MotorK (AMS: MTRK)

Currency in EUR

Last close As at 06/02/2023

EUR1.17

−0.01 (−0.85%)

Market capitalisation

EUR47m

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.

Sector

TMT

Equity Analyst

Key Management

  • Amir Rosentuler

    Chairman

  • Macro Marlia

    CEO

Balance Sheet

Forecast net cash (€m)

12.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.8) (42.9) (79.5)
Relative (8.4) (49.8) (79.3)
52 week high/low €6.4/€1.1

Financials

MotorK completed the sale of its B2C e-commerce business unit DriveK to GEDI Gruppo Editoriale on 15 December (first stated on 18 October). Management expects that the transaction will unlock substantial synergies by leveraging their respective relationships with major OEMs, coupled with marketing savings and the sharing of best practices. The sale will enable MotorK to fully focus on its B2B software as a service business, namely its SparK platform, while continuing to benefit from any future value creation via a 20% shareholding in the new combined entity.

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 44.1 5.6 (0.2) (0.38) N/A N/A
2023E 60.9 11.0 3.8 7.21 16.2 N/A

Thematics

Digital Marketing and Internet Media Technology Platform

TMT

MediaWatch – January 2023

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

TMT

Direct tech investors

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