€387m market cap
€69 last close
Esker provides end-to-end document automation solutions, offering on-premise and on-demand delivery models. The business generates 55% of revenues from Europe, c 40% from the US and the remainder from Asia and Australia.
Investment summary
Esker saw another strong quarter in Q418, with underlying revenue growth of 15% resulting in FY18 revenue growth of 14% (or 16% in constant currency). A strong uplift in the value of contracts signed in FY18 provides good visibility for FY19 and support for the company’s target of generating another year of double-digit revenue growth. We have revised our forecasts to reflect FY18 revenues and the company’s strategy of reinvesting any profits above the 15% target operating margin level.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 66.0 | 14.9 | 9.9 | 122.0 | 56.6 | 23.9 |
| 2017A | 76.1 | 16.4 | 10.7 | 132.0 | 52.3 | 21.1 |
| 2018E | 86.9 | 19.8 | 13.7 | 170.0 | 40.6 | 19.8 |
| 2019E | 99.0 | 22.2 | 15.5 | 189.0 | 36.5 | 18.0 |
| Last updated on 19/03/2019 | ||||||
Industry outlook
Esker’s DPA software operates across five areas: document delivery, accounts payable, accounts receivable, procurement and sales order processing. Competitors are different for each business process and consist of business process outsourcers and specialist DPA software companies. Customers move to using DPA software to reduce paper-related costs and errors in processing, to speed up the cash conversion cycle, to improve process visibility within the enterprise and to improve customer service.
Last updated on 19/03/2019
Sector |
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Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (€m) | 15.5 |
| Forecast gearing ratio (%) | N/A |
Price performance
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1m |
3m |
12m |
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Key management |
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|---|---|
| Jean-Michel Bérard | CEO |
| Sophie Rolland-Moritz | CFO |
| Emmanuel Olivier | COO |
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