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Osakestrategi, analyytikko
Talenom reported Q2 figures quite in line with expectations. With the on-going solid momentum, we have raised our 2022-2023 sales growth estimates, expecting continued solid double-digit growth.
Talenom reported 30% y/y sales growth in Q2 21. Organic growth continued to recover and represented one third of total growth in the period. In our view, there is scope for a guidance upgrade in H2 21 if the momentum in organic growth is sustained.
Talenom announced today that it has acquired Spanish accounting firm Avail Services SL in Barcelona and expanded to the Spanish market. Talenom has previously communicated that it intends to enter a third market this year.
We have looked at the Finnish accounting service market and we continue to view Talenom’s business model as the winning one in this field.
Talenom is more strongly seeking to supplement its organic growth strategy with inorganic growth, supported by the favourable market conditions. Near-term margin upside appears limited due to the increased M&A activity, but margins are set to remain healthy. We retain our HOLD-rating and adjust our target price to EUR 13.3 (12.0). Our target price values Talenom at 50x 2021E P/E.
Talenom reported Q1 results close to our expectations. We expect organic growth to accelerate in coming quarters and the many acquisitions to drive reported sales to the fastest-ever growth in 2021E (24% y/y). The growth case appears well on track but much is already priced in and the high valuation (42x 2021E EBIT) limits upside potential in our view.The shares have been strong (+32% in a month), probably driven by the recent guidance upgrade related to acquisitions in our view.
Talenom's net sales in Q1 grew 17.0% to EUR 20.3m, in line with our and consensus estimates (EUR 19.9m/20.3m Evli/cons.). EBIT amounted to EUR 4.4m, in line with our and consensus estimates (EUR 4.4m/4.3m Evli/cons.).Rating; hold, target price 12,0 EUR
Talenom announced the acquisition of two accounting firms in Sweden and raised its net sales guidance to EUR 78-82m (prev. EUR 75-80m). We retain our HOLD-rating and target price of EUR 11.5.Talenom continues to expand in Sweden by acquiring accounting firms Crescendo AB and Progredo AB and raised its net sales guidance for 2021.With only rather minor revisions to our estimate revisions we retain our target price of EUR 11.5 and HOLD-rating. Our target price values Talenom at approx. 43.5x 2021e P/E.
