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
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

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
    }
    ... 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
    }
  }
}


talenom-growth-both-estimates-and-valuation

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Analyst

Juha Kinnunen

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.

First accounting firm acquisition after the demerger. New operating area in Mallorca. 1M€ revenue, 16 employees.                   Inderes              Talenom ostaa espanjalaisen tilitoimiston Brunet Aguilar Newcon - Inderes    Talenom Oyj, lehdistötiedote 10.4.2026 kello 16.00Talenom ostaa espanjalaisen tilitoimiston Brunet Aguilar Newcon Talenom Oyj on sopinut ostavansa Mallorcalla toimivan tilitoimiston Brunet Aguilar...

I looked at Easor’s ownership changes over the month, and the same Otto-Pekka Huhtala was on the buying side there. Similarly, the same Savings Bank (Säästöpankki) fund sold almost all of its Easor shares already, and SEB’s register seems to have about 1.3 million shares left. SEB and SP are thus on the selling side in both, and especially on Easor’s side, the sellable shares might run out quite quickly.

Otto-Pekka Huhtala, who became CEO of Easorin, sold his shares in March:  He made such bad deals, e.g., in Sweden at Talenom’s expense, that it remains to be seen whether this is a positive or negative signal. Harri Tahkola also reduced his holdings, but those shares probably went to his offspring. Säästöpankki’s fund was a big seller:  Also a lot out of Seb’s register:  Rantalainen significantly increased its ownership:

Would you like to share the reasons why you terminated Talenom because of Easor?

An existing Talenom customer using Easor can also switch to using Netvisor. This option was suggested to me when I terminated my contract with Talenom because of Easor.

I suppose one of the driving factors behind this entire demerger process was the observation in Sweden that the “forced implementation” of Easor caused a loss of accountants and, subsequently, customers. For the sake of the accounting firm business, this had to be abandoned, and since Easor still needs more customers, the decision was made to start offering it to others. Of course, Easor is likely still the choice for completely new customers and for accountants who already use it.

Easor is cheaper than its competitors, or at least below the mid-range. This is the impression given in interviews. It improves the accountant’s efficiency, making the current price level worth paying. As long as this remains true, Talenom is unlikely to switch to more expensive software or to something that is slower to use from an accountant’s perspective. If a new customer is currently using other software and wants to move to Talenom, in these cases Talenom can continue to use that other software if the end customer so requires (e.g., if they don’t want to learn anything new). This is what has been stated. For the next 5 years, Easor will likely remain Talenom’s primary software. Beyond that, it’s harder to say. If the main owner remains the same, the current situation will likely continue for the most part, with competing software then accounting for x% of usage.

Talenom

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...

<p>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.</p> 

	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 %	11.8 %	15.2 %
P/E (adj.)	67.9	5.1	4.0
EV/EBITDA	29.2	3.4	2.8

Talenom: Growth both in estimates and valuation

Key Estimate Figures26.04.2021

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