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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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-growth-both-estimates-and-valuation

__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.

Same here, shouldn’t have watched the interviews. Should have looked at the numbers and their development. What’s particularly frustrating is that bad numbers came in many quarterly reports, and I couldn’t draw the right conclusions from them. Somehow, I ended up thinking that the concept proven in Finland could be replicated at least moderately well. But the difference in performance between Finland and Sweden is absolutely shockingly large.

And probably fewer acquisitions have been made because the balance sheet is tight. Still, the second installment of the dividend had to be distributed. I currently have no confidence that smart decisions will continue to be made under the leadership of the main owners.

In principle, the result can still be in line with the old guidance, but due to distribution costs, the guidance had to be lowered.

“Talenom has completed fewer acquisitions than planned during 2025, which has reduced the generation of revenue and EBITDA.” Quite an interesting (partial) explanation for the profit warning. Acquisitions have been a complete mess anyway, considering that losses are being made abroad. They don’t generate that EBITDA. Who in their right mind would want more of them? The company’s net gearing is something like +160%, and the company includes acquisitions in its guidance. Shouldn’t they try to pay off old debts before leveraging the company to the hilt? The company’s indebtedness has almost doubled in 4-5 years. Messing around with debt is the root cause of the company’s poor performance. The profit warning is merely a consequence of poorly managed core business operations.

Approx. 5 MEUR was cut from both revenue and EBITDA levels when looking at the midpoints. Over 1 MEUR of the EBITDA cut is due to distribution costs. The original guidance had been given already about 1 year ago in 12/2024. Quite a big EBITDA drop, perhaps it was then assumed that revenue would go to the upper end of the range and EBITDA to the lower end, when operationally, both revenue and EBITDA were supposed to be cut at a 1:1 ratio…  New guidance for 2025: Talenom estimates its 2025 revenue to be approximately EUR 129–131 million and EBITDA approximately EUR 33–35 million, including costs arising from strategic assessment, distribution, and listing. Previous guidance for 2025 (given on 13 December 2024): Talenom estimates its 2025 revenue to be approximately EUR 130–140 million and EBITDA approximately EUR 36–42 million.

Is it time for the board to pull itself together and send Huhtala elsewhere to ruin the business? Or do the traces lead to the source, i.e., the company’s board, which is too out of touch with international business? Fundamentally, Finnish SMEs should not try to conquer the world. Or at least, it’s advisable to do a proper mapping of the competitive landscape beforehand. Well, Huhtala was apparently given another chance to show his capabilities at Easor. I’ll definitely dump the stock as soon as the division has happened. I really need to look in the mirror for believing Huhtala’s nonsense in numerous quarterly reports…

And an earnings warning is issued. One more to the series of disappointments.  New guidance for 2025: Talenom estimates the 2025 revenue to be approximately 129–131 million euros and the EBITDA to be approximately 33–35 million euros, including costs arising from strategic assessment, demerger, and listing.                    Inderes              Sisäpiiritieto, tulosvaroitus: Talenom laskee vuoden 2025 ohjeistustaan -...    Talenom Oyj, sisäpiiritieto 15.12.2025 klo 10.10Sisäpiiritieto, tulosvaroitus: Talenom laskee vuoden 2025 ohjeistustaan Talenom on toteuttanut suunniteltua vähemmän yritysostoja vuoden 2025 ...

Talenom

We feel Talenom’s story has all the pieces in the right place and the company has a lot of embedded earnings growth: profitability of acquisitions grow, competitiveness in Sweden improves through...

<p>We feel Talenom’s story has all the pieces in the right place and the company has a lot of embedded earnings growth: profitability of acquisitions grow, competitiveness in Sweden improves through software, TiliJaska with its banking service enables growth in the small customer segment, and Talenom’s expansion in Europe seems more realistic than before. The only clear challenge is again the valuation level (2022e P/E 41x and EV/EBIT 33x) that is extremely challenging despite higher estimates.</p> 

	2020	21e	22e
Revenue	65.2	81.2	95.1
growth-%	12.4 %	24.6 %	17.1 %
EBIT (adj.)	12.9	15.7	20.0
EBIT-% (adj.)	19.8 %	19.3 %	21.0 %
EPS (adj.)	0.22	0.27	0.34
Dividend	0.15	0.16	0.21
Dividend %	1.0 %	5.3 %	6.9 %
P/E (adj.)	67.9	11.3	8.8
EV/EBITDA	29.2	6.0	5.0

Talenom: Growth both in estimates and valuation

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Key Estimate Figures26.04.2021

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