Rankings Tech hardware & optics Xplora
Xplora
57
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−6
- Quality of growth−6
- Execution: Doro Connect−6
Strengths
- Subscription growth+3
- Insider buying+1
- Positive free cash flow+1
How the score is built
From 100 to 57, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 23.20 NOK
- Median analyst target
- 48.00 NOK
- Upside to median
- +106.9%
- Analysts
- 3
- Target range
- 33.00 – 62.50 NOK
- 52-week change
- −49%
- P/E (trailing)
- 8.3
- Forward P/E
- 14.2
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−21 of −30
- −6MarginGross margin 54% (Q2 2026), but operating margin is only approx. 9% TTM (operating profit 179m NOK of 1,914m) and EBITDA after capex 56m in H1. Hardware sales still make up approx. 80% of revenue.
- −6Quality of growthRevenue rose 140% in 2025 and 48% TTM, but this is due to the acquisition of Doro. Organically, Q2 revenue fell 9%, and senior volume fell 17% against a strong 2G shutdown in 2025.
- −5Capital allocationDebt-financed acquisitions of Doro (about SEK 829m, 2024-25) and emporia (2026). Goodwill and intangible assets of NOK 718m exceed equity of 485m; tangible equity is negative (-233m).
- −4MoatSmartwatches for children and senior phones are niches with low barriers to entry and competition from Apple, Samsung and Garmin as well as cheap Asian brands. The advantage lies in distribution via telecom operators and subscriptions, not in technology.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs own history and peersEV/EBITDA 7.7 versus 15.3 (2025) and 24.1 (2024); forward P/E 12.6 versus 23.5 (2025); P/FCF 8.1 versus 20.8. Cheap against its own history, but low pricing is normal for hardware with debt; ABG applies 12x EV/EBIT on 2026e.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−16 of −35
- −6Execution: Doro ConnectThe rollout in 900 stores from January 2026 is far behind: only one pilot store, and about 135 Power stores start in September. ABG cut EBIT estimates by 15-34% for 2026-28, and senior subscriptions are not expected to reach 10,000 until Q1 2027.
- −6DebtGross debt 1,018m NOK (of which 430m short-term) and net debt 481m as of 30/6-2026; debt/EBITDA 5.0 and net debt/EBITDA 2.5. Interest expenses of 56m NOK per year eat up a large part of operating profit.
- −2
- −2DilutionDirected share issue in March 2026 of 2,884,615 shares (about 6.4%) for NOK 150m at about NOK 52, shortly after the emporia acquisition. The share price has since more than halved.
Plus
Only documented strengths. · 3 findings+5 of +15
- +3Subscription growth502,000 subscriptions (+27% over a year), service revenue +10% to 90m NOK in Q2 and ARR 359m; the target is 1m subscriptions.
- +1Insider buyingCEO Sten Kirkbak (via MK Capital) and CFO Knut Stålen bought shares after the price drop on 19/8-2026 (small amounts).
- +1Positive free cash flowFCF after leasing NOK 120m TTM and operating cash flow 128m, despite an inventory build of 105m.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (price DKK 15.81, above DKK 3). Norwegian company with smartwatches for children (Xplora) and senior phones (Doro, bought 2025; emporia, bought 28/5-2026) plus mobile subscriptions. A price of NOK 23.00 and 47.75m shares (including a directed issue in March 2026 of 2.88m shares at about NOK 52) give a market cap of about NOK 1,098m (DKK 755m), close to Nordnet's DKK 762m. The stock fell about 30% after the Q2 report on 19/8-2026 (revenue -9%, senior volume -17%, delayed Doro Connect rollout). Revenue growth of +48% TTM is bought (Doro); organic was negative in Q2. Debt NOK 1,018m at 30/6 including 430m short-term; I have not found loan terms or a maturity profile. Operating company with positive cash flow, so runway is null. Option program and short data have not been examined.
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