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-acquisition-driven-growth-continues-next-year

__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.

I’m not quite sure what you’re talking about, but I remember at least correcting some strange claims regarding (management) option programs. I do always strive to defend the facts. After all, the company’s board decided to terminate those and decided “not to pay compensation to the option holders in accordance with the terms of the option programs.” So nothing came of it, which is clear when you look at the share price and the option terms. This share-based incentive system is then a different matter, and more on that next.  The rewards related to Talenom’s 2024–2027 share-based incentive scheme certainly don’t feel fair when looking at the share price development. I didn’t quickly find a more detailed breakdown of the basis on which shares are being distributed now, but the earning criteria were as follows: “In the earning period 2024–2025, the reward is based on the growth of the group’s net sales, the development of the operating profit, and the implementation of the company’s strategy.” Since the revenue growth here hasn’t been anywhere near what was targeted and the development of the operating profit is, to put it mildly, weak, presumably nothing will be paid for those parts. If they are paid, then in my opinion, it is wrong. Regarding the implementation of the company’s strategy, on the other hand, the separation of Easor has practically taken place, and likely, for example, some rewards are tied to this. Presumably, the payments then come from there. They aren’t huge sums, but I don’t know what proportion of the maximum has been given. My basic philosophy regarding remuneration is that one is happy to share for good progress. That is, in practice, when the owners get richer, one is also happy to make the management richer. Now the owners haven’t gotten richer, so in my opinion, all additional rewards are questionable. One is allowed to criticize them, and there is likely reason to do so. But then, thinking about it really dispassionately; if the strategy given by the board has been implemented “correctly” and rewards have been agreed upon for it, then it must be paid as agreed. Then the biggest problems are in the strategy and the created incentive system, so perhaps those should be the primary targets of criticism. Additionally, it must be noted that we don’t yet know what will ultimately come of this Easor separation. The market’s opinion is reflected in the share price, but the truth will be known in the coming years. Summary: I am not defending or supporting additional rewards in the current situation, but I assume that agreements have been followed. If I had designed those programs myself, I would not be satisfied and would set so-called floor conditions in the future. But moving forward, since we can’t go back.

Well, it follows the same “logic” that has been seen in this company all along. There have been attempts to discuss these things on the forum with poor results. The analyst has been making excuses, or messages have been deleted from the thread.

Fortunately, I’m no longer an owner in this shop. My blood pressure would probably have risen to critical levels reading that. In practice, they are being rewarded for not managing to drive the firm into bankruptcy. There is hardly any other success worth rewarding when it comes to this outfit. I still wonder how some people are hanging on to this, right down to Inderes’ model portfolio.

Did the share issue below make any sense? In my opinion, shares should not have been issued for free; instead, they should have been tied to future performance and granted only if things went well. Things have gone poorly enough that there was absolutely no reason to grant rewards like these.                   Inderes              Talenom Oyj:n hallitus on päättänyt lakkauttaa voimassa olevat optio- ja...    Talenom Oyj, Pörssitiedote, 29.1.2026 klo 16.45Talenom Oyj:n hallitus on päättänyt lakkauttaa voimassa olevat optio- ja osakepalkkio-ohjelmat ja päättänyt suunnatuista maksuttomista osakeanneistaTalen...

I don’t own any, and I’ve kept it as a rule of thumb that there’s time to get in if a turnaround occurs. Soon there will be two options, though, after the demerger.

It could go steadily towards zero without ever actually reaching it? This is quite a special case in Talenom’s story, as the software business will soon be spun off. There is selling pressure coming from almost every direction. Many are likely completely fed up with the stock, as July will mark practically five consecutive years of share price decline. Negative factors explaining the share price decline:  There is a significant amount of debt The dividend will likely be cut drastically Sweden has still not been proven Easor is a complete mystery as an independent company Operational management hasn’t been convincing since Paaso, and not many changes have occurred; the CEO (TJ) will continue in the other company The decline feeds the decline; people have anchored to a certain price level, and many are probably cursing that they didn’t exit earlier Everyone who has bought since the summer of 2018 is at a loss if dividends are not counted = realizing losses Even insider support buys at the €3 level at the end of the year didn’t help at all The accounting business was supposed to be stable and safe, yet the global economy hasn’t provided any tailwinds for Finland, and bankruptcies have been seen  Positive things are few and far between, but on the other hand, it only takes one good quarterly report and a clear turnaround in Sweden. I believe the core business and the strong machine are still intact, as long as it can be trimmed back into profitable shape after these difficult years.

Having followed Talenom’s stock for a while now with my “buying boots” on, I’ve been puzzled by the prolonged share price decline. Is this a buying opportunity, or is the price steadily heading toward zero over the next 2–3 years? Could those who have followed the company longer shed some light on which key metrics I should primarily be focusing on in Talenom’s case?

Talenom

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...

<p>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. </p> 

	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 %	8.2 %	9.5 %
P/E (adj.)	47.5	8.0	6.8
EV/EBITDA	19.9	4.2	3.7

Talenom: Acquisition-driven growth continues next year

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Key Estimate Figures03.08.2022

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