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
    }
  }
}


talenom-share-has-fallen-attractive-levels

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

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.

Rantalainen is also loading up on Administer; as I recall, they have been the largest buyer of the stock for several years now. Probably the core business is performing so well that the accumulated cash has to be put somewhere. He knows the accounting firm business, so he buys everything related to it on the Helsinki Stock Exchange. Talenom’s share has dived, and the price tag probably looks attractive now. It could be a pure financial investment without other objectives, or it might not be. For example, large individual owners in Helsinki’s financial services sector receive massive dividends from their companies and use that money to buy Aktia, Ålandsbanken, and Nordea without any strategic considerations. They see banks as good money-making machines and take annual dividends from them for the rest of their lives. There are no plans for mergers behind those actions.

Let’s post this here as well, since Rantalainen was already mentioned earlier this year. Current Rantalainen-Yhtiöt Oy holding according to the latest updated list 31.10.2025 - 50,000 shares 30.11.2025 - 130,000 shares (+80,000) 31.12.2025 - 100,000 shares (-30,000) 31.1.2026 - 300,000 shares (+200,000) 28.2.2026 - 600,000 shares (+300,000)

Earnings disappeared with the demerger The image shows the combined operating profit forecast for Talenom and Easor for the coming years. Earnings and earnings forecasts have vanished in the demerger. Conservative forecasts predicted €27M in operating profit for this year. We’ll be lucky if it reaches €5M.

Hi, the revenues for different countries are included within that graph. Of course, an axis could have been added as well, which would have made it easier to see the level for the entire group.  The dividend remains a mystery for now, but it seems clear that it will drop significantly from its previous level. Easor, however, accounted for a large part of the result previously. Let’s see what they come up with.

Good new report @Juha_Kinnunen, and you managed to cut the dividend even more than I expected. Reflecting on Talenom’s history, I don’t believe in such a drastic cut, even though they might not necessarily be able to afford it. It remains to be seen how the market reacts next week when the dividend proposal is heard, as there are likely still many investors on board longing for the old dividend. Even though the guidance is already known, over the course of the year we will be wiser about Talenom’s earnings performance. The Y-axis figures were missing from the “predicted revenue development” table on page 4.

New Talenom, new report and 12-month target price €1.9 and add.                   Inderes              Uusi Talenom: Suomi kantaa, Espanja kirittää - Inderes    Näemme Talenomilla merkittäviä kasvumahdollisuuksia erityisesti Espanjassa, mutta tuloksen ja rahavirran yhtiö tekee toistaiseksi Suomessa.

I’m satisfied with the big picture. Of course, many things could have gone better. In my experience, that’s often how it goes in business. Many things go well, but never everything at the same time  However, since growth—and specifically international growth—has been the goal, it hasn’t been anywhere near a walk in the park, and there have been plenty of surprises. Profitability has suffered, and that too is a conscious choice. A major explanatory factor is also Finland’s weak economic cycle. It has hit Finnish companies hard, and that is visible in accounting firms. In a normal economic cycle, Talenom’s figures would also look quite different. Considering the cycle, operational performance in Finland has been excellent. Growth has continued, profitability has improved, and we have gained many new customers. It would have been possible to stay in Finland and try to achieve 5% annual growth from a saturated market. And improve profitability by the same amount. These figures would have guaranteed the “quality company” label on the Helsinki Stock Exchange, but that has not been the company’s goal; instead, our gaze is set further ahead. Growing the top line in new markets requires acquisitions. Later, organic growth is also possible there. This is largely how we have grown in Finland over the past 15 years. If the balance sheet is a mess with that level of indebtedness, then it has always been that way in the company. We have always maximized the use of bank debt for growth. The limit I have maintained (for the over 30 years I’ve been with the firm) is that in such a defensive industry, debt can be about 3x EBITDA. During this time, we have grown from about 1 million euros to 130 million euros. Whether this substantial use of leverage for growth has been wise, I don’t know, but it has been our choice in any case. For lenders, this is not an issue. In Sweden, we haven’t succeeded as quickly as we would have liked, but the trend there turned over a year ago. Spain has gone according to plan. The lessons from Sweden are in our back pocket, and the expansion strategy for Spain is different. Exporting professional services abroad is slow work, and the pace of change cannot be very fast. In Q3/25, we reported that cash flow improved by 45% from the previous year. Our investments have decreased, and now they are practically collapsing on Talenom’s side as IT investments move to Easor from today onwards. The demerger of Easor gave Talenom’s owners the opportunity to be part of two growth stories. And I emphasize: growth stories. The company has operated in the same way throughout its history (nearly 55 years), and I believe we will continue in much the same way. Hopefully, Finland’s economic situation will improve soon and we can get growth started. That is what all companies, people, and our entire society need!

Talenom

Talenom's year has started to our understanding as expected and the introduction of own software in Sweden has progressed as planned. Although the 2024 valuation multiples appear quite high given the company's still weak performance relative to potential, the valuation will become attractive as the profitability of the international business improves in the coming years.

<p>Talenom's year has started to our understanding as expected and the introduction of own software in Sweden has progressed as planned. Although the 2024 valuation multiples appear quite high (2024e P/E 28x) given the company's still weak performance relative to potential, the valuation will become attractive as the profitability of the international business improves in the coming years (2026e P/E 13x).</p> 

	2023	24e	25e
Revenue	121.7	135.5	152.3
growth-%	19.2 %	11.3 %	12.4 %
EBIT (adj.)	11.1	15.3	21.4
EBIT-% (adj.)	9.1 %	11.3 %	14.0 %
EPS (adj.)	0.14	0.19	0.29
Dividend	0.19	0.20	0.21
Dividend %	3.1 %	13.2 %	13.9 %
P/E (adj.)	43.2	8.1	5.2
EV/EBITDA	11.2	4.0	3.4

Talenom: The share has fallen to attractive levels

Key Estimate Figures2024-03-19

Forum discussions