Esker - Edison Group

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“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”

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Overview
Price performance
Financials
Research
Sector insights
Thematics

Esker provides end-to-end SaaS-based document automation solutions supporting order-to-cash and procure-to-pay processes. In H123, the business generated 53% of revenues from Europe, 41% from North America and the remainder from Asia and Australia.

Esker’s document process automation (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.

Latest Insights

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TMT |
Update

01.05.24

Esker — Targeting margin recovery in FY24

TMT |
Update

17.01.24

Esker — Another record quarter for new business

TMT |
Outlook

30.10.23

Esker — Strong new business supports growth outlook

TMT |
Update

18.09.23

Esker — Working to balance investment and profitability

Esker_resized

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Emmanuel Olivier

COO
Jean-Michel Bérard

CEO

Balance Sheet

Forecast net cash (€m)

39.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(6.2)	10.6	26.7
Relative	(3.6)	5.5	19.8
52 week high/low	€189.0/€111.7

Financials

Esker reported FY23 results in line with our expectations. Revenue grew 12% (14% constant currency) while inflationary effects and sales commissions on bookings outperformance in H223 resulted in operating profit declining 16% y-o-y. The high level of contracts signed towards the end of FY23 provide good support for revenue growth in FY24 and FY25 and measures taken by management to improve productivity should drive margin expansion over our forecast period back into the company’s target range of 12–15%.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2021A	133.6	25.7	18.0	236.68	73.9	35.2
2022A	159.0	31.8	23.4	304.35	57.4	46.0
2023E	178.6	29.7	19.7	245.61	71.2	32.2
2024E	201.6	37.1	25.9	317.66	55.0	30.7

Research

Update

TMT

20.09.22

Esker — Better profitability in FY22

Update

TMT

18.07.22

Esker — Maintaining outlook for FY22

TMT

Outlook

Esker — Record order intake in Q3

Update

TMT

21.04.22

Esker — Q1 revenue in line, outlook maintained

Update

TMT

29.03.22

Esker — Favouring growth over short-term margin boost

Update

TMT

18.01.22

Esker — Positive outlook

Update

TMT

14.10.21

Esker — Q3 update confirms FY21 outlook

Outlook

TMT

20.09.21

Esker — Returning to pre-COVID-19 growth path

edison tv

TMT

16.08.21

Esker – AI report interview

Update

TMT

16.07.21

Esker — Order intake drives upgrades

Update

TMT

16.04.21

Esker — Q1 order intake supports more confident outlook

Update

TMT

29.03.21

Esker — Signalling a return to double-digit growth

Update

TMT

13.01.21

Esker — Strong order intake supports growth outlook

Update

TMT

14.10.20

Esker — Rebound in SaaS-based business

Outlook

TMT

15.09.20

Esker — Robust H1; continuing to invest for growth

Update

TMT

20.07.20

Esker — Proving resilient despite COVID-19 pressures

Update

TMT

16.04.20

Esker — Strong Q1 growth; FY20 outlook maintained

Update

TMT

31.03.20

Esker — Moderating growth expectations for FY20

Update

TMT

20.01.20

Esker — Strong guidance for FY20

Update

TMT

17.10.19

Esker — Accelerating SaaS growth

Outlook

TMT

19.09.19

Esker — Setting its sights higher

Update

TMT

18.07.19

Esker — Another record quarter

Flash note

TMT

17.04.19

Esker — Strong Q1 revenues and orders

Update

TMT

28.03.19

Esker — Accelerating growth in new contracts

Update

TMT

22.01.19

Esker — FY18 revenue growth of 14% confirmed

Outlook

TMT

28.09.18

Esker — Combining growth with profitability

research

TMT

27.07.18

Esker — Upgrading on strong Q2 performance

Update

TMT

10.04.18

Esker — Investing for sustained growth

Flash note

TMT

17.01.18

Esker — Double-digit growth to continue

Flash note

TMT

18.10.17

Esker — On track to meet FY17 organic growth target

Update

TMT

20.07.17

Esker — On track; outlook maintained

Update

TMT

21.04.17

Esker — Investing for sustainable growth

Flash note

TMT

19.01.17

Esker — Update 19 January 2017

Update

TMT

31.10.16

Esker — Update 31 October 2016

Update

TMT

21.10.16

Esker — Update 21 October 2016

Update

TMT

23.09.16

Esker — Update 23 September 2016

Flash note

TMT

20.07.16

Esker — Update 20 July 2016

Outlook

TMT

04.05.16

Esker — Update 4 May 2016

Update

TMT

27.01.16

Esker — Update 26 January 2016

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