Hello @Juha_Kinnunen
No worries 
Do you mean that Talenom would have enough resources to create its own organization for Easor + the necessary capital resources for growth? How do you see this spin-off happening on the stock exchange, and how would the organizations + balance sheet be divided? Currently, the leverage of just under 2.5 prevents inorganic growth through office acquisitions, and on top of this would come Easor’s growth investments + an annual dividend growing by 0.01 cents per share. The same problem would still exist, even if there were two separate companies, or how would additional capital suddenly appear other than through an issue? An issue would again be a poor option if the valuation is at this level. In this scenario, it would be difficult to see many more acquisitions if Easor is truly intended to be ramped up. Due to the “ramp-up,” it’s very difficult to see any other scenario than it ending up in the hands of a company in the field (Visma, Accountor, Fortnox…), which would be ready to take over directly + have the resources for expansion. On top of this, there would be higher administrative costs from two organizations.
One major problem with splitting is the sheer size. Even in the last couple of months, a large part of the trading volume has just been Danske’s block trades, and the rest of the volume has been very small. Even if the market values of the companies combined were to rise by, say, 50% in a dual-listing, we would still be at a 125-150m mcap. The market values + trading volume would remain far too small to attract foreign investors in particular. Nowadays, it seems that smaller growth companies are sold off by funds after reaching 200-250m€.
I personally see Easor’s exit as the only real value-enhancing option for shareholders and a realistic alternative. In this case, the sum of the parts is unlocked, and Talenom can implement what it was once good at and focus on it completely. Also, leverage would not be an issue for a while, and we could jump to the next level. Now there would be good resources for this, and acquisition targets would be found. Especially in Spain, there would be good potential for growth, and once the foundation in Sweden is in order, there too. I wouldn’t see any reason why the Tahkolas wouldn’t continue with this, and this would be the “we want to grow” that has been painted. Rantalainen has now done this and expanded to Norway in addition to Sweden. If Easor’s listing is decided upon, it’s up to the Tahkolas which one remains listed if the price is at this level. This brings up the Accountor case, where it’s easier to sell the companies separately, and traditional Talenom could also be taken out through a redemption. I personally don’t hope for this scenario.
To the previous question again
How much do you see the depreciation + investments of the remaining operations in Talenom decreasing (if office acquisitions are not included in these)? These are now partly buried under Talenom’s operations and would transfer to Easor.
“Net investments for January 1 – June 30, 2025, totaled EUR 10.4 (13.1) million. Investments due to new customer agreements amounted to EUR 1.8 (1.8) million during the review period. Investments in software and digital services amounted to EUR 5.9 (7.9) million during the review period. Investments in own software decreased by approximately EUR 1.9 million compared to the reference period. Technology investments were directed at developing customer interfaces and further developing automation.”
I caught a news item about Fortnox that disappeared from my browser history. EQT had commented that the goal is international expansion, but not until 2027. I’ll post it here if it comes up again.
