With this company, you really need to be patient (apparently with the share price performance as well). Despite the impressive growth in partner numbers.
First of all, operations in Spain and Italy are still so small and pricing is lower, meaning that even solid growth there won’t move the needle much in the financial figures for quite some time. These are cards for the future, where growth and profits will eventually be made (at least in Spain). It’s an important part of the company, as Finland is limited and the market is largely divided. This sets Easor apart from other small listed software companies that are Finland-centric.
In Finland, on the other hand, a large share of those partners are small, and looking at their websites, for example, there isn’t much mention of Easor. My guess is that only a very small fraction of partners have genuinely acquired Easor customers or migrated legacy ones over yet. And even then, there is a delay before billing begins. Over time, good partners will certainly accumulate here, but given that the company already has around €20 million in baseline revenue, these new trickles won’t immediately show up in the river.
For starters, I’ll be very satisfied if they just maintain that 7% revenue growth and keep expanding partner numbers—preferably very rapidly in Spain.
Naturally, I’d gladly welcome faster progress as well.
The share price is ridiculously cheap once you realize to look past depreciation and amortization.