MotorK (AMS: MTRK)

Currency in EUR

Last close As at 22/09/2023

EUR1.94

−0.05 (−2.51%)

Market capitalisation

EUR80m

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

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TMT | Update

MotorK — Cash-generative strategy in place

TMT | Flash note

MotorK — Promising signs for 2023

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

Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • Amir Rosentuler

    Chairman

  • Macro Marlia

    CEO

Balance Sheet

Forecast net debt (€m)

3.2

Forecast gearing ratio (%)

5

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.

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 55.8 9.7 (1.7) (3.43) N/A N/A
2024E 67.9 23.4 8.8 16.23 12.0 14.1

Thematics

thematic

TMT

MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – January 2023

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

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