Translation: Original published in Finnish on 3/3/2026 at 7:00 am EET.

Easor, spun off from Talenom through a partial demerger, develops and provides a financial management platform for SMEs and accounting firms. We estimate the fair value of the company to be EUR 0.8–1.6 per share. In our view, the wide range reflects the partially black-and-white nature of Easor's investment case. If the company achieves strong international growth, the share will have significant value creation potential. Without growth, only increased investments would remain, putting pressure on an acceptable valuation level. The company still has to prove its ability to achieve international growth, and the current sentiment for software companies on the stock exchange is weak. Thus, we set a target price of EUR 1.0 for Easor and initiate coverage with an Accumulate recommendation.

Finnish financial management software platform

Easor offers SMEs an easy-to-use software service for daily financial management routines and a simple way to find financial management consulting help. For accountants and accounting firms, Easor’s software provides an efficient and automated tool for producing accounting service, as well as an opportunity to grow with the help of Easor's marketplaces (kirjanpitaja.fi, tilitoimisto.fi) in Finland. For software and other partners, Easor offers an efficient growth channel to distribute its services to end customers. Easor operates in Finland, Sweden, and Spain, and localization of the software has also begun in Italy. Easor has over 15,000 SME customers and over 220 accounting firm partners.

Investment story relies on international growth

In terms of its investment profile, Easor is clearly a growth company, and accelerating growth in the medium term (targeted over 20%) is crucial for its value creation. The most crucial aspect to monitor in Easor's investment case in the coming years is the market potential opening up in Spain with the Verifactu legislation (2027). Acquiring new accounting firm partners is essential for growth because they serve as a key channel for Easor's software. If Easor succeeds in its growth investments and growth in Spain starts to materialize, the company's scalable business model should also lead to a clear improvement in earnings and cash flow. Italy and Sweden also offer a growth option, but their significance is still considerably smaller at this point. In Finland, we believe the company has the preconditions to achieve stable, profitable growth, but, due to the mature nature of the market and intense competition, it must seek most of its growth internationally. In our assessment, Easor's key competitive advantages are its software's ease of use and efficiency, the support it offers partners, and its lower prices compared to competitors'.

Easor’s value depends on future growth

Due to Easor’s development phase, the company's growth investments will weigh on the earnings level in the coming years, so examining earnings-based valuation does not make sense in the short term. After the first day of trading, Easor is priced at 2.7x EV/S for this year. The corresponding multiples for the company's closest peers, which we consider to be attractively priced (Admicom and Lemonsoft), are 3.7x and 2.9x. While Easor's combined growth and profitability will lag behind its peers in the coming years, its earnings potential is favorable given its continuous and scalable SaaS business model, provided its growth strategy is successfully implemented. We believe this potential can be assessed through a DCF calculation and scenario analysis. Easor's track record of international growth is still limited, and in view of the cautious growth outlook for the current year (guidance 3-10%), we believe a full international breakthrough cannot yet be priced into the share. We currently estimate the fair value of Easor's share to be in the range of EUR 0.8-1.6. At the lower end, we consider growth expectations to be already very moderate, whereas at the upper end, reasonably good success is priced in.