Company Overview
Qt Group is a global software company that develops and licenses innovative software solutions for a wide range of industries. With its strong focus on quality, reliability, and performance, Qt Group has established itself as a leader in the field of embedded systems and automotive electronics.
The company's primary mission is to provide cutting-edge software solutions that enable its customers to create innovative products and services. Qt Group achieves this through its commitment to delivering high-quality products, providing excellent customer support, and fostering a culture of innovation and collaboration.
At the heart of Qt Group's success are its core values: quality, reliability, performance, and innovation. These values are reflected in every aspect of the company's operations, from product development to customer support.
Key Products/Services
Qt Group offers a range of key products and services that cater to the needs of various industries. Some of its most notable products include:
- Qt Embedded: A comprehensive software platform for embedded systems, providing a wide range of tools and libraries for developing high-performance applications.
- Qt Automotive: A suite of software solutions designed specifically for the automotive industry, enabling the creation of innovative infotainment systems, driver assistance systems, and vehicle connectivity solutions.
- Qt IoT: A platform for building IoT applications, providing a set of tools and libraries for developing connected devices and services.
The benefits of Qt Group's products and services include improved product performance, increased efficiency, and enhanced customer experience. By leveraging Qt Group's software solutions, companies can reduce development time, improve quality, and increase competitiveness in their respective markets.
Benefits and Competitive Advantage
Qt Group's products and services offer a range of benefits to its customers, including:
- Improved product performance and reliability
- Increased efficiency and reduced development time
- Enhanced customer experience through innovative solutions
- Competitive advantage in the market through high-quality products and services
Qt Group's commitment to innovation, quality, and reliability has enabled it to establish a strong presence in the software industry. With its comprehensive range of products and services, Qt Group is well-positioned to capitalize on emerging trends and technologies, such as IoT and automotive electronics.
Qt Group presents an attractive investment opportunity for those seeking to capitalize on the growing demand for innovative software solutions. The company's strong financial position, experienced management team, and proven track record of innovation make it an attractive choice for investors looking to benefit from the growth of the software industry.
The company's products and services are in high demand across various industries, providing a solid foundation for future growth and profitability. With its commitment to innovation and quality, Qt Group is well-positioned to continue delivering strong returns on investment for its shareholders.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 25.1 | 25.1 | 25.1 | 25.4 | 25.4 | 25.4 | 25.4 |
| Target Valuation (MEur) | 1472.6 | 1714.7 | 2089.1 | 3088.1 | 3080.0 | 3244.6 | 3244.6 |
| Targer Price | 58.72 | 68.37 | 83.3 | 121.62 | 121.3 | 127.79 | 127.79 |
| Potential, % | 32.0 | 6.0 | 22.7 | 269.2 | 404.6 | 431.6 | 431.6 |
| Recommendation | Buy | Hold | Buy | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 1116.0 | 1617.6 | 1702.9 | 836.4 | 610.4 | 610.4 | 610.4 |
| Price | 44.5 | 64.5 | 67.9 | 32.94 | 24.04 | 24.04 | 24.04 |
| EV | 1135.0 | 1605.0 | 1642.0 | 939.0 | 648.0 | 563.0 | 474.0 |
| P/S | 7.27 | 8.95 | 8.15 | 3.87 | 2.64 | 2.6 | 2.59 |
| EV/S | 7.39 | 8.88 | 7.86 | 4.34 | 2.8 | 2.4 | 2.01 |
| EV/EBIT | 33.23 | 33.89 | 26.0 | 22.09 | 20.54 | 17.84 | 14.52 |
| P/E | 35.93 | 45.62 | 29.71 | 26.31 | 25.0 | 24.16 | 23.4 |
| P/B | 12.87 | 13.22 | 9.54 | 3.99 | 2.6 | 2.35 | 2.13 |
| P/OCF | -286.45 | 40.4 | 31.73 | 20.8 | 8.95 | 7.05 | 6.69 |
| EV/OCF | -291.42 | 40.07 | 30.61 | 23.36 | 9.51 | 6.51 | 5.19 |
| P/FCF | -36.1 | 46.02 | 34.66 | -5.35 | 9.19 | 7.18 | 6.8 |
| EV/FCF | -36.73 | 45.65 | 33.43 | -6.01 | 9.76 | 6.63 | 5.28 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 153.5 | 180.7 | 209.1 | 216.3 | 231.5 | 235.1 | 235.5 |
| Rev. Growth, % | 26.8 | 17.7 | 15.7 | 3.4 | 7.0 | 1.6 | 0.2 |
| Ebit | 34.2 | 47.3 | 63.2 | 42.5 | 31.6 | 31.6 | 32.6 |
| Ebit Growth, % | 18.8 | 38.3 | 33.6 | -32.8 | -25.6 | 0.0 | 3.2 |
| Ebit, % | 22.3 | 26.2 | 30.2 | 19.6 | 13.7 | 13.4 | 13.8 |
| Profit | 31.1 | 35.5 | 57.3 | 31.8 | 24.4 | 25.3 | 26.1 |
| EPS | 1.24 | 1.42 | 2.28 | 1.25 | 0.96 | 1.0 | 1.03 |
| Profit Growth, % | 38.8 | 14.1 | 61.4 | -44.5 | -23.3 | 3.7 | 3.2 |
| Profit, % | 20.3 | 19.6 | 27.4 | 14.7 | 10.5 | 10.8 | 11.1 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acc. Receivable | 39.9 | 47.9 | 54.4 | 58.4 | 56.6 | 56.7 | 57.0 |
| Cash | 8.8 | 33.6 | 64.9 | 40.1 | 105.5 | 190.5 | 280.2 |
| Equity | 86.7 | 122.4 | 178.4 | 209.5 | 235.0 | 260.2 | 286.3 |
| ROE, % | 35.9 | 29.0 | 32.1 | 15.2 | 10.4 | 9.7 | 9.1 |
| ROCE, % | 29.8 | 33.1 | 34.6 | 12.0 | 8.3 | 7.8 | 7.6 |
| Net Debt | 19.3 | -13.1 | -60.5 | 103.1 | 38.0 | -47.0 | -136.7 |
| Gearing, % | 22.3 | -10.7 | -33.9 | 49.2 | 16.2 | -18.1 | -47.8 |
| Equity ratio, % | 48.7 | 59.2 | 74.7 | 47.2 | 53.9 | 62.1 | 70.8 |
| Acc. Payable | 2.6 | 2.2 | 2.3 | 4.4 | 4.0 | 4.2 | 4.8 |
| Total Assets | 178.1 | 206.5 | 238.8 | 444.3 | 435.6 | 419.1 | 404.6 |
| ROA, % | 17.5 | 17.2 | 24.0 | 7.2 | 5.6 | 6.0 | 6.5 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -3.9 | 40.0 | 53.7 | 40.2 | 68.2 | 86.6 | 91.3 |
| Investment Cash Flow | -27.0 | -4.9 | -4.5 | -196.5 | -1.8 | -1.6 | -1.6 |
| Free Cash Flow | -30.9 | 35.1 | 49.1 | -156.2 | 66.4 | 85.0 | 89.7 |
| OCF/CAPEX | 0.0 | 8.18 | 11.84 | 0.2 | 38.68 | 55.46 | 58.22 |
| Financial Cash Flow | 22.0 | -10.2 | -18.3 | 132.4 | -1.1 | 0.0 | 0.0 |
Disclaimer
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