Atte and Roni have penned a new report on QPR after Q1.
QPR’s year started softly, and SaaS growth expectations are now increasingly focused on the second half of the year. The company aims for significant growth acceleration in the coming years, and the capital raised through the directed share issue now provides good prerequisites for this. This year, it is crucial for the company to succeed in its growth investments so that SaaS growth can be put back on track. Economic uncertainty and the decline in revenue from older products bring their own challenges to this task. QPR’s share valuation (2025e EV/S 2.7x) still prices in significantly stronger growth than our expectations, which is why, in our opinion, the risk-reward ratio is not currently in line.