Translation: Original published in Finnish on 2/24/2026 at 8:35 am EET.

We raise Talenom to Buy (was Accumulate) and revise our target price to EUR 3.0 (was EUR 3.4). The company's demerger is in the home stretch, as the company announced yesterday that it has applied for Easor Oyj's listing on Nasdaq Helsinki. Today, we published an investment analysis on Easor, in connection with which we have also updated our view on the new Talenom, i.e., the company's accounting firm business. We have not made any material forecast changes, but the acceptable valuation level for the accounting firm sector has recently been under pressure.

The demerger is in its final stages

Talenom announced yesterday that it had submitted a listing application for Easor's shares to be listed on Nasdaq Helsinki's official list. The demerger is expected to be registered in the Trade Register on February 28, 2026, and trading in Easor's shares is expected to commence on March 2, 2026. In connection with the demerger, Talenom's shareholders will receive one new Easor share for each Talenom share they own as demerger consideration. We have also published an investment analysis on Easor's software business today, on the eve of its listing. In this report, we refine Talenom's accounting business forecasts and valuation. We will issue separate target prices and recommendations for both companies after Easor's first trading day.

Talenom's roots in the accounting business date back to the 1970s, and the company's historical development in Finland has been strong. The core business in Finland still dominates the whole, but the growing Spanish business plays an increasingly larger role. Talenom previously expanded aggressively into Sweden, but the company has not yet found a recipe for success there, and the outlook is still not good. The failure in Sweden is the biggest misstep in Talenom's otherwise successful growth history. 

The accounting firm business is investing in growth in 2026

Talenom has guided that the accounting firm business's 2026 revenue will be ~110-120 MEUR and comparable EBITDA ~18-22 MEUR. Our revenue forecast (112 MEUR) is at the lower end of the guidance range. We estimate that revenue growth will depend on acquisitions, as we believe organic growth is limited in Finland and negative in Sweden. In our view, significant organic growth can only be expected in Spain, in addition to which Talenom increased its Spanish revenue by approximately 3 MEUR through acquisitions even before the turn of the year. New Talenom's cost structure will increase in 2026 when the company becomes a separate listed company. In addition, the company has increased its sales and marketing investments, with which it aims to accelerate growth in the coming years. In the short term, this will particularly weaken Finland's relative profitability, which is, however, still at a healthy level. Talenom estimates that the EBITDA in Sweden will turn positive in 2026, and the company expects profitable growth in Spain. We consider both assumptions reasonable. We expect Talenom's EBITDA to be around 20 MEUR for 2026, which is in the middle of the company's guidance range. There will still be one-off costs from the demerger.

Valuation is based on a sum-of-the-parts analysis

We estimate the value of Talenom's accounting business to be EUR 1.5-2.4 per share and Easor's software business to be EUR 0.8-1.6 per share (a separate investment analysis has been published). The current valuation range for the combined entity is thus EUR 2.3-4.0 per share, with an average of around EUR 3.1. The stock is currently priced at the lower end of the range, and we consider the valuation highly attractive at present. The stock has been under strong selling pressure in recent months, and investors have practically abandoned it, but we see interesting opportunities in both companies in the coming years.