Xplora is one of the leading players within smartwatches for kids and phones for seniors (65+), with almost two million devices sold annually. With the current rollout of subscriptions in the Youth and Senior segments, Xplora is becoming a family IoT company, connecting three generations on one platform. We envisage an increase in Xplora's number of subscribers to above 900,000 in 2028 (from ~350,000 in 2024), approaching the company's target of one million subscribers. We estimate a 32% service revenue CAGR for 2024-28, driven by rolling out connectivity to seniors. We initiate commissioned coverage of Xplora with a fair value range of NOK 45-95, based on different DCF scenarios, triangulated with peer multiples.
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