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
    }
  }
}


trading-in-easor-spun-off-from-talenom-begins-today

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

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description

Analyst

Juha Kinnunen

Atte Riikola

Easor is a financial administration platform company that offers entrepreneurs an easy-to-use tool for financial management and enhances the operations of accounting firms and service providers.
https://investors.easor.fi/en/

Here are Atte’s pre-comments as Easor reports its Q4 results on Wednesday, March 11.  Easor will publish certain financial information for 2025 on Wednesday, March 11, at approximately 9:00 am. The company’s earnings call, starting at 12:30 pm, can be followed here. Additionally, our recent initiation of coverage report on Easor can be read here. We expect the company’s growth to have continued in Q4 along the path indicated by the carve-out figures for the first 9 months provided in the demerger prospectus (approx. 3%). We expect the result to have weakened from the comparison period, reflecting increased growth investments and the demerger, although officially Easor’s journey as an independent company only began this year. Easor has already provided guidance for this year forecasting revenue growth of 3-10% and a weakening result, so there should be no surprises in the report regarding the outlook.                   Inderes              Easor Q4’25 -ennakko: Vuoden 2026 kasvunäkymä on jo tiedossa - Inderes    Easor on antanut jo tälle vuodelle 3-10 %:n liikevaihdon kasvua sekä tuloksen heikentymistä ennakoivan ohjeistuksen.

I am quoting my previous message. If you don’t give any weight to future growth potential, then yes, a negative view should have been given at the initiation of coverage. But I personally believe that the company has opportunities to grow both in Finland and internationally, so I am giving it some weight even at this stage. And in my opinion, the current valuation, e.g., on a revenue basis, isn’t a “massive price tag” when evaluating Easor’s long-term profitability profile. But there is still plenty to prove regarding growth, and that is ultimately what will decide this case.

Aren’t you, Atte, summing up perfectly right here why the recommendation should be negative? The fact that a company has goals of reaching for the moon doesn’t make it a good or successful company. I thought something would have been learned from these story stocks. Let’s jump on board when the story starts to materialize, or when there is at least some evidence of it. So far, there is nothing but nice talk and a hefty price tag.

Development resources are not being increased; instead, investments are being directed particularly toward the commercialization of Easor’s software. Additionally, the demerger will cause costs as Easor needs to build the administration and processes of an independent listed company. The company estimates that independence will result in about EUR 400k in new annual administrative costs. Looking at the F-Secure demerger as a historical reference point, costs will likely end up being higher than this as new unexpected expenses and recruitment needs arise. And separating Easor’s IT infrastructure from Talenom into an independent entity also costs money. The company’s own targets for growth are higher than our current forecasts, and its ambition and strategy are clearly to pursue strong international growth. In my view, it’s not worth investing in Easor if you are looking for a good bottom line in the coming years, as the company is clearly investing in the pursuit of growth right now. And if growth starts to accelerate, investments will likely only be ramped up further. There is plenty of market to capture in Spain if Easor’s strategy starts to progress, and optimizing profitability is something to think about at some point far in the future. But right now, immediately after the demerger, we are still in a bit of a transition phase where the only certainty is the increased investment, and we are still waiting for evidence of growth. Meanwhile, AI fears are hammering software companies into the ground on the stock market. Not exactly the most optimal moment to go public in that sense

Was Easor not developed enough under Talenom, and is it only now, a bit late, that more development resources are being allocated? Is the product not in good shape? If Inderes’ historical figures are correct, Easor would essentially be stagnating in light of the numbers between 2023 and 2028 with an annual operating profit of around €3.5M, but 2026 and 2027 would be much weaker than this. I somehow find it hard to believe that investors would have the patience to wait about three years just to reach roughly the same level of operating profit as a couple of years ago and be at a valuation of around EV/EBIT 15. There might be a good return here in the long run, but if the forecasts are not too conservative, I am quite confident that there will be better entry points in 2026–2027.

It is worth checking the initiation of coverage report for a more detailed look at the reasoning behind the company’s valuation. However, the front page already states, among other things: “Due to Easor’s stage of development, the company’s growth investments will weigh on earnings over the coming years, and as such, examining earnings-based valuation is not meaningful in the short term.” But Easor’s value is largely dependent on future growth, and they must succeed in that for this to become a good investment case.

It’s a slightly unusual situation that Easor’s forecasted EV/EBIT for this year is 36.3. No rocket growth is expected, and in 2 years a P/E valuation of around 40 is expected if everything goes well and somehow we end up at €1.00? It feels like with those forecasts, there is 2/3 air even in the current share price (€0.74).

Easor

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

In the demerger, Talenom's owners received one new Easor share for each Talenom share they owned. 

Translation: Original published in Finnish 02/03/2026 at 08:20 am EET
In the demerger, Talenom&apos;s owners received one new Easor share for each Talenom share they owned. We estimate the value of Talenom&apos;s accounting business to be EUR 1.5-2.4 per share and the software business to be EUR 0.8-1.6 per share. We will initiate coverage of Easor after its first trading day and simultaneously update our investment view on Talenom to reflect the remaining accounting business.

Trading in Easor, spun off from Talenom, begins today

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