Talenom: Earnings growth buried under growth investments
Thalenom's Q4 result was clearly below expectations and 2023 earnings estimates were under pressure as the company builds a base for international growth. We believe that the company's acquisition-driven growth strategy will eventually yield results, but 2023 earnings growth will be buried under growth investments. Considering this, the valuation (2023 P/E 36x) is challenging and we remain on the sidelines watching.
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 Figures01.02.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 102.1 | 126.2 | 156.1 |
growth-% | 23.31 % | 23.64 % | 23.61 % |
EBIT (adj.) | 15.3 | 16.2 | 19.7 |
EBIT-% (adj.) | 14.95 % | 12.79 % | 12.65 % |
EPS (adj.) | 0.27 | 0.25 | 0.30 |
Dividend | 0.18 | 0.19 | 0.20 |
Dividend % | 1.98 % | 3.68 % | 3.87 % |
P/E (adj.) | 34.31 | 20.67 | 17.16 |
EV/EBITDA | 14.41 | 8.22 | 7.81 |