Talenom (Extensive Report): Growth leap to the next level
After an acquisition-driven growth leap, the company has moved to a new size class and become a significant player in Sweden as well. Profitability has been hurting due to growth investments, but we expect the situation to improve in the coming years and earnings growth rate to return to over 20% annually. The technological competitive advantage of the core business has strengthened with the scale growing and new growth drivers may emerge from new ventures in the next few years. The valuation has fallen to a reasonable level (2023e P/E 29x and EV/EBIT 24x), but in the short term the increase in interest rates may still weigh on the share. However, for a long-term investor, we consider the risk/return ratio of the share to be attractive now.
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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 Figures12.04.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 82.8 | 104.0 | 119.9 |
growth-% | 27.08 % | 25.64 % | 15.24 % |
EBIT (adj.) | 14.8 | 16.6 | 20.4 |
EBIT-% (adj.) | 17.83 % | 15.95 % | 16.99 % |
EPS (adj.) | 0.25 | 0.28 | 0.35 |
Dividend | 0.17 | 0.18 | 0.22 |
Dividend % | 1.45 % | 5.25 % | 6.45 % |
P/E (adj.) | 47.47 | 12.38 | 10.07 |
EV/EBITDA | 19.94 | 5.83 | 5.04 |