Additionally, one motivation to enter Spain instead of for example Germany, seems to be the similar regulatory landscape than in Finland (so no special permits needed to provide accounting services), whereas in Germany there are some hindrances regarding regulation. Overall, in our view, Spain provides huge potential for Talenom, immediately expanding its total addressable market to approx. EUR13bn with service concept that has been successfully implemented internationally.
Overall, announced acquisitions are relatively small (Spain EUR0.9m & Sweden EUR1.2m in 2020) so Talenom does not lift its 2021 guidance (EUR80-84m sales and EUR14-16m EBIT). However, Talenom has now made three small acquisitions without upgrading, decreasing the potential for the organic growth within the guidance. We recently updated our view of the case with a longer report.
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