Talenom: Acquisition-driven growth continues next year
Talenom's Q2 result was excellent considering the circumstances and the company's earnings growth story is progressing on track. We have raised our earnings estimates slightly and exceptionally included new unimplemented acquisitions. Talenom is expected to continue its acquisition-driven growth strategy in the coming years, which is why our estimates now better reflect the future. However, following a strong share price rise, we believe that the share is almost fully priced (2023e P/E 35x and EV/EBIT 28x). Long-term investors can well stay on board the attractive equity story, but in the short term we do not see sufficient upside in the share.
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.
Read more on company pageKey Estimate Figures2022-08-03
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 82.8 | 103.9 | 127.8 |
| growth-% | 27.1 % | 25.4 % | 23.0 % |
| EBIT (adj.) | 14.8 | 17.6 | 20.9 |
| EBIT-% (adj.) | 17.8 % | 16.9 % | 16.4 % |
| EPS (adj.) | 0.25 | 0.30 | 0.35 |
| Dividend | 0.17 | 0.20 | 0.23 |
| Dividend % | 1.5 % | 16.8 % | 19.6 % |
| P/E (adj.) | 47.5 | 3.9 | 3.3 |
| EV/EBITDA | 19.9 | 2.6 | 2.3 |
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