MotorK (AMS: MTRK)

Last close As at 28/03/2024

EUR4.74

0.04 (0.85%)

Market capitalisation

EUR212m

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 retail is rapidly evolving, driven by digitisation, shifting consumer expectations and the global presence of leading car brands. Leading manufacturers are expanding investments in the space and are establishing digital roll-out plans, like BMW aiming to create digital twins of all its factories by 2023 and Mercedes-Benz introducing its manufacturing-related data platform, MO360, used in more than 30 factories around the world today.

Latest Insights

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TMT | Flash note

MotorK — Enterprise adoption drives growth

TMT | Outlook

MotorK — Refined strategy delivering momentum

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)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 15.5 34.3 95.0
Relative 12.1 20.1 62.5
52 week high/low €4.7/€1.9

Financials

MotorK closed FY23 with annual recurring revenue (ARR) of €34.1m, a 39% increase from the prior year. While both the Retail and Enterprise segments grew over the year, Enterprise ARR more than doubled to make up 22% of year-end ARR. Net revenue retention above 100% for both segments highlights the ongoing adoption of multiple products across the group’s existing customer base. The company continues to target positive cash EBITDA in FY24. We maintain our forecasts pending FY23 results on 5 March.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 38.5 0.2 (8.8) (21.90) N/A N/A
2023A 42.9 (1.4) (11.2) (23.65) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

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