Talenom: Growth both in estimates and valuation
We feel Talenom’s story has all the pieces in the right place and the company has a lot of embedded earnings growth: profitability of acquisitions grow, competitiveness in Sweden improves through software, TiliJaska with its banking service enables growth in the small customer segment, and Talenom’s expansion in Europe seems more realistic than before. The only clear challenge is again the valuation level (2022e P/E 41x and EV/EBIT 33x) that is extremely challenging despite higher estimates.
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.
Read more on company pageKey Estimate Figures26.04.2021
| 2020 | 21e | 22e | |
|---|---|---|---|
| Revenue | 65.2 | 81.2 | 95.1 |
| growth-% | 12.4 % | 24.6 % | 17.1 % |
| EBIT (adj.) | 12.9 | 15.7 | 20.0 |
| EBIT-% (adj.) | 19.8 % | 19.3 % | 21.0 % |
| EPS (adj.) | 0.22 | 0.27 | 0.34 |
| Dividend | 0.15 | 0.16 | 0.21 |
| Dividend % | 1.0 % | 13.5 % | 17.3 % |
| P/E (adj.) | 67.9 | 4.4 | 3.5 |
| EV/EBITDA | 29.2 | 3.1 | 2.6 |
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