Easor will come under Inderes coverage immediately after the demerger, and an initiation report on the company was already published today. Easor’s investment story and value rely heavily on succeeding in international growth. At this point, it is the investor’s task to weigh how much weight they want to put on this success, as concrete evidence of the strategy’s success will only be seen in the coming years. In my opinion, the company has realistic prerequisites to grow both in Finland and abroad, and the report contains more discussion on this.
The scenarios in the report illustrate that if the company succeeds in strong international growth, there is significant value creation potential in the share. Without growth, only the increased investments would remain, and the acceptable valuation level would be under pressure. In the short term, the significantly weakened sentiment for SaaS companies due to AI fears will inevitably also weigh on Easor’s acceptable valuation. This has, of course, already been seen in the sharp decline of Talenom’s share price, as the valuation levels for both the accounting business and the software business have been falling.
If you have any questions about the report, you can reach out to me here on the forum. We will also record a video this afternoon regarding the published report.