Talenom: Lower valuation entices back on board
The share price drop has pushed Talenom's valuation back to reasonable. We make no estimate changes, so the over 20% drop in the share price has been directly reflected in the company's valuation. We feel that the current valuation (2024e P/E 26x and EV/EBIT 22x) already offers a rather attractive expected return, considering the significant international growth investments that currently depress profitability, and whose yield will mature in coming years.
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 Figures2023-03-27
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 102.1 | 126.2 | 156.1 |
growth-% | 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 |
Dividend | 0.18 | 0.19 | 0.20 |
Dividend % | 1.98 % | 3.64 % | 3.83 % |
P/E (adj.) | 34.31 | 20.87 | 17.32 |
EV/EBITDA | 14.41 | 8.28 | 7.86 |