Valuation and view on the shares. We continue to see Talenom as one of the best growth cases in Finland, with multiple drivers for continued double-digit revenue growth for many years, including (1) further market share gains in their core segment, accounting services for companies in Finland with revenues of EUR 0.4-10m, where market share is probably 10% compared to some 5% of the overall market; (2) entry to even smaller customer segment of <EUR 0.4m in revenues expanding addressable market in Finland; (3) international growth in Sweden and possibly other countries; and (4) new services to further monetise the existing customer base (most importantly, financing services). Valuation has increased following the shares' +37% YTD gain, but valuation is not a reason to turn negative on the case, where outlook remains good, in our view. We estimate 2020E EV/EBIT of 33x, 2021E of 27x and 2022E of 23x. These compare to e.g. Enento (with much lower growth profile) trading at 30x 2020E and 23x 2021E.
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