contentSlug

type

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slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
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) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
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}

fragment ContentBasicInfo on Content {
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  companies {
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  tags {
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  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
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      defaultInstrument {
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        returns {
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    tags {
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    createdAt
    ... on Video {
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    ... on Webcast {
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    slug
    ... on CompanyReport {
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    ... on ThirdPartyCompanyReport {
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    ... on StockExchangeRelease {
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    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
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  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
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  url
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  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
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      snapshot {
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            navPerShare
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      id
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    id
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}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
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      snapshot {
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        transaction {
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          targetPrice
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        prevTransaction {
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      id
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    id
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}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
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  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


trading-in-easor-spun-off-from-talenom-begins-today

__typename

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Analyst

Juha Kinnunen

Atte Riikola

Easor is a financial administration platform company that offers entrepreneurs an easy-to-use tool for financial management and enhances the operations of accounting firms and service providers.
https://investors.easor.fi/en/

You can now watch and listen to Atte’s thoughts in a video filmed today. It will be interesting to see how the market prices the company during its first few days  . ”Easor, spinning off from Talenom via a partial demerger, will begin its independent journey as a listed company on March 2, 2026. For a company seeking strong international growth, success in the Spanish market—opening up due to the Verifactu legislation—is key.”                   Inderes              Easor: Itsenäinen pörssitaival käyntiin - Inderes    Aika: 24.02.2026 klo 18.05 Talenomista osittaisjakautumisella irtoava Easor aloittaa itsenäisen pörssitaipaleensa 2.3.2026. Kovaa kansainvälistä kasvua hakevalle yhtiölle avainasemassa on Verifactu-lainsäädännön myötä avautuvalla Espanjan markkinalla...                             Topics:  00:00 Introduction  00:25 Growth-hungry financial management software platform  01:47 Benefits of the spin-off  03:05 Competitive landscape and competitive advantages  10:50 The Spanish market and Verifactu legislation  14:54 The company’s financial situation  19:15 The threat of AI?  24:30 Multiple scenarios can be drawn for the valuation

Great to see people have already had time to read the report! And feedback is more than welcome. Regarding the risk matrix, I could say a few words about how the business risk is derived from similar factors as those presented on this slide. I’ve put factors related to forecast accuracy and the company’s development stage at 4/5 in the risk matrix, but at the same time, for example, the reading for business continuity is 2/5, since the current revenue of about 20 MEUR is practically entirely recurring. The company’s growth investments are also made by choice, and if things didn’t work out, the current business could quite well be made profitable. The weighted average of all the different parts of the matrix rounds to 3. But it’s closer to 3.5 than exactly 3. In that matrix, 5/5 scores are usually seen for very early-stage companies, and in my opinion, Easor is already significantly further along than that. Valuation risk is inherently even harder to assess, as it is derived from the stock’s valuation at any given moment. We won’t get the daily price for Easor from Mr. Market until next week. However, I tried to touch on that slightly through Talenom, whose share price has taken a significant dive.  And regarding the projections, the report states several times that there is still significant uncertainty surrounding growth in the coming years, and they cannot be fully relied upon for valuation at this stage. With the current projections, the DCF value hit about 1.6 euros, which is now the upper end of the fair value range presented in the report. But at this stage, Easor’s international expansion cannot by any means be written off as a failure yet. Let’s give the company a chance to show over the next few years how things progress and draw conclusions at that point. However, they must succeed in Spain for this to become a good investment case!   I don’t believe in this for the coming years. I see it more as Easor’s current revenue in Finland, which mainly comes from Talenom’s accounting firm clients, being “protected” from competition for a while. The demerger prospectus also contains information that Talenom and Easor have signed a cooperation agreement that lasts until 2030. This, in turn, provides a good foundation for expanding the customer base elsewhere. Pricing lower than competitors is one key factor for succeeding in this.  But all in all, I agree that at this point, there is reason to view Easor’s growth targets with healthy skepticism until we see evidence from the company of accelerating growth abroad.

Really well-founded “bearishness” from @TTTT. I agree. IMO, Easor’s software has no proven competitive advantage in the market. Previous users have been Talenom’s own accountants and staff from acquired companies who were “forced” to use the software while employed by the company. Now that Talenom’s accountants are being “freed” as the entities decouple, the back door is leaking (high churn), and at the same time, they need to acquire new software users  there are tons of competitors, and AI agents allow new competitors to enter the field on an accelerated schedule. Of course, this last point also speeds up the development of Easor’s software.  The red flags are definitely waving in my books too    I just hope they aren’t doing the horizontal limbo with their revenue…

Well, that was a bit of a strange report, if I can say so directly. It feels like this was made just to keep the paying customer happy.  At times it’s emphasized that Easor isn’t growing in Finland because of competition, because of the market, because of the position of the moon, and then it’s emphasized that there are good prerequisites for growth by creating a competitive advantage with software that connects the accounting firm and the company, and through the resulting growth in the accounting field. Then Sweden is skipped over in a few sentences because, in fact, it’s hard to succeed in Sweden too, and they move on to warmer countries, where future growth will fortunately be achieved. So, no growth in Finland, no growth in Sweden, a hockey stick in Spain without their own accounting software, and the way is clear in Italy later. And here is the forecast for the future:  Meanwhile, in Finland, competitors are growing at double-digit percentages, some starting with a 3, and in Sweden, smaller software providers are also growing while Fortnox dominates the market, but not Easor. You’ve got to have balls of steel to predict such a good future for Easor from these starting points.  Luckily, the success of this strategy is probably reflected in the stock’s risk indicators?  I don’t know, I’ve never been able to interpret these circles, but the risks could be 5/5 with these forecasts. I’ll throw my own forecast into the ring and predict revenue growing at a low single-digit level for the next 5 years, with earnings per share being between 0-3 cents during the same period. Based on the fact that the product isn’t competitive in the main markets and they need to invest at least as much in new markets as Aallon Group is investing in its own software.  @Atte_Riikola don’t get mad, this is just one opinion and I’m sure many will disagree.

Easor will come under Inderes coverage immediately after the demerger, and an initiation report on the company was already published today. Easor’s investment story and value rely heavily on succeeding in international growth. At this point, it is the investor’s task to weigh how much weight they want to put on this success, as concrete evidence of the strategy’s success will only be seen in the coming years. In my opinion, the company has realistic prerequisites to grow both in Finland and abroad, and the report contains more discussion on this. The scenarios in the report illustrate that if the company succeeds in strong international growth, there is significant value creation potential in the share. Without growth, only the increased investments would remain, and the acceptable valuation level would be under pressure. In the short term, the significantly weakened sentiment for SaaS companies due to AI fears will inevitably also weigh on Easor’s acceptable valuation. This has, of course, already been seen in the sharp decline of Talenom’s share price, as the valuation levels for both the accounting business and the software business have been falling. If you have any questions about the report, you can reach out to me here on the forum. We will also record a video this afternoon regarding the published report.                   Inderes              Easor sijoitustutkimus: Kasvuhakuinen taloushallinnon ohjelmistoalusta - Inderes    Olemme tässä vaiheessa arvioineet yhtiön käyväksi arvoksi 0,8-1,6 euroa osakkeelta.

This thread is for discussing Easor. Talenom is splitting into two: Talenom and Easor. A decision on the matter is expected to be made at the General Meeting on January 27, 2026, and the demerger is intended to take place during H1/2026. Current Talenom shareholders will receive shares in both Talenom and Easor in a 1:1 ratio. Otto-Pekka Huhtala has been proposed as the CEO of Easor. Harri Tahkola has been proposed as the Chairman of the Board, and Johannes Karjula, Taina Sipilä, and Saara Kauppila have been proposed as the other members of the board. Unaudited pro forma key figures:  Easor’s guidance for 2026: “Net sales are estimated to grow by 3–10 percent compared to the 2025 carve-out-based net sales. The operating profit margin is expected to weaken due to the construction of distribution channels and growth investments. These measures create the conditions for long-term growth. The operating profit margin will also be burdened by the costs of operating as a separate listed company.”                   Easor FI              Easor - Teemme yrittämisestä helppoa - Taloushallinnon ohjelmistot    Easor on taloushallinnon ohjelmisto, jolla hoidat kirjanpidon, laskutuksen ja kaikki muut päivittäiset talousrutiinit helposti. Tutustu!

Easor

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.

Inderes              Talenom Oyj:n tilinpäätöstiedote vuodelta 2025 julkaistaan keskiviikkona...    Talenom Oyj, Lehdistötiedote 2.3.2026 klo 16.00Talenom Oyj:n tilinpäätöstiedote vuodelta 2025 julkaistaan keskiviikkona 11.3.2026 Talenom Oyj julkaisee tilinpäätöstiedotteensa vuodelta 2025 ...                             Next week

I’m posting this here just in case the share prices and/or quotes are causing any confusion.                    Inderes              Kaupankäynti Talenomista irronneella Easorilla alkaa tänään - Inderes    Talenomin omistajat ovat jakautumisessa saaneet yhden uuden Easorin osakkeen jokaista omistamaansa Talenomin osaketta kohti.

@JNivala Isn’t operating cash flow the same as cash flow from operations? And yeah, different figures if you look at free cash flow, but for example, with that €11m free cash flow or €7.8m free cash flow, the company still looks like a good value when the market cap is under €100m. But yeah, true that those intangible & tangible capex cut a big chunk out of the cash flow from operations.

@Valkeus I wonder which figures you are referring to regarding operational cash flow? They can be quite misleading if you only look at the figures provided by the company, as the company’s cash flow-based figures have specifically been worse than what the earnings multiples suggest for years now. This has been discussed in the thread for years; for example, take a look at these messages from over two years ago regarding cash flows:   It’s funny, by the way, to look at my own post from 2.5 years ago. Indeed: the company has performed so poorly that the narrative is strongly that growth has not really been in the company’s own hands. The strategy change likely reflects that as well. That aside, I haven’t seriously looked at Talenom for a couple of years (as the company has no longer been investable in my book), so I don’t know if the situation has somehow changed in a more positive direction recently! In fact, I lost faith shortly after the message I quoted when it seemed to become clear that the company’s direction couldn’t be corrected.

Talenom has indeed grown impressively during its listing history, and the growth has also been very profitable. Operating cash flow is generated quite excellently. The problem is that they are investing far too much, leading to increased debt, and dividends are being paid “on debt.” This is a problem. Unfortunately, investors look at EPS or other figures that tell nothing about the actual cash flow. However, the present value of future cash flows should be the factor that determines the company’s value. Talenom generates a significant amount of cash flow relative to its current market value.

I highly appreciate, Harri, that you respond to criticism and participate in the discussion this way! I hope you continue the dialogue – I, at least, am not hiding behind any pseudonym. Harri, are you genuinely satisfied with Talenom’s operational performance over the last 5 years or so? And I am interested in two things here:   Growth. Revenue growth doesn’t mean anything if it doesn’t bring something good to the bottom line. I assume we agree on this? However, it has been admitted even by management that growth in Sweden has gone, to put it mildly, south.   Capital allocation. The company’s balance sheet is actually in a mess, whereas a few years ago it was anything but. With all this “sacrificing” of the balance sheet, the top line has indeed been made large, but the bottom line has been ruined. Has capital been invested sensibly at the operational level? And why on earth is the company paying dividends even though A) The balance sheet is in a mess B) The company’s goal is to grow, as you yourself say?    If the company is playing the “long game” and the “execution” (eksekuuttaaminen) of the strategy has gone excellently, then why does the CEO constantly kick the can down the road regarding when the turnaround will be visible in the numbers? If the company is playing the “long game” and the “execution” (eksekuuttaaminen) of the strategy has gone excellently, why did the company fundamentally change its strategy (splitting into accounting and software companies) when the company was performing damn well in its own opinion?  I run a small medical practice myself. Inflating revenue would be ridiculously easy, but the problem is that it is difficult to do so that there would be something left at the bottom line for all the effort/work that all these recruitments would require. Growth is not sensible just for the sake of growth.

Let’s “shout” a bit more from behind the pseudonym then. You have bought offices and paid for them. You have printed more shares, i.e., diluted existing owners, and paid cash on top. You’ve financed this cash with debt. At the same time, however, dividends have been paid out and the taxman got his greasy fingers on them at that point (Doesn’t apply to you or Markus, because you own over 10%). With basic elementary school math, that dividend money should have been used to buy those “kiosks” instead of filling the taxman’s bottomless coffers. The balance sheet would be in a bit better shape, and maybe there would be less dilution too. As the previous writer also noticed. Funnily enough, the “cheap stock” doesn’t seem to appeal to the insiders. Probably because they get them as share rewards for absolutely free. No need to put your own hand in your pocket.                   Inderes              Talenom Oyj, Johdon liiketoimet – Otto-Pekka Huhtala - Inderes    Talenom Oyj, Johdon liiketoimet – Otto-Pekka Huhtala Talenom Oyj, johtohenkilöiden liiketoimet, 6.2.2026 klo 18.40____________________________________________IlmoitusvelvollinenNimi: Otto-Pekka...                             A light 60k€ worth of shares for the CEO as a reward for something? You haven’t managed to drive the firm into bankruptcy, so I guess you can be rewarded for that? Some relative of yours, Valtteri, has apparently also received 17k€ worth of shares as a reward for something. Congratulations.

Talenom

In the demerger, Talenom's owners received one new Easor share for each Talenom share they owned. 

Translation: Original published in Finnish 02/03/2026 at 08:20 am EET
In the demerger, Talenom&apos;s owners received one new Easor share for each Talenom share they owned. We estimate the value of Talenom&apos;s accounting business to be EUR 1.5-2.4 per share and the software business to be EUR 0.8-1.6 per share. We will initiate coverage of Easor after its first trading day and simultaneously update our investment view on Talenom to reflect the remaining accounting business.

Trading in Easor, spun off from Talenom, begins today

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