contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          slug
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

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

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


easor-plc-managers-transactions-valtter-tahkola-1

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

Capitalizes, pays dividends, and takes on debt. (the main owner receives these completely tax-free) Looking back at Talenom, where the same thing happened. Everyone can and should draw their own conclusions about the company.

I’m not sure if I understood the question correctly, but Easor certainly capitalizes the development work done on the software. Approximately 77% (27M / 35M) of the balance sheet consists of long-term intangible assets, and a significant portion of the result disappears between EBITDA and operating profit, meaning there are substantial depreciation and amortization (D&A) charges running through. D&A appears to account for about 50% of revenue. On the other hand, compared to the carve-out figures from a year ago, the share of intangibles on the balance sheet seems to have decreased by about 3M, meaning D&A is higher than new capitalizations. There is a large amount of that Talenom-era “pot” on the balance sheet, but that is when the work for it was actually done. I cannot comment on how those capitalizations compare to other similar companies, as the software business is not familiar to me.

From the published documents, I couldn’t personally tell if Easor capitalizes its R&D expenses like Talenom used to, and at what level that stands. Did anyone happen to spot this?

Atte has released a new equity research report on Easor following the Q1 results   Easor’s independent journey as a listed company started off well, with the company reporting Q1 figures slightly above our expectations. However, the big picture of the investment story remains unchanged. This year, the company is putting all its efforts into growth and building international distribution channels, which is currently mainly reflected in the expense lines. If the company succeeds in strong international growth, the stock has significant value creation potential. The stock is priced near the lower end of our estimated fair value range (EUR 0.7-1.5), and at the current valuation (2026e EV/S 2.3x), we see the risk-reward ratio as attractive.  Quoted from the report:  We examine the expected return of Easor’s stock across six scenarios based on different assumptions regarding the company’s growth rate and business scalability. In the scenarios extending to 2028, we look at the valuation through the EV/S multiple, as according to our forecasts, Easor’s profitability will not yet be at its potential level by then. Therefore, in a second calculation, we extend the scenarios to 2030, at which point we examine the valuation through earnings-based metrics. As a summary of the scenarios, we believe it can be stated that Easor’s value is highly sensitive to the company’s future growth rate, and therefore accelerating growth is central to value creation.                    Inderes              Easor Q1'26: Itsenäinen pörssitaival mukavasti käyntiin - Inderes    Osaketta hinnoitellaan arvioimamme käyvän arvon haarukan (0,7-1,5 EUR) alalaidan tuntumaan.

I listened through the Easor story and was left thinking that reporting revenue by country would be really useful from an investor’s perspective. Currently, one has to guess, and it’s impossible to properly assess whether the conquest of different countries is succeeding. Based on the graphs, it looked like the number of partnerships abroad had indeed grown very nicely, but it was stated in the call that there were only 15-20 accounting firm partners in Spain. Since there don’t seem to be any partners in Sweden, the partners must almost all be Italian (170-175), yet they generate zero revenue? Is the first version of the product being piloted with such a large number? Are these partners committed to anything? I’m wondering if one can track the development of country-specific revenue through the growth in the number of billable corporate customers in different regions. The number of billable corporate customers grew by approximately 6,000 last quarter, and apparently, that growth jump came mainly from Spain when billing was switched on at the turn of the year. The materials stated that the average billing in Spain is 10% of the Finnish billing. In the last quarter of 2025, the average billing per billable corporate customer was 165 euros per month (Q4 monthly revenue / number of billable corporate customers). This likely reflects well the average price paid by Finland (or more accurately, Talenom), as other customer volumes have been small. Thus, the average price in Spain is likely around 16 euros per month per corporate customer. If about 6,000 new accounts were added (and the majority of these were switched to billable), it would mean 288,000 euros in quarterly revenue (6,000 x 16 euros x 3 months) from Spain. With this math and some rather strong assumptions, almost all of Easor’s growth came from Spain when billing was turned on. Of course, there were relatively strong assumptions here, but based on this, one could estimate that Spain grew, Finland didn’t really grow at all, or then Sweden is leaking badly and Finland is just compensating for that. Someone with good Excel skills could analyze the development. Country-specific figures likely have a big impact on value creation, as averages are a terrible indicator of Easor’s development.

Atte spoke with Easor CEO Otto-Pekka Huhtala regarding Easor’s progress around Q1    Topics 00:00 Start  00:16 Q1 Highlights  01:26 Growth in customer numbers  02:08 Transformation into an independent company  02:59 Billable customers in Spain  04:08 Growth investments in Spain  05:28 Number of partner accounting firms  07:37 Feedback from partner accounting firms  09:21 Outlook for the rest of the year  11:13 Recovery of the Finnish economy

Here is an AI-generated summary of the webcast transcript. This was the company’s first interim report as an independent listed company following its spin-off (de-merger) from its parent company (Talenom) earlier this year. Key Points and Figures (Q1 2026) Customer Growth: The number of corporate customers grew by 21% year-on-year, surpassing the 17,000 customer mark (with slightly over 16,000 billable customers). Revenue: Grew more moderately, by 5.5% to EUR 5.4 million. Growth came from Finland and Spain. Revenue is lagging slightly behind customer numbers because new customers in Southern Europe are small and the contracts are low-cost. Profitability (EBITDA): Decreased by 19% to EUR 3.2 million. Profitability is weighed down by the administrative costs of being an independent listed company and the front-loaded costs of growth investments (such as recruitment). Annual Recurring Revenue (ARR): The company’s revenue of over EUR 20 million is 100% recurring software revenue. 2026 Guidance (unchanged): Revenue is expected to grow between 3% and 10%. The operating margin is expected to decrease due to the construction of distribution channels and growth investments. The medium-term (2–4 years) target is over 20% annual organic growth. Strategy and Technological Drivers Explosive Growth in Distribution Channels (Partner Accounting Firms) The company’s primary goal is to create its own distribution channel. The number of partner accounting firms has grown from 40 to over 300 offices (slightly over 130 in Finland, nearly 200 abroad). The platform is already used by over 1,000 accountants. AI and Automation Rate In Finland, the general industry automation rate for purchase invoices is approximately 47%. In Easor’s software, the automation rate is as high as 80% (covering receipts, bank statements, and all materials). This is the company’s greatest competitive advantage in the Nordics, saving accounting firms 30–50% of their working time. Legislation Driving Digitalization in Europe EU regulations, such as mandatory e-invoicing in the coming years and Spain’s VeriFactu legislation, are forcing micro-enterprises to migrate to digital platforms. In Spain, over 80% of small businesses do not yet use any software. Geographical Differences and Q&A Highlights Finland vs. Southern Europe (ARPU Gap): Finland still generates the vast majority of revenue. Average Revenue Per User (ARPU) in Spain is less than 10% of the Finnish level, as companies there are smaller and software price levels are significantly lower. In new customer acquisitions (via new partners), the customer size in Finland is about 4–5 times larger than in Spain. Market Dynamics in Spain and Italy: In Spain, software is sold directly to accounting firms, which roll it out to their entire client base at once (one firm can bring 200 customers in 1–2 months). Software sales to accounting firms have begun in Italy; the end-user application (Easor App) will be launched there in the autumn. Price levels in Italy match those in Spain. The Situation in Sweden: Growth is being pursued through the company’s own partner network and marketplace (not just through Talenom). Talenom’s Swedish customers are billed directly. Seasonality and Cash Flow: Slight seasonality is observable in Q2 (summertime is quieter for receipts and vouchers), but it is not dramatic. Since the architectural overhaul and heavy investments are completed (investments fell 11% in Q1), the company is using all free cash flow generated by operations to accelerate organic growth. Investor Perspective in Brief: Easor is positioned as a pure “growth story” company, sacrificing short-term profitability (EBITDA under pressure) to build a global distribution channel. The seeds of growth (over 300 partner accounting firms) have been sown, but due to the low price levels in Southern Europe (ARPU < 10% of Finland), the massive growth in customer numbers will only reflect in revenue with a significant lag, once upselling of additional features begins.

Easor

Easor Plc, Managers' Transactions, 20 March 2026 at 15:40 EETEasor Plc, Managers' Transactions – Valtter Tahkola____________________________________________Person subject to the notification...

Easor Plc, Managers' Transactions, 20 March 2026 at 15:40 EETEasor Plc, Managers' Transactions – Valtter Tahkola____________________________________________Person subject to the notification requirementName: Valtter TahkolaPosition: Other senior managerIssuer: Easor OyjLEI: 636700SC9QDZ98RZ8N15Notification type: INITIAL NOTIFICATIONReference number: 148352/5/4____________________________________________Transaction date: 2026-03-20Venue: NASDAQ HELSINKI LTD (XHEL)Instrument type: SHAREISIN: FI4000598156Nature of transaction: ACQUISITIONTransaction details(1): Volume: 50000 Unit price: 0.6225 EURAggregated transactions(1): Volume: 50000 Volume weighted average price: 0.6225 EUR