The direction is right
Q1 results were slightly below our expectations due to slow organic growth, but the company demonstrated that the Finnish business continues to be in line with the company's guidance as profitability improves. The company reiterated its guidance for 2024, but as the growth outlook weakened, we lowered our forecasts to near the low end of the guidance range. The earnings growth outlook for the coming years is still very good, despite negative forecast revisions, but 2024 will be spent laying the groundwork for international growth. We think the valuation is reasonable in the overall context.
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 Figures19.04
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 121.7 | 131.1 | 147.4 |
growth-% | 19.21 % | 7.68 % | 12.47 % |
EBIT (adj.) | 11.1 | 14.1 | 20.5 |
EBIT-% (adj.) | 9.13 % | 10.78 % | 13.90 % |
EPS (adj.) | 0.14 | 0.16 | 0.27 |
Dividend | 0.19 | 0.20 | 0.21 |
Dividend % | 3.06 % | 5.94 % | 6.24 % |
P/E (adj.) | 43.18 | 20.45 | 12.64 |
EV/EBITDA | 11.19 | 6.49 | 5.52 |