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1. Company Snapshot

1.a. Company Description

Talenom Oyj provides accounting and software services for small and medium-sized enterprises in Finland, Sweden, and internationally.It offers accounting services, such as sales invoicing, invoice payment, payroll accounting, financial performance monitoring, and HR services, as well as care services; and advisory services, including legal, taxation, and financial consultancy services.The company also provides Talenom Online, an electronic financial management web service; Talenom App, a mobile phone application for delivering accounting documents and travel invoices; and Talenom Link, a service that allows transfer of sales invoice information and employee's working hour information to payroll.


In addition, it offers financing services comprising sales invoice financing, installment financing, and corporate loans; and banking services.Talenom Oyj was founded in 1972 and is based in Oulu, Finland.

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1.b. Last Insights on TNOM

Talenom Oyj's recent performance faces challenges due to intense debate around valuation multiples, potentially impacting investor sentiment. Despite a notable 61.8% profit surge over the past year, concerns surrounding earnings quality persist. The company's revenue growth forecast of 7.7% per year outpaces the broader Finnish market's 4% growth, but net profit margin improvement from 3% to 4.8% may not entirely alleviate investor concerns. Ongoing scrutiny of its financials may continue to affect the company's standing.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Talenom (HLSE:TNOM) Profit Surges 62%, Challenging Bearish Narrative on Earnings Quality

Oct -19

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3 European Stocks Possibly Trading Below Their Estimated Value By Up To 19.3%

Sep -23

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3 European Companies That Could Be Trading Below Their Estimated Value

Aug -05

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Global Stocks Priced Below Estimated Intrinsic Value

Aug -05

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3 European Stocks Estimated To Be Up To 35.6% Below Intrinsic Value

Aug -05

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European Stocks That Might Be Trading Below Estimated Fair Value

Aug -01

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3 Global Stocks Estimated To Be Priced Up To 38.8% Below Intrinsic Value

Aug -01

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3 European Stocks That Could Be Undervalued By Up To 49.4%

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.05%)

6. Segments

Indefinite Customer Contracts

Expected Growth: 10%

Talenom Oyj's indefinite customer contracts growth is driven by increasing demand for digital accounting services, expansion into new markets, and strategic partnerships. The company's scalable business model, high customer retention rates, and investments in technology and innovation also contribute to its growth. Additionally, the shift towards cloud-based services and the need for real-time financial data analysis further support the company's indefinite customer contracts growth.

One-off Assignments

Expected Growth: 12%

Talenom Oyj's one-off assignments growth of 12% is driven by increasing demand for accounting and financial services, expansion into new markets, and strategic partnerships. Additionally, the company's investments in digitalization and automation have improved operational efficiency, enabling it to take on more assignments and drive revenue growth.

7. Detailed Products

Accounting Services

Talenom Oyj provides comprehensive accounting services, including financial statement preparation, tax planning, and financial analysis.

Payroll Services

Talenom Oyj offers payroll processing services, including salary payment, tax compliance, and employee benefits administration.

Financial Planning and Advisory

Talenom Oyj provides financial planning and advisory services, including budgeting, forecasting, and financial strategy development.

Tax Consulting

Talenom Oyj offers tax consulting services, including tax planning, compliance, and dispute resolution.

Financial Reporting and Analysis

Talenom Oyj provides financial reporting and analysis services, including financial statement preparation, analysis, and interpretation.

8. Talenom Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Talenom Oyj is medium due to the presence of alternative accounting and financial services providers in the market.

Bargaining Power Of Customers

The bargaining power of customers for Talenom Oyj is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Talenom Oyj is medium due to the presence of multiple suppliers in the market, but the company's large scale of operations gives it some bargaining power.

Threat Of New Entrants

The threat of new entrants for Talenom Oyj is high due to the relatively low barriers to entry in the accounting and financial services market.

Intensity Of Rivalry

The intensity of rivalry for Talenom Oyj is high due to the presence of several established players in the market, leading to intense competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 57.26%
Debt Cost 6.50%
Equity Weight 42.74%
Equity Cost 9.87%
WACC 7.94%
Leverage 133.95%

11. Quality Control: Talenom Oyj passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Begbies Traynor

A-Score: 6.5/10

Value: 4.4

Growth: 8.0

Quality: 6.1

Yield: 5.6

Momentum: 9.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Talenom

A-Score: 5.3/10

Value: 6.5

Growth: 6.2

Quality: 7.2

Yield: 5.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
RWS

A-Score: 4.9/10

Value: 9.1

Growth: 5.0

Quality: 5.9

Yield: 8.1

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Green Landscaping

A-Score: 4.4/10

Value: 7.3

Growth: 9.1

Quality: 5.7

Yield: 0.0

Momentum: 0.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Elanders

A-Score: 4.2/10

Value: 7.7

Growth: 5.1

Quality: 1.9

Yield: 8.1

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Franchise Brands

A-Score: 4.2/10

Value: 5.5

Growth: 6.6

Quality: 5.9

Yield: 2.5

Momentum: 1.5

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.21$

Current Price

3.21$

Potential

-0.00%

Expected Cash-Flows