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
    }
  }
}


__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.

It’s quite idiotic behavior at Talenom, that justification for the negative outlook is pretty incredible when they refer to low M&A activity  With a Finnish - stock market jargon - Finnish dictionary: “We are lowering the forecast because our balance sheet does not allow for previous growth due to our stupid capital allocation.”

It’s easy to agree with this.. To go to the worst country one could possibly choose.

And in Sweden, the problem is the different competitive situation there and customers’ attitude towards foreign software companies. Indeed, if they had researched Fortnox’s market share and operations more thoroughly, and with a slightly humbler mindset, they would have skipped the conquest of Sweden.

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.

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 %	6.5 %	6.8 %
P/E (adj.)	43.2	16.4	10.6
EV/EBITDA	11.2	5.9	5.1

Talenom: Rome was not built in a day

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Key Estimate Figures02.02.2024

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