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Nyhetsflöde Talenom

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10/13/2023 5:40:56 AM - Fortnox-kollegan Talenom vinstvarnar - Finländska Talenom, som är verksamma inom samma område som affärssystembolaget Fortnox, utfärdar en vinstvarning och sänker utsikterna för 2023. Aktien föll nästan 9 procent på Helsingforsbörsen strax innan stängning på torsdagen.
8/3/2021 7:55:18 AM - Talenom: A gift that keeps on giving - Evli Research - 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. We adjust our target price to EUR 15.0 (13.3) and retain our HOLD-rating.
8/3/2021 7:38:39 AM - Talenom: Growth story continues, valuation problematic - Danske - 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. However, Talenom is trading close to all-time high multiples of EV/EBIT 41.2x for 2022E, which limits the near-term upside potential. We raise our 12M fair value range to EUR14-16.
7/8/2021 11:39:48 AM - Talenom: Expands into Spanish market - Danske Bank - 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. Spain is one of the largest accounting service markets in Europe, sized EUR10bn. In comparison, Talenom’s previous total addressable market in Finland and Sweden combined was around EUR3bn. Moreover, Spain has over 3m companies, of which 99% are SMEs, being ideal sized customers for Talenom.
7/8/2021 11:37:18 AM - Talenom: A winning growth model with inorganic support - Danske Bank - 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’s high appetite for M&A is justified by its ability to deliver consistent cost synergies within three years due to its in-house accounting software. Furthermore, the new TiliJaska freemium platform provides Talenom with a new pocket of organic growth.
6/16/2021 5:12:03 AM - Talenom: A winning growth model with inorganic support - Danske Bank - 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’s high appetite for M&A is justified by its ability to deliver consistent cost synergies within three years due to its in-house accounting software. Furthermore, the new TiliJaska freemium platform provides Talenom with a new pocket of organic growth.
4/27/2021 6:42:03 AM - Talenom: Realizing further growth potential - Evli - 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.
4/27/2021 6:39:04 AM - Talenom: Heading for fastest growth ever - Danske Bank - 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.
4/26/2021 11:14:07 AM - Talenom: In line with expectations - Evli - 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.).
4/16/2021 7:09:39 AM - Talenom: Continuing rapid acquisition pace - Evli - Talenom acquired Balance-Team Oy, a specialist in financial management for associations, and raised its 2021 sales guidance to EUR 80-84m (prev. EUR 78-82m). We now expect growth of 24.6% in 2021. We retain our HOLD-rating with a target price of EUR 12.0 (11.5).
3/19/2021 7:10:04 AM - Talenom: Further growth in Sweden - Evli - 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.
2/9/2021 10:50:59 AM - Talenom: Organic growth set to remain lower in 2021 - Danske Bank - We continue to see Talenom as a strong growth case longer term, but in 2021 organic<br>growth looks set to remain below historical levels. Near-term risk-reward looks weak<br>with stretched valuation multiples (2021E EV/EBIT 38x) and downside risk to estimates<br>from a potential increase in bankruptcies in Finland.
2/9/2021 8:33:21 AM - Talenom: Continued double-digit growth - Talenom’s Q4 was rather well in line with our expectations and with our 2021 estimates corresponding well with the guidance our estimates remain largely intact. Preparations for continued growth remain on the agenda. Our target price remains unchanged at EUR 11.5, our rating is now HOLD (SELL).
2/4/2021 9:22:39 AM - Talenom: Solid case, valuation stretched - Evli Research - Good finish to year expected
2/2/2021 7:44:35 PM - Talenom: High valuation and risk from bankruptcies in 2021 - Danske - Talenom’s shares have performed well (+32% in 3M) and a lot of the long-term growth potential is already priced in at 2021E EV/EBIT of 37x, in our view. We expect Talenom to continue growing at double-digits in the coming years, but in 2021 a potential rise in Finnish bankruptcies represents a risk to our estimates.
12/22/2020 5:06:25 PM - Lannebo Teknik Småbolag ökade 7,2 procent i november - tar hem vinst från Talenom - Fonden Lannebo Teknik Småbolag steg 7,2 procent i november, vilket var sämre än fondens jämförelseindex som steg 12,9 procent. Sedan årsskiftet har fonden avkastat 27,4 procent och är därmed bättre än index som har ökat 18,1 procent. Det framgår av en månadsrapport av förvaltarna Johan Nilke och Helen Broman.
12/10/2020 1:20:34 PM - Talenom: Acquisitions in Sweden - Danske Bank - Conclusion<br>Talenom acquires two companies in Sweden. The companies have good historical growth profile (25% y/y growth L12M) and low valuation of 0.8x L12M sales and up to 1.4x if additional purchase price is paid. This is clearly below Talenom's own multiple of 8.8x 2020E and 7.6x 2021E. This is positive news: acquisitions at low multiples create value and we believe Talenom can over time improve profitability of acquired companies closer to its own.
10/27/2020 6:28:28 AM - Talenom: Preparing new avenues for growth - Evli Research - Solid profitability, slight COVID-19 sales weakness
10/27/2020 6:26:40 AM - Talenom: New drivers for growth - Danske Bank - The main news in Talenom’s Q3 report was the release of a new concept for smaller customers, which includes free bookkeeping tools and banking services. Talenom’s updated vision indicates ambitions for international expansion beyond Sweden. We continue to see Talenom as a strong long-term growth case. The first-ever Capital Markets Day on 11 November is a potential share price driver.
10/26/2020 1:05:17 PM - Talenom: Solid profitability figures once again - Evli Research - Talenom's net sales grew 10.0% in Q3 to EUR 14.8m, slightly below our and consensus estimates (EUR 15.3/15.2m Evli/cons.). EBIT amounted to EUR 3.1m, above our and consensus estimates (EUR 2.6m/2.8m Evli/cons.). Guidance remains intact, net sales for 2020 are expected to amount to EUR 64-68m and operating profit to EUR 12-14m.
10/22/2020 7:57:14 AM - Talenom; Q3 report expectations - Danske Bank - We expect a good Q3. Back in Q2, sales growth was 12% with some negative impact from volume-based business (less payslips sent due to temporary layoffs in Finland), but margins were strong. We expect similar development in H2 20. There is limited external data on this market, but in the past months we have read that bankruptcies in Finland have not escalated, which is positive for Talenom. The company's business is defensive and the main risk would be widespread customer bankruptcies, but this does not seem likely. Talenom is set to announce the solution for small customer segment in connection with the Q3 results. In the past weeks, notable newsflow includes a small acquisition and CEO buying 25,000 shares on 25 September, which in our view is a positive signal.
8/4/2020 7:28:34 AM - Talenom: Steadily through the pandemic - Evli Research - Minor impact from COVID-19 but profitability still strong