DB:CD2

Stock Analysis Report

Executive Summary

Qliro Group AB (publ) provides digital commerce and related financial services in the Nordic region and internationally.


Snowflake Analysis

Adequate balance sheet and fair value.


Similar Companies

Share Price & News

How has Qliro Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CD2's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-3.1%

CD2

7.2%

DE Online Retail

1.7%

DE Market


1 Year Return

-27.0%

CD2

79.0%

DE Online Retail

15.0%

DE Market

Return vs Industry: CD2 underperformed the German Online Retail industry which returned 79% over the past year.

Return vs Market: CD2 underperformed the German Market which returned 15% over the past year.


Shareholder returns

CD2IndustryMarket
7 Day-3.1%7.2%1.7%
30 Day2.5%6.8%0.8%
90 Day-17.8%44.7%3.7%
1 Year-27.0%-27.0%79.8%79.0%18.5%15.0%
3 Year-49.3%-49.3%13.1%13.6%17.1%6.9%
5 Year-61.7%-61.7%68.3%64.5%24.3%7.3%

Price Volatility Vs. Market

How volatile is Qliro Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Qliro Group undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CD2 (€0.65) is trading below our estimate of fair value (€3.42)

Significantly Below Fair Value: CD2 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CD2 is unprofitable, so we can't compare its PE Ratio to the Online Retail industry average.

PE vs Market: CD2 is unprofitable, so we can't compare its PE Ratio to the German market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CD2's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: CD2 is good value based on its PB Ratio (1.2x) compared to the DE Online Retail industry average (1.3x).


Next Steps

Future Growth

How is Qliro Group forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

129.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CD2 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.4%).

Earnings vs Market: CD2 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CD2's is expected to become profitable in the next 3 years.

Revenue vs Market: CD2's revenue (4.8% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: CD2's revenue (4.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CD2's Return on Equity is forecast to be low in 3 years time (5.1%).


Next Steps

Past Performance

How has Qliro Group performed over the past 5 years?

-12.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CD2 is currently unprofitable.

Growing Profit Margin: CD2 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CD2 is unprofitable, and losses have increased over the past 5 years at a rate of -12.1% per year.

Accelerating Growth: Unable to compare CD2's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CD2 is unprofitable, making it difficult to compare its past year earnings growth to the Online Retail industry (-2.6%).


Return on Equity

High ROE: CD2 has a negative Return on Equity (-12.4%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Qliro Group's financial position?


Financial Position Analysis

Short Term Liabilities: CD2's short term assets (SEK3.5B) exceed its short term liabilities (SEK2.7B).

Long Term Liabilities: CD2's short term assets (SEK3.5B) exceed its long term liabilities (SEK446.6M).


Debt to Equity History and Analysis

Debt Level: CD2's debt to equity ratio (44.2%) is considered high.

Reducing Debt: Insufficient data to determine if CD2's debt to equity ratio has reduced over the past 5 years.


Balance Sheet

Inventory Level: CD2 has a low level of unsold assets or inventory.

Debt Coverage by Assets: CD2's debt is covered by short term assets (assets are 8.8x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable CD2 has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: CD2 is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 6.4% per year.


Next Steps

Dividend

What is Qliro Group's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

company0%marketbottom25%1.3%markettop25%3.6%industryaverage3.7%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate CD2's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate CD2's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CD2's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CD2's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: CD2 is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CD2's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

Marcus Lindqvist (49yo)

3.5yrs

Tenure

kr7,700,000

Compensation

Mr. Marcus Lindqvist serves as Investor Relations Manager at Flow Systems Sweden AB. Mr. Lindqvist has been the Chief Executive Officer and President at Qliro Group AB (publ.) since August 1, 2016 and serv ...


CEO Compensation Analysis

Compensation vs Market: Marcus's total compensation ($USD792.67K) is above average for companies of similar size in the German market ($USD412.37K).

Compensation vs Earnings: Marcus's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Marcus Lindqvist
CEO, President & Chairman of Nelly3.5yrskr7.70m0.31% SEK312.6k
Mathias Pedersen
Chief Financial Officer3.5yrsno data0.16% SEK160.6k
Niclas Lilja
Acting Head of Communications & Head of Investor Relations0yrsno datano data
Daniel Sjöström
Head of People4.4yrsno datano data
Carl Arnesson
Acting Chief Executive Officer of Gymgrossisten and Chief Financial Officer of Gymgrossisten3.2yrsno datano data
Kristoffer Väliharju
CEO of CDON1.4yrsno data0.022% SEK22.0k
Carolina Brandtman
CEO of Qliro1.2yrsno data0.0076% SEK7.6k

3.3yrs

Average Tenure

45yo

Average Age

Experienced Management: CD2's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Daniel Mytnik
Non-Executive Director5.8yrskr500.00k0.088% SEK88.0k
Erika Johnson
Non Executive Director2.8yrskr500.00k0.00087% SEK872.2
Andreas Bernstrom
Non Executive Director1.8yrskr400.00kno data
Christoffer Häggblom
Chairman of the Board1.8yrskr700.00kno data
Lennart Jacobsen
Non Executive Director1.8yrskr600.00k0.027% SEK26.8k
Jessica Thorell
Non-Executive Director2.8yrskr400.00kno data

2.3yrs

Average Tenure

46.5yo

Average Age

Experienced Board: CD2's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Qliro Group AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Qliro Group AB (publ)
  • Ticker: CD2
  • Exchange: DB
  • Founded: 1999
  • Industry: Internet and Direct Marketing Retail
  • Sector: Retail
  • Market Cap: kr1.056b
  • Listing Market Cap: kr100.254m
  • Shares outstanding: 149.77m
  • Website: https://www.qlirogroup.com

Number of Employees


Location

  • Qliro Group AB (publ)
  • Sveavägen 151
  • PO Box 195 25
  • Stockholm
  • Stockholm County
  • 104 32
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
QLROOM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKDec 2010
0O6ZLSE (London Stock Exchange)YesOrdinary SharesGBSEKDec 2010
CD2DB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2010
QLROsBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBSEKDec 2010

Biography

Qliro Group AB (publ) provides digital commerce and related financial services in the Nordic region and internationally. It operates through three segments: CDON Marketplace, Nelly, and Qliro Financial Services. The CDON Marketplace segment conducts operations through the online department store CDON.com, which primarily sells consumer electronics, mobile phones, books, games, films, sports and leisure goods, clothing, shoes, furnishings, and toys. The Nelly segment provides fashion and beauty products for young women through Nelly.com; and for men thorugh NLYMan.com. The Qliro Financial Services segment provides financial services to merchants and consumers. The company was formerly known as CDON Group AB (publ.) and changed its name to Qliro Group AB (publ) in January 2015. Qliro Group AB (publ) was founded in 1999 and is headquartered in Stockholm, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 21:52
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.