Talenom: Acquisition-driven growth continues next year
Talenom's Q2 result was excellent considering the circumstances and the company's earnings growth story is progressing on track. We have raised our earnings estimates slightly and exceptionally included new unimplemented acquisitions. Talenom is expected to continue its acquisition-driven growth strategy in the coming years, which is why our estimates now better reflect the future. However, following a strong share price rise, we believe that the share is almost fully priced (2023e P/E 35x and EV/EBIT 28x). Long-term investors can well stay on board the attractive equity story, but in the short term we do not see sufficient upside in the share.
Talenom
Talenom is an accounting agency that offers a wide range of services in bookkeeping, invoice management and payroll issues. In addition to the main business, financial analysis and the possibility of real-time control are offered via the company's web services. The largest proportion of customers can be found among small and medium-sized business customers within the Nordic market. The company was founded in 1972 and has its headquarters in Oulu.
Read more on company pageKey Estimate Figures03.08.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 82.8 | 103.9 | 127.8 |
growth-% | 27.08 % | 25.45 % | 22.98 % |
EBIT (adj.) | 14.8 | 17.6 | 20.9 |
EBIT-% (adj.) | 17.83 % | 16.92 % | 16.37 % |
EPS (adj.) | 0.25 | 0.30 | 0.35 |
Dividend | 0.17 | 0.20 | 0.23 |
Dividend % | 1.45 % | 6.31 % | 7.37 % |
P/E (adj.) | 47.47 | 10.29 | 8.82 |
EV/EBITDA | 19.94 | 5.17 | 4.55 |