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
    }
  }
}


__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.

So on 27.2.2025, still two companies for the price of one…  Provided that the implementation of the Demerger is registered in the Trade Register on 28 February 2026, a trade made in the Talenom share on the stock exchange no later than 27 February 2026 entitles the holder to Demerger Consideration Shares. All trades made in Talenom shares no later than 27 February 2026, which have not been settled by that date, will be settled such that investors who have acquired Talenom shares through such trades will receive both Talenom and Easor shares in the settlement.  Talenom Plc has decided to implement a partial demerger of Talenom, in which the company’s software business will be transferred to a new listed company to be named Easor Plc Talenom Oyj on päättänyt toteuttaa Talenomin osittaisjakautumisen, jossa yhtiön ohjelmistoliiketoiminta siirtyy uuteen Easor Oyj:ksi nimettävään pörssiyhtiöön

Aallon Group is also developing its own accounting software:

Talenom’s share price has indeed slumped deep now, well below, for example, Inderes’ SOTP price. Part of the explanation is certainly the valuation that went too high back in the day and the resulting long “hangover” leading to a large number of disappointed shareholders. Back then, 5 years ago, the company’s value had escaped all realism; it couldn’t be explained with a pocket calculator. In the short term (<1 year), psychology and emotions also come into play in the stock price; Talenom’s price chart bears a sad resemblance to the well-known greed-fear pattern. Are we close to capitulation already? It remains to be seen. And is Talenom possibly seen right now as a software company (Easor) put in the investors’ doghouse, which AI will destroy? Short term and psychology aside, the earnings power of the company—or in this case, soon companies—is the only long-term explanation for the share’s valuation. If we assume that AI won’t disrupt Talenom’s accounting business, but that part can benefit from efficiency and automation, it would be a boring but good cash-flow generating service business. Easor will soon be on its own; here are some thoughts on it if it’s not among the companies to be disrupted, but can grow, be profitable, and thus potentially be an acquisition target. “Boring Talenom” makes 20m EBITDA from the mid-range of the 115m revenue forecast, possibly 9m EBIT, and with 70m interest-bearing debt, EPS could be 8-9c. A dividend of 8c could be paid from that because cash flow is good, and a 5% yield would give the Talenom part a floor value of 1.6. These are based on 2026 figures, which also include additional costs from the demerger, but the operations will grow in the future, so 2026 would form a floor level. With Easor’s 21m revenue, approx. 18% EBIT margin (20% in 2025), 20m debt burden, and taxes, Easor could be left with a profit of 5c/share. It doesn’t pay a dividend. At a share price of 80c, the market cap would be under 40m and EV 60m. Even late last year, there was talk of a 100m EV for Easor, so that 80c should be a floor value? I calculated according to the above that the floor for the “old” Talenom would be 1.6 + 0.8 = 2.4, but now the price is already below that. However, 2.4 is well below Inderes’ 3.6 SOTP mid-range and below Inderes’ 2.7 lower bound. And if just Talenom paid an 8c dividend, the criticism about excessive dividend payments would be gone. Is there short-term psychology in the share price now in a negative sense? And one more observation: Easor vs. Procountor. I use both for retrieving reports and some confirmations – Easor is significantly more pleasant to use, clear, and more modern. It always irritates me when I have to use Procountor.

Yeah, you really have to wonder what’s going on. The forum sentiment is very negative regarding this as well. Well, you can’t blame anyone, as this is one of the worst “cod traps” (major loss-makers) on the Helsinki exchange in years. One reason is, of course, that the price peak was way over the top back in the day. It’s a similar situation for many others: Qt, DT, Reve, etc. At Tale, recent dumping has been accelerated by Swedish selling: SEB has dumped 1.3 million shares in 3 months. During the same period, however, about a third of the top 100 shareholders have added more “cod” to the boat (increased their losing positions), the largest being Clearstream with about 700,000 and Rantalainen Yhtiöt with 250,000 shares. Is there finally a smell of blood amidst the stench of the “cod”? For example, the entry of that financial management whiz Rantalainen might suggest it’s time to start creeping toward the carcass. And who knows what the main owner is thinking, now that thousands of shareholders have lost massive amounts, at least on paper. Are there plans for support buys, or perhaps even “pulling a Ravichander” and making a lowball tender offer after the demerger. An interesting case to follow while holding heavy bags, but I’m not giving up; if anything, I’m adding. I still believe in the Swedish turnaround and Spain’s potential. Could some user kindly give some praise to Easor, as it seems like only negativity is posted here. Of course, if there’s nothing to praise, then it is what it is. Hang in there, fellow owners!

I’m thinking quite a lot about Talenom’s situation. The service business is on a stable and profitable foundation in Finland, it’s growing in Spain—and apparently profitably as well—while the situation in Sweden is then really weak. I’ve also been wondering if the stock might be significantly weighed down now by the fact that investors don’t want to own one of the two businesses (Talenom –> service business vs. Easor –> software business). Personally, I see a significant risk in how Easor will fare in the software industry battles against other players, such as Procountor, Netvisor, and Fennoa. The whole investment case changed completely after this separation news. Could it be that investors are now dumping shares and will then buy one of the companies into their portfolios after the demerger? Hard to say. The market cap is starting to be quite low already, but there is so much damn debt that the enterprise value is still quite high. If you think about that service business, Aallon Group isn’t valued very highly either…

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.

Talenom

Talenom's Q4 result was a slight disappointment, especially in Sweden, but the 2024 guidance was well in line with our expectations. A return to the path of earnings growth is underway as profitability improves, but profitability leaps abroad still require time.

<p>Talenom's Q4 result was a slight disappointment, especially in Sweden, but the 2024 guidance was well in line with our expectations. A return to the path of earnings growth is underway as profitability improves, but profitability leaps abroad still require time. We made slight negative adjustments to the forecasts for the next few years and believe that the stock is currently priced more or less correctly considering short-term weakness and great long-term potential. </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 %	8.8 %	9.3 %
P/E (adj.)	43.2	12.1	7.9
EV/EBITDA	11.2	4.9	4.2

Talenom: Rome was not built in a day

Login required

Key Estimate Figures02.02.2024

Forum discussions