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
  ... 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
    }
    ... 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
    }
  }
}


aallon-group-yrityskaupoilla-pohjanmaalla

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Aallon Group is an accounting firm that offer financial management services, such as bookkeeping and payroll. In addition to traditional accounting office services, the company produces various advisory services related to business operations and taxation, and financial management consulting. In addition, the company does its own application development in digital services and automation of financial administration. The oldest company in the group was founded in 1957.

The accounting industry is specifically weighted toward the spring. Profits are essentially made in the spring, as financial statements, tax returns, farm accounts, and other annual tasks are invoiced as additional work. Autumn is more about regular working hours. Of course, this has likely been factored into the forecasts.

Rarely has Aallon sparked this much discussion  Tapani Aalto has been out shopping                   Inderes              Aallon Group Oyj - Johtohenkilöiden liiketoimet: Tapani Aalto - Inderes    JOHTOHENKILÖIDEN LIIKETOIMET 17.2.2026 klo 12.25Aallon Group Oyj - Johdon liiketoimet____________________________________________IlmoitusvelvollinenNimi: Tapani AaltoAsema: Hallituksen jäsen...                              Sometimes Atte has defended Aallon’s weak H2 and missing forecasts by saying that accounting firms are busier in H1, and that he hasn’t been able to fully predict how revenue is distributed between H1/H2 for accounting firms. Well, time will tell.

Tens of millions of them must have been capitalized over the years. Of course, some have also been amortized. My gut feeling is that more customer acquisition costs have been capitalized than software development. I suppose those intangibles are a bit of an issue on the balance sheet, since the profit has sort of been front-loaded. Yeah, because of this, Talenom’s EBITDA can’t be compared to others.

Yes, Talenom’s figures are not fully comparable with Aallon’s because they have included the software business + these capitalizations of sales costs. At a quick glance, I saw that if the sales capitalizations are adjusted by an estimated 3 million for Q1-Q3/2025 (the level can be found in the 2024 notes) and these are added back to the EBITDA of the Finnish accounting business alone, the EBITDA is still around 25%.

In my opinion, this has been precisely the reason why Talenom’s EBITDA has been at completely different levels than others in the accounting world. I don’t know how extensively customer acquisition costs or acquisitions are capitalized, but that technique certainly provides a significant boost to the result.

Talenom capitalizes customer acquisition. Doesn’t that directly affect EBITDA? You can’t compare the figures when one has customers on the balance sheet and the other doesn’t. Depreciation doesn’t affect EBITDA. Quite ingenious, actually​

I agree with Atte regarding the sluggish outlook for organic growth; M&A deals in the accounting industry involve a bit of customer churn, and that just has to be accepted. On the other hand, some cost synergies are also gained, which compensate for this. I think the bigger question in the AG investment story, however, is the continued execution of successful deals (max EV/Ebitda 5) + active process automation, both via third-party software and, in the future, via their own software. If they succeed in this, the EBITDA margin should be significantly higher than it is currently (cf. AG 15% vs. Talenom 29%), with acquisitions providing the growth. Regarding automation, it must be remembered that current accounting software has already had good rule-based tools for process automation for years. Now, they have been further improved slightly with the help of AI. Current tools already allow for 90% automation, and significantly fewer staff are needed compared to the old model. Sure, it will probably improve a bit more, but sufficiently good tools have been around for a long time. I wouldn’t worry about some new AI contraption falling from the sky and changing the game. The problem has been that accounting firms have been incredibly slow to adopt automation; routine-loving accountants resist, and the revenue model has been based on billable hours—so why automate?

Aallon Group

Aallon Group tiedotti perjantaina ostaneensa Teuvalla sijaitsevan tilitoimisto Yrityspalvelut Instament Oy:n liiketoiminnan.

<p>Aallon Group <a href="https://www.inderes.fi/releases/aallon-group-oyj-laajentaa-toimintaansa-teuvalla-yrityspalvelu-instament-oyn-liittyessa-mukaan">tiedotti</a> perjantaina ostaneensa Teuvalla sijaitsevan tilitoimisto Yrityspalvelut Instament Oy:n liiketoiminnan. K&#xe4;teisell&#xe4; maksettavaa kauppahintaa ei kerrottu, mutta arvioimme j&#xe4;rjestelyn arvostuksen noudattaneen Aallon Groupin yrityskaupoissa tyypillisesti n&#xe4;htyj&#xe4; maltillisia tasoja. J&#xe4;rjestelyn my&#xf6;t&#xe4; Aallon Group laajenee Etel&#xe4;-Pohjanmaalle, miss&#xe4; yhti&#xf6;ll&#xe4; ei aiemmin ollut l&#xe4;sn&#xe4;oloa. Kaupan liikevaihtovaikutus suhteessa vuoden 2025 ennusteeseemme on vajaa 2 %. Lis&#xe4;&#xe4;mme j&#xe4;rjestelyn ennusteisiimme seuraavan p&#xe4;ivityksemme yhteydess&#xe4;. J&#xe4;rjestelyn my&#xf6;t&#xe4; Aallon Groupin yritysostovetoinen kasvustrategia ottaa j&#xe4;lleen askeleen eteenp&#xe4;in, mihin n&#xe4;hden osakkeen arvostus on <a href="https://www.inderes.fi/research/aallon-group-h125-yritysostovetoinen-kasvu-jatkuu">n&#xe4;kemyksemme</a> mukaan maltillinen.</p>
<h2>Kannattava tilitoimisto Pohjanmaalta</h2>
<p>Yrityspalvelu Instament Oy:n liikevaihto 31.12.2024 p&#xe4;&#xe4;ttyneen&#xe4; tilikautena oli noin 774 TEUR. Yhti&#xf6; ty&#xf6;llist&#xe4;&#xe4; kaupantekohetkell&#xe4; kaksi yritt&#xe4;j&#xe4;&#xe4; ja seitsem&#xe4;n ammattilaista. Koko yhti&#xf6;n henkil&#xf6;st&#xf6; ja yritt&#xe4;j&#xe4;t jatkavat asiakkaidensa palvelemista osana Aallon Groupia. Yrityspalvelu Instament Oy on viime vuosina kiihdytt&#xe4;nyt kasvuaan ja toiminta on hyvin kannattavaa.</p>

	2024	25e	26e
Revenue	35.1	40.3	42.3
growth-%	6.7 %	14.9 %	4.7 %
EBIT (adj.)	3.8	4.3	4.8
EBIT-% (adj.)	10.9 %	10.6 %	11.4 %
EPS (adj.)	0.78	0.90	1.00
Dividend	0.23	0.24	0.25
Dividend %	2.7 %	2.6 %	2.8 %
P/E (adj.)	11.1	10.1	9.1
EV/EBITDA	6.6	6.4	5.5

Aallon Group yrityskaupoilla Pohjanmaalla

Kannattava tilitoimisto Pohjanmaalta

Key Estimate Figures2025-08-19

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