Talenom: Wrinkles in profitability
Talenom's Q1 result was a clear disappointment to the company due to weak profitability, which put our earnings estimates under pressure. Although earnings growth currently looks dismal due to heavily declining profitability it is a strategic choice by the company and profitability will eventually turn after the international growth spurt. In the longer term, the current valuation (2024e P/E 28x and EV/EBITDA 11x) is moderate but requires patience to look at the growth story beyond the profitability slump and confidence in international success.
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 Figures21.04.2023
2022 | 23e | 24e | |
---|---|---|---|
Omsætning | 102,1 | 127,4 | 157,5 |
vækst-% | 23,31 % | 24,81 % | 23,61 % |
EBIT (adj.) | 15,3 | 15,5 | 19,6 |
EBIT-% (adj.) | 14,95 % | 12,14 % | 12,43 % |
EPS (adj.) | 0,27 | 0,22 | 0,29 |
Udbytte | 0,18 | 0,19 | 0,20 |
Udbytte % | 1,98 % | 3,62 % | 3,81 % |
P/E (adj.) | 34,31 | 23,87 | 18,38 |
EV/EBITDA | 14,41 | 8,60 | 7,99 |