Aallon Group

7.98 EUR

0 %

AALLON

First North Finland

IT Services

Technology

3,548 following

-1.72%

-4.32%

-8.9%

-0.5%

-24.36%

-19.23%

-32.66%

-24%

-10.06%

aallongroup.fi

Aallon Group is an accounting firm that offer financial management services, such as bookkeeping and payroll. In addition to traditional accounting office services, the company produces various advisory services related to business operations and taxation, and financial management consulting. In addition, the company does its own application development in digital services and automation of financial administration. The oldest company in the group was founded in 1957.

P/E (adj.) (24e)

11.94

EV/EBIT (adj.) (24e)

9.97

P/B (24e)

Dividend yield-% (24e)

2.88 %

Target price

10.00 EUR

Recommendation

Accumulate

Updated

31.10.2024

First North Finland

AALLON

Daily low / high price

7.96 / 7.98 EUR

Market cap

31.25M EUR

Turnover

23.37K EUR

Volume

2.9K

Business risk

Valuation risk

Current

Atte Riikola

Analyst

Financial calendar

Annual report

13.02.2025

Income statement

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Revenue	18.3	24.5	29.3	32.9	34.7	36.8	37.8	39.0
growth-%	9.9 %	33.8 %	19.5 %	12.3 %	5.3 %	6.1 %	2.9 %	3.0 %
EBITDA	2.0	2.9	5.0	5.0	5.2	5.4	5.7	6.0
EBIT (adj.)	1.6	2.4	3.2	3.1	3.3	3.6	4.0	4.3
EBIT	1.5	1.5	2.6	2.5	2.6	2.9	3.3	3.6
Profit before taxes	1.2	1.3	2.5	2.2	2.4	2.7	3.1	3.4
Net income	1.0	0.9	2.0	1.8	2.0	2.1	2.4	2.7
EPS (adj.)	0.36	0.48	0.66	0.61	0.67	0.72	0.79	0.86
growth-%	6.2 %	33.5 %	36.7 %	-7.4 %	9.5 %	7.8 %	10.4 %	8.3 %
Dividend	0.19	0.20	0.21	0.22	0.23	0.24	0.25	0.26
Dividend ratio	73.2 %	82.5 %	40.3 %	48.5 %	45.9 %	43.9 %	40.2 %	37.8 %

Profitability and return on capital

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
EBITDA-%	11.1 %	11.6 %	17.1 %	15.1 %	14.9 %	14.7 %	15.1 %	15.4 %
EBIT-% (adj.)	8.8 %	9.8 %	10.8 %	9.4 %	9.4 %	9.8 %	10.5 %	11.0 %
EBIT-%	8.0 %	6.2 %	9.0 %	7.6 %	7.5 %	8.0 %	8.7 %	9.3 %
ROE	11.0 %	9.2 %	16.4 %	12.7 %	13.0 %	13.2 %	13.8 %	14.0 %
ROI	16.8 %	10.9 %	13.0 %	12.0 %	12.8 %	14.2 %	15.6 %	16.0 %

Valuation

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Share price (EUR)	9.96	11.80	10.45	10.55	7.98	7.98	7.98	7.98
Shares	3.6	3.8	3.9	3.9	3.9	3.9	3.9	3.9
Market cap	36.1	45.2	40.8	41.3	31.2	31.2	31.2	31.2
Enterprise value	30.6	49.7	46.1	42.5	32.4	30.6	28.8	26.7
EV/S	1.7	2.0	1.6	1.3	0.9	0.8	0.8	0.7
EV/EBITDA	15.0	17.4	9.2	8.5	6.3	5.6	5.0	4.4
EV/EBIT (adj.)	18.9	20.8	14.6	13.7	10.0	8.5	7.2	6.2
EV/EBIT	21.0	32.7	17.5	17.1	12.5	10.4	8.7	7.4
P/E (adj.)	27.6	24.5	15.9	17.3	11.9	11.1	10.0	9.3
P/E	37.6	48.7	19.9	23.2	15.9	14.6	12.8	11.6
P/B	4.1	4.0	3.0	2.8	2.0	1.9	1.7	1.6
P/S	2.0	1.8	1.4	1.3	0.9	0.8	0.8	0.8
Dividend yield	1.9 %	1.7 %	2.0 %	2.1 %	2.9 %	3.0 %	3.1 %	3.3 %
Equity ratio	69.5 %	45.8 %	46.4 %	52.5 %	53.5 %	57.7 %	59.8 %	61.5 %
Gearing ratio	-62.5 %	39.3 %	39.0 %	8.0 %	7.6 %	-3.8 %	-13.6 %	-22.6 %

Quarter data

	Q4/23	2023	Q2/24	Q4/24e	2024e
Revenue	15.4	32.9	18.3	16.4	34.7
EBITDA	1.7	5.0	3.4	1.8	5.2
EBIT	0.4	2.5	2.1	0.5	2.6
Profit before taxes	0.3	2.2	2.0	0.4	2.4
Net income	0.3	1.8	1.6	0.3	2.0

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Analyst Comment10/7/2022, 8:28 AM by

Juha Kinnunen, Frans-Mikael Rostedt

Case: Cost structures and profitability of expert companies

In this review, we examine the cost structures of Nasdaq Helsinki’s expert companies. The group clearly focuses on the IT service sector, but it also includes expert companies from accounting firms to engineers and legal services.

Aallon Group Digia Etteplan Fondia Gofore Innofactor Loihde Netum Group Nixu Siili Solutions Sitowise Group Solteq Solwers Talenom Witted Megacorp Vincit

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