Talenom: The story progresses as expected
Talenom's Q1 result exceeded expectations by a reasonable margin but estimates for the next few years remained largely unchanged. In terms of fundamentals, Talenom’s growth story seems to be progressing in line with our expectations, despite the ongoings in the surrounding world. We consider the share’s valuation moderate (2023e P/E 29x and EV/EBIT 24x), but in the short term the rise in interest rates and concerns about the overall pricing of the stock market can still depress the share. However, we find the risk/return ratio of the share attractive for a long-term investor.
Talenom
Talenom is an accounting agency that offers a wide range of services in bookkeeping, invoice management and payroll issues. In addition to the main business, financial analysis and the possibility of real-time control are offered via the company's web services. The largest proportion of customers can be found among small and medium-sized business customers within the Nordic market. The company was founded in 1972 and has its headquarters in Oulu.
Read more on company pageKey Estimate Figures27.04.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 82.8 | 103.0 | 119.7 |
growth-% | 27.08 % | 24.37 % | 16.23 % |
EBIT (adj.) | 14.8 | 16.9 | 20.1 |
EBIT-% (adj.) | 17.83 % | 16.46 % | 16.82 % |
EPS (adj.) | 0.25 | 0.29 | 0.34 |
Dividend | 0.17 | 0.19 | 0.22 |
Dividend % | 1.45 % | 3.49 % | 4.13 % |
P/E (adj.) | 47.47 | 18.62 | 15.74 |
EV/EBITDA | 19.94 | 8.32 | 7.32 |