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Talenom styrker sin position i Spanien med et lille opkøb

TNOMAnalyst Comment21.05.2026, 07.00
Juha KinnunenAnalyst
Discuss

Summary

  • Talenom har annonceret opkøbet af det spanske regnskabsfirma Seico Legal, som har en årlig omsætning på cirka 0,6 MEUR.
  • Opkøbet er en del af Talenoms strategi om at styrke sin position på det fragmenterede spanske marked gennem supplerende opkøb.
  • Seico Legal tilbyder regnskabs-, skatte- og HR-tjenester til SMV'er, og dets otte medarbejdere vil fortsætte hos Talenom.
  • Opkøbet forventes ikke at ændre koncernens overordnede estimater væsentligt, men kan føre til en mindre opjustering af vækstestimaterne for Spanien.

Dette indhold er genereret af AI. Du kan give feedback om det på Inderes forum.

Automatisk oversættelse: Oprindeligt udgivet på finsk 21.5.2026, 05.00 GMT. Giv feedback her.

Talenom meddelt onsdag, at det ville erhverve Seico Legal, et regnskabsfirma, der opererer i Zaragoza, Spanien. Den årlige omsætning på cirka 0,6 MEUR for det erhvervede selskab er lille i den samlede sammenhæng og svarer kun til cirka en halv procent af vores omsætningsestimat på 113 MEUR for indeværende år. Vi anser transaktionen for at være en forventet og logisk fortsættelse af selskabets strategi om at opbygge kritisk masse på det fragmenterede spanske marked gennem supplerende opkøb.

Seico Legal tilbyder regnskabs-, skatte- og HR-tjenester til SMV'er i regionen, og dets otte medarbejdere vil fortsætte med at arbejde for Talenom. Talenom er vokset hurtigt i Spanien, og vi forventer, at landets omsætning vil overstige 21 MEUR i år. Spaniens rentabilitet har derimod stadig meget at forbedre, selvom den delvist er belastet af opkøb og andre vækstinvesteringer. Det lille opkøb giver ikke anledning til væsentlige ændringer i estimaterne på koncernniveau, men vækstestimatet for Spanien kan blive revideret en smule opad. Opkøbet har ingen indflydelse på vores investeringsbetragtning.

Talenom is an accounting firm that offers a wide range of services within accounting, invoice management and payroll. In addition to the main business, financial analysis and the possibility of real-time control via the company's web services are offered. The largest proportion of customers are found among small and medium-sized corporate customers in the Nordic market. The company was founded in 1972 and has its headquarters in Oulu.

Read more on company page

Key Estimate Figures07.05

202526e27e
Revenue107.6113.3120.3
growth-%1.8 %5.2 %6.2 %
EBIT (adj.)5.96.28.6
EBIT-% (adj.)5.5 %5.5 %7.1 %
EPS (adj.)0.060.050.09
Dividend0.050.050.05
Dividend %1.7 %3.8 %3.8 %
P/E (adj.)53.529.314.4
EV/EBITDA11.46.75.7

Forum discussions

Talenom’s growth strategy is based on acquisitions, which is the rockiest path to growth, especially abroad. Problems usually emerge during ...
15 hours ago
by Tikkaa heittävä Apina
6
Thanks @Juha_Kinnunen for the CEO interview. I think you challenged the Spain write-down well, but I was left wanting a question about how this...
yesterday
by Moogle
12
There have been so many strange comments lately that I feel compelled to share my own perspective. First off, let’s look at the big picture:...
8/14/2026, 8:28 AM
by Gold
17
The appeal would certainly increase if there were no more negative surprises and the losses in Sweden and Spain could be halted; I personally...
8/14/2026, 6:56 AM
by viljo
4
I am writing down some of my own thoughts regarding the company and the results. Finland: Good work, profitability is high and revenue continues...
8/14/2026, 6:41 AM
by Jussi
9
Here is the report and Juha’s insight: Inderes Talenom Q2'26: Ikävä yllätys Espanjasta peitti alleen paljon hyvää - Inderes Talenomin Q2-tulos...
8/14/2026, 6:41 AM
by Gwertheney
5
I wonder how the write-down of accounts receivable has been accounted for in the goodwill. Shouldn’t the amortization be accelerated if the ...
8/14/2026, 6:37 AM
by Tuna
1