Xplora's Q3 EBITDA of NOK72m was 59% above our NOK45m and 24% above consensus. Xplora reported senior sales of NOK296m against our NOK220m: 439k phones against our 265k (over 100k of them Emporia). Doro Connect is now sold in about 130 Power stores in Norway, and Xplora says trained stores convert well above its 20-25% SIM target. We raise our estimates on higher Senior sales volumes and margins, but hold back on Q4 Senior volumes, since part of Q3 filled retailers' Christmas stock. We raise our Base Case to NOK54.6 (NOK48). Xplora screens as cheap with fair value of NOK51.8.
LÄS MER
