Easor - Automator of routine tasks for accounting firms

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This thread is for discussing Easor.

Talenom is splitting into two: Talenom and Easor. A decision on the matter is expected to be made at the General Meeting on January 27, 2026, and the demerger is intended to take place during H1/2026. Current Talenom shareholders will receive shares in both Talenom and Easor in a 1:1 ratio.

Otto-Pekka Huhtala has been proposed as the CEO of Easor. Harri Tahkola has been proposed as the Chairman of the Board, and Johannes Karjula, Taina Sipilä, and Saara Kauppila have been proposed as the other members of the board.

Unaudited pro forma key figures:

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Easor’s guidance for 2026:

“Net sales are estimated to grow by 3–10 percent compared to the 2025 carve-out-based net sales. The operating profit margin is expected to weaken due to the construction of distribution channels and growth investments. These measures create the conditions for long-term growth. The operating profit margin will also be burdened by the costs of operating as a separate listed company.”

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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.

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Talenom - Automatisoiduilla prosesseilla tehokkaammaksi
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Well, that was a bit of a strange report, if I can say so directly. It feels like this was made just to keep the paying customer happy. :grinning_face:

At times it’s emphasized that Easor isn’t growing in Finland because of competition, because of the market, because of the position of the moon, and then it’s emphasized that there are good prerequisites for growth by creating a competitive advantage with software that connects the accounting firm and the company, and through the resulting growth in the accounting field. Then Sweden is skipped over in a few sentences because, in fact, it’s hard to succeed in Sweden too, and they move on to warmer countries, where future growth will fortunately be achieved.

So, no growth in Finland, no growth in Sweden, a hockey stick in Spain without their own accounting software, and the way is clear in Italy later. And here is the forecast for the future:

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Meanwhile, in Finland, competitors are growing at double-digit percentages, some starting with a 3, and in Sweden, smaller software providers are also growing while Fortnox dominates the market, but not Easor.

You’ve got to have balls of steel to predict such a good future for Easor from these starting points. :grinning_face_with_smiling_eyes:

Luckily, the success of this strategy is probably reflected in the stock’s risk indicators?

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I don’t know, I’ve never been able to interpret these circles, but the risks could be 5/5 with these forecasts.

I’ll throw my own forecast into the ring and predict revenue growing at a low single-digit level for the next 5 years, with earnings per share being between 0-3 cents during the same period. Based on the fact that the product isn’t competitive in the main markets and they need to invest at least as much in new markets as Aallon Group is investing in its own software. :upside_down_face:

@Atte_Riikola don’t get mad, this is just one opinion and I’m sure many will disagree.

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Really well-founded “bearishness” from @TTTT. I agree.

IMO, Easor’s software has no proven competitive advantage in the market. Previous users have been Talenom’s own accountants and staff from acquired companies who were “forced” to use the software while employed by the company.

Now that Talenom’s accountants are being “freed” as the entities decouple, the back door is leaking (high churn), and at the same time, they need to acquire new software users :thinking: there are tons of competitors, and AI agents allow new competitors to enter the field on an accelerated schedule. Of course, this last point also speeds up the development of Easor’s software.

The red flags are definitely waving in my books too :red_square: :red_square: :red_square: I just hope they aren’t doing the horizontal limbo with their revenue…

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Great to see people have already had time to read the report! And feedback is more than welcome.

Regarding the risk matrix, I could say a few words about how the business risk is derived from similar factors as those presented on this slide. I’ve put factors related to forecast accuracy and the company’s development stage at 4/5 in the risk matrix, but at the same time, for example, the reading for business continuity is 2/5, since the current revenue of about 20 MEUR is practically entirely recurring. The company’s growth investments are also made by choice, and if things didn’t work out, the current business could quite well be made profitable. The weighted average of all the different parts of the matrix rounds to 3. But it’s closer to 3.5 than exactly 3. In that matrix, 5/5 scores are usually seen for very early-stage companies, and in my opinion, Easor is already significantly further along than that.

Valuation risk is inherently even harder to assess, as it is derived from the stock’s valuation at any given moment. We won’t get the daily price for Easor from Mr. Market until next week. However, I tried to touch on that slightly through Talenom, whose share price has taken a significant dive.

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And regarding the projections, the report states several times that there is still significant uncertainty surrounding growth in the coming years, and they cannot be fully relied upon for valuation at this stage. With the current projections, the DCF value hit about 1.6 euros, which is now the upper end of the fair value range presented in the report. But at this stage, Easor’s international expansion cannot by any means be written off as a failure yet. Let’s give the company a chance to show over the next few years how things progress and draw conclusions at that point. However, they must succeed in Spain for this to become a good investment case!

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I don’t believe in this for the coming years. I see it more as Easor’s current revenue in Finland, which mainly comes from Talenom’s accounting firm clients, being “protected” from competition for a while. The demerger prospectus also contains information that Talenom and Easor have signed a cooperation agreement that lasts until 2030. This, in turn, provides a good foundation for expanding the customer base elsewhere. Pricing lower than competitors is one key factor for succeeding in this.

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But all in all, I agree that at this point, there is reason to view Easor’s growth targets with healthy skepticism until we see evidence from the company of accelerating growth abroad.

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You can now watch and listen to Atte’s thoughts in a video filmed today. It will be interesting to see how the market prices the company during its first few days :thinking: .

”Easor, spinning off from Talenom via a partial demerger, will begin its independent journey as a listed company on March 2, 2026. For a company seeking strong international growth, success in the Spanish market—opening up due to the Verifactu legislation—is key.”

Topics:
00:00 Introduction
00:25 Growth-hungry financial management software platform
01:47 Benefits of the spin-off
03:05 Competitive landscape and competitive advantages
10:50 The Spanish market and Verifactu legislation
14:54 The company’s financial situation
19:15 The threat of AI?
24:30 Multiple scenarios can be drawn for the valuation

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