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MotorK (AMS: MTRK)

Currency in EUR

Last close As at 05/12/2023

EUR2.80

▲ 0.01 (0.36%)

Market capitalisation

EUR114m

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.

Management believes that it has a c 2.5% share of its current €2bn addressable market of automotive OEMs and franchised dealers in EU5, which is broadly in line with the share represented by the FY23 revenue forecast of €55.8m. The agility of the SparK platform could allow MotorK to move easily into the far larger (€6bn) market of all European automotive OEMs and dealers for all vehicle types, if management chooses to do so.

Latest Insights

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TMT | Outlook

MotorK — Refined strategy delivering momentum

TMT | Update

MotorK — Driving efficiency to reach profitability

TMT | Update

MotorK — Positive indicators provide strong visibility

TMT | Update

MotorK — Cash-generative strategy in place
Transportation and technology concept. ITS (Intelligent Transport Systems). Mobility as a service.
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Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Katherine Thompson

Key Management

  • Amir Rosentuler

    Chairman

  • Macro Marlia

    CEO

Balance Sheet

Forecast net debt (€m)

6.8

Forecast gearing ratio (%)

11

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.4 40.4 87.3
Relative (4.5) 35.5 75.9
52 week high/low €3.0/€1.1

Financials

MotorK’s Q323 results demonstrate continued growth momentum with revenue increasing by 25% y-o-y. Retail average contract value and net retention remained strong, highlighting MotorK’s ability to upsell through its platform strategy. Committed annual recurring revenue of €35.2m provides robust visibility and is nearing our full-year forecast of €38.8m. Management continues to execute its strategy of pursuing higher-value enterprise sales, driving this momentum. Notably, the enterprise pipeline nearly tripled in the quarter, indicating potential strong growth through year-end and beyond.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 27.6 0.8 (8.2) (36.73) N/A N/A
2022A 38.5 0.2 (8.8) (21.90) N/A N/A
2023E 51.4 6.5 (4.9) (9.63) N/A N/A
2024E 62.8 21.0 6.6 12.18 23.0 29.5

Research

Update

TMT

MotorK — Driving efficiency to reach profitability

Update

TMT

MotorK — Positive indicators provide strong visibility
Transportation and technology concept. ITS (Intelligent Transport Systems). Mobility as a service.

TMT

Outlook

MotorK — Refined strategy delivering momentum

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

Update

TMT

MotorK — Cash-generative strategy in place
Transportation and technology concept. ITS (Intelligent Transport Systems). Mobility as a service.

Flash note

TMT

MotorK — Promising signs for 2023

Flash note

TMT

MotorK — Progress through SaaS

Update

MotorK — Taking a more cautious approach

edison tv

TMT

MotorK – executive interview

Initiation

TMT

MotorK — Gearing up for the automotive digital revolution

Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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