Last close As at 17/03/2023


0.30 (12.93%)

Market capitalisation


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.

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



Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • Amir Rosentuler


  • Macro Marlia


Balance Sheet

Forecast net cash (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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


Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


IPO apocalypse


ESG, moving beyond the box tick


Direct tech investors

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