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 | |
---|---|---|---|
Omsætning | 102,1 | 126,2 | 156,1 |
vækst-% | 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 |
Udbytte | 0,18 | 0,19 | 0,20 |
Udbytte % | 1,98 % | 3,56 % | 3,75 % |
P/E (adj.) | 34,31 | 21,35 | 17,72 |
EV/EBITDA | 14,41 | 8,43 | 7,99 |