Easor - Automator of routine tasks for accounting firms

[Tiloski]

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:

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.”

Easor - Teemme yrittämisestä helppoa - Taloushallinnon ohjelmistot

[Atte_Riikola]

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.

Easor sijoitustutkimus: Kasvuhakuinen taloushallinnon ohjelmistoalusta - Inderes

[TTTT]

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.

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:

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.

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

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.

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

[poutapilvia]

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 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.

@TTTT

So no growth in Finland, no growth in Sweden, a hockey stick in Spain without their own accounting software, and the path opens up in Italy later.

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

[Atte_Riikola]

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.

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!

@poutapilvia

Now that Talenom’s accountants are “freed” as the companies separate, the back door is leaking and at the same time, new software users need to be acquired

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.

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.

[Mikael_Maijala]

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 .

”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.”

Easor: Itsenäinen pörssitaival käyntiin - Inderes

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

[Sijoittaja-alokas]

Atte has published an initiation of coverage report on Easor.

Easor, which was spun off from Talenom via a partial demerger, develops and provides a financial management platform for SMEs and accounting firms. We have estimated the company’s fair value to be EUR 0.8-1.6 per share. In our view, the wide range reflects the somewhat binary nature of Easor’s investment story. If the company succeeds in strong international growth, the share has significant value creation potential. Without growth, only the increased investments would remain, and the acceptable valuation level would be under pressure. The company still has to prove itself regarding international growth, and the current market sentiment for software companies is weak. Therefore, we set a target price of EUR 1.0 for Easor and initiate coverage with an Accumulate recommendation.

Easor seurannan aloitus: Kasvuhakuinen taloushallinnon ohjelmistoalusta -...

Quotes from the report:

When examining Easor’s profitability figures, it must be noted that the company capitalizes a significant portion of its product development expenses, which makes the EBITDA (2024: 70%) look too good relative to cash flow. Historically, investments have also been higher than depreciation, so the EBIT% has also appeared better than the cash flow. Therefore, when looking at historical profitability, the EBITDA-CAPEX ratio provides a better picture of the company’s cash flow generation capability. In 2025, we estimate that depreciation will exceed investments, as a result of which the EBITDA-CAPEX% will be higher than the operating margin. In the long term, we estimate these key figures will approach each other as the ratio of depreciation to investment also balances out.

Forecasts for 2027-2029: In 2027, we forecast Easor’s revenue growth to accelerate to 14% and the growth rate to improve quarter-by-quarter as the year progresses. This is driven by our expectation of demand generated by Verifactu in Spain. We expect Easor to continue its growth investments, but the relatively decreasing share of depreciation supports profitability development at the operating profit level. In our forecast, operating profit would be EUR 1.8 million (7% of revenue), so in absolute terms, profitability would remain at a low level.

In 2028-2029, we forecast stable 5% growth to continue in Finland, but the strongly growing business in Spain will raise Easor’s total growth to the 15% level. Along with this growth, the operating margin in our forecast improves to a already reasonable level of 12-18%.

[marko.nenonen]

Is there any more detailed information or a well-considered view on how Easor coexists with AI, and whether a company with relatively limited resources can make progress in this matter?

[Gwertheney]

Easor Oyj:n kymmenen suurinta osakkeenomistajaa - Inderes

If we wait a couple of months, we’ll see who jumps ship and if any new major owners emerge to replace them.

Easor doesn’t seem to have its own website yet, and only the top 10 are currently known. But at Talenom, Rantalainen-Yhtiöt Oy appears to have loaded up on 300,000 shares in February and would practically be in line to be a top 10 owner, having received Easor at a 1:1 ratio. Cornering a position in Easor for potential future cooperation?

[Yoda]

@Gwertheney

Easor probably doesn’t have its own pages yet and only that top 10 is currently known. But at Talenom, it looks like Rantalainen-Yhtiöt Oy loaded up on 300,000 shares in February and would practically be on the verge of becoming a top 10 owner, having received Easor in a 1:1 ratio. Carving out a position in Easor for potential future cooperation?

Unlikely, since it’s the investment company of Rantalainen’s founder / former owner.

[Blackparta]

It’s a slightly unusual situation that Easor’s forecasted EV/EBIT for this year is 36.3. No rocket growth is expected, and in 2 years a P/E valuation of around 40 is expected if everything goes well and somehow we end up at €1.00? It feels like with those forecasts, there is 2/3 air even in the current share price (€0.74).

[Atte_Riikola]

It is worth checking the initiation of coverage report for a more detailed look at the reasoning behind the company’s valuation. However, the front page already states, among other things: “Due to Easor’s stage of development, the company’s growth investments will weigh on earnings over the coming years, and as such, examining earnings-based valuation is not meaningful in the short term.”

But Easor’s value is largely dependent on future growth, and they must succeed in that for this to become a good investment case.

[Blackparta]

Was Easor not developed enough under Talenom, and is it only now, a bit late, that more development resources are being allocated? Is the product not in good shape? If Inderes’ historical figures are correct, Easor would essentially be stagnating in light of the numbers between 2023 and 2028 with an annual operating profit of around €3.5M, but 2026 and 2027 would be much weaker than this. I somehow find it hard to believe that investors would have the patience to wait about three years just to reach roughly the same level of operating profit as a couple of years ago and be at a valuation of around EV/EBIT 15. There might be a good return here in the long run, but if the forecasts are not too conservative, I am quite confident that there will be better entry points in 2026–2027.

[Atte_Riikola]

Development resources are not being increased; instead, investments are being directed particularly toward the commercialization of Easor’s software. Additionally, the demerger will cause costs as Easor needs to build the administration and processes of an independent listed company. The company estimates that independence will result in about EUR 400k in new annual administrative costs. Looking at the F-Secure demerger as a historical reference point, costs will likely end up being higher than this as new unexpected expenses and recruitment needs arise. And separating Easor’s IT infrastructure from Talenom into an independent entity also costs money.

The company’s own targets for growth are higher than our current forecasts, and its ambition and strategy are clearly to pursue strong international growth. In my view, it’s not worth investing in Easor if you are looking for a good bottom line in the coming years, as the company is clearly investing in the pursuit of growth right now. And if growth starts to accelerate, investments will likely only be ramped up further. There is plenty of market to capture in Spain if Easor’s strategy starts to progress, and optimizing profitability is something to think about at some point far in the future. But right now, immediately after the demerger, we are still in a bit of a transition phase where the only certainty is the increased investment, and we are still waiting for evidence of growth. Meanwhile, AI fears are hammering software companies into the ground on the stock market. Not exactly the most optimal moment to go public in that sense

[LeFevre]

@Atte_Riikola

In my view, it’s not worth investing in Easor if you are looking for good results in the near future, as the company is clearly currently investing in the pursuit of growth. And if growth starts to accelerate, investments will likely only be ramped up. There is plenty of market to be captured in Spain if Easor’s strategy begins to move forward, and optimizing profitability should be considered at some point in the distant future. But right now, immediately after the demerger, we are still in a kind of transition phase where only the increased investments are certain, and we still have to wait for evidence of growth. At the same time, AI fears are pummeling software companies on the stock market into the ground.

Aren’t you, Atte, summing up perfectly right here why the recommendation should be negative?

The fact that a company has goals of reaching for the moon doesn’t make it a good or successful company. I thought something would have been learned from these story stocks. Let’s jump on board when the story starts to materialize, or when there is at least some evidence of it. So far, there is nothing but nice talk and a hefty price tag.

[Atte_Riikola]

I am quoting my previous message. If you don’t give any weight to future growth potential, then yes, a negative view should have been given at the initiation of coverage. But I personally believe that the company has opportunities to grow both in Finland and internationally, so I am giving it some weight even at this stage. And in my opinion, the current valuation, e.g., on a revenue basis, isn’t a “massive price tag” when evaluating Easor’s long-term profitability profile. But there is still plenty to prove regarding growth, and that is ultimately what will decide this case.

@Atte_Riikola

And regarding the forecasts, the report states several times that there is still significant uncertainty related to growth in the coming years, and they cannot be fully relied upon in the valuation at this stage. With those current forecasts, 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 fully written off as a failure yet. Let’s give the company a chance to show how things progress in the coming years and draw conclusions at that point. However, they must succeed in Spain for this to become a good investment case!

[Sijoittaja-alokas]

Here are Atte’s pre-comments as Easor reports its Q4 results on Wednesday, March 11.

Easor will publish certain financial information for 2025 on Wednesday, March 11, at approximately 9:00 am. The company’s earnings call, starting at 12:30 pm, can be followed here. Additionally, our recent initiation of coverage report on Easor can be read here. We expect the company’s growth to have continued in Q4 along the path indicated by the carve-out figures for the first 9 months provided in the demerger prospectus (approx. 3%). We expect the result to have weakened from the comparison period, reflecting increased growth investments and the demerger, although officially Easor’s journey as an independent company only began this year. Easor has already provided guidance for this year forecasting revenue growth of 3-10% and a weakening result, so there should be no surprises in the report regarding the outlook.

Easor Q4’25 -ennakko: Vuoden 2026 kasvunäkymä on jo tiedossa - Inderes

[Gwertheney]

Easor, Webcast, Q4'25 - Inderes

Robokommentti Easorin Q4-tuloksesta - Inderes

Easor Oyj:n eräitä taloudellisia tietoja 1.1.-31.12.2025...

Strategic priorities for 2026

1. Growth

• We are expanding our network of partner accounting firms and actively supporting them in new customer acquisition.

• At the end of 2025, there were 15.4 thousand customer companies on the platform. In February 2026, we had 274 partner accounting firms.

2. AI

• Easor software has utilized machine learning and AI in accounting processes since 2016. The degree of automation in Easor’s accounting software is approximately 80%, with only about 20% of manual work remaining.

• In software development, AI tools have brought significant productivity benefits by streamlining the entire idea-to-product development process.

• Long experience in the accounting industry gives us a competitive advantage, enabling us to introduce AI-based solutions into our software. They improve the productivity of partner accounting firms and simplify the daily lives of customer companies.

We grew the partner accounting firm network and the number of customer companies on our platform. The number of partner accounting firms increased to 180 by the end of the year. In February 2026, our network already included 274 accounting firms in total across all our operating countries. The strongest growth in partner accounting firms is currently in Italy. In Italy, the first software version is in the piloting phase, and we are not yet charging for its use. The number of customer companies grew by 17.4 percent during 2025 to 15.4 (13.2) thousand. The number of customer companies grew especially in Spain, which, however, did not yet generate significant revenue for 2025. Billing has started from the beginning of 2026.

In 2025, our comparable revenue grew by 2.4 percent to EUR 20.3 (19.9) million. The growth drivers were the expansion of the partner accounting firm network and the number of customer companies. Comparable EBITDA was at the previous year’s level at EUR 14.2 (14.2) million. Comparable operating profit decreased due to increased depreciation and was EUR 3.3 (4.6) million. Investments in proprietary software decreased throughout the year by EUR 2.2 million to EUR 10.4 (12.6) million. Cash flow released from investments will be directed toward accelerating growth.

We are confident in Easor’s business model: when we help both customer companies and partner accounting firms succeed, Easor also grows. Easor is not just a software company, but a platform company transforming the entire industry, making entrepreneurship possible for more and more people.

Personnel and management

At the end of 2025, Easor employed 121 (148) people. Easor’s average number of personnel between January 1 and December 31, 2025, was 124 (144) people.

[Atte_Riikola]

Let’s save the CEO’s interview here for the record:

Easor Q4'25: Uusi yhtiö pörssissä - Inderes

The webcast also contained plenty of interesting information, although for me, having just gone through the process of initiating coverage, there naturally wasn’t a huge amount of new information.

The number of partner accounting firms is developing on an upward trend in Finland and abroad, just as it should. Of course, it’s worth noting that the free pilots for the first software in Italy are reflected in that strong development of the very last few months. New partners have also been acquired in Spain, and this year the sales focus will be particularly on increasing their number. New partners often start small but grow progressively larger over time. So, if the number of partner accounting firms continues to grow, revenue will also follow at some point. This year, of course, patience is still required. More chatter coming in tomorrow’s update report!

[Sijoittaja-alokas]

Here is the company report on Easor from Atte following the Q4 results.

Easor’s reported figures for last year contained no material surprises, and we have only made slight fine-tuning to our forecasts. This year, the company is going all-in on growth and building international distribution channels, which is currently mainly reflected in the cost lines. If the company succeeds in achieving strong international growth, the stock offers significant value creation potential. However, the company still has to prove itself regarding international growth, and this year’s growth rate will still fall short of targets. Additionally, stock market sentiment for software companies is weak, and based on the start of Easor’s journey as a listed company, investors are not currently ready to significantly price in future growth. At the current valuation (2026e EV/S 2.3x), we see the risk-reward ratio as attractive, and the stock has fallen below the lower end of our estimated fair value range. Thus, we raise our recommendation to Buy (prev. Accumulate), but revise our target price to EUR 0.85 (prev. EUR 1.0).

Easor Q4'25: Jakelukanavien rakentaminen jatkuu tänä vuonna - Inderes