Easor - Automator of routine tasks for accounting firms

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Weren’t you surprised when it came crashing down as well? Quite a massive growth in offices. The drop seems rather unjustified.

The expansion of the partner accounting firm network progressed well during the review period, and the number of partner accounting firms increased from 82 firms a year earlier to 543 firms. According to the company, expanding the network lays the foundation for accelerating growth.

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Yeah, yeah, but what supposedly changed with this report that would make sellers stop? Nothing. Well, the rally has already calmed down anyway.

Things are progressing—from an investor’s perspective, always too slowly, of course—but moving in the right direction nonetheless.

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In my opinion, the webcast provided two very good pieces of additional information:

  • In Spain, there is already a significant number of partner accounting firms in addition to Talenom that are continuously onboarding new clients. In other words, sales that come in without any effort/investment. So you could say that the snowball has started rolling in Spain.
  • In Finland, partners who “don’t get moving” are also being removed from the partner list. This clearly adds significance to that partner growth, as we can assume the list contains partners who are at least somewhat active. Personally, I’ve had a fairly cautious stance on the quality of the partners, and this reduces those doubts.
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Easor’s CEO Otto‑Pekka Huhtala was interviewed by Atte :slight_smile:

Topics:

(00:00) Intro
(00:16) Quarter summary
(00:56) Growth of the partner network
(03:02) Postponement of Verifactu implementation
(05:05) Business model in Spain
(06:07) Partner acquisition in Spain
(07:09) Development in Italy and Sweden
(10:49) Growth investments
(11:35) Market outlook

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Atte has put together a company report on Easor following Q3 :)\n\n> We reiterate our Accumulate recommendation for Easor with a target price of EUR 0.55. The Q3 figures were overall in line with our expectations, and the number of partner accounting firms continued its rapid growth. Our forecasts remained largely unchanged in the big picture, with only minor adjustments made mainly to investment estimates. The stock’s valuation (2027e EV/S 1.5x) is low relative to the company’s long-term growth potential. However, in our view, a clearer re-rating will require evidence of accelerating growth, and the postponement of Verifactu creates near-term uncertainty around this.\n\nEasor Q3'26: Odotusten mukaista kehitystä - Inderes

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