Esker - Edison Group

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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Update

18.07.24

Esker — Record Q2 bookings; FY24 outlook maintained

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Update

01.05.24

Esker — Targeting margin recovery in FY24

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Update

17.01.24

Esker — Another record quarter for new business

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Outlook

30.10.23

Esker — Strong new business supports growth outlook

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Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Emmanuel Olivier

COO
Jean-Michel Bérard

CEO

Balance Sheet

Forecast net cash (€m)

52

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	11.2	11.8	39.7
Relative	14.4	20.3	40.3
52 week high/low	€201.8/€111.7

Financials

Esker reported Q224 year-on-year constant currency (cc) revenue growth of 14% and bookings annual recurring revenue (ARR) cc growth of 65%. Bookings more than doubled in the Americas, helped by a large upsell to an existing customer, and had double-digit growth in every other region. On the back of the strong order intake year-to-date, management confirmed that its expectations for FY24 were unchanged. We have made small upgrades to our forecasts to reflect the strong Q2 performance.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	159.0	31.8	23.4	304.35	65.3	51.2
2023A	178.6	29.6	19.8	247.76	80.2	32.2
2024E	201.5	38.7	26.7	329.45	60.3	32.1
2025E	228.8	45.5	32.2	391.44	50.8	27.8

Research

Outlook

TMT

25.10.22

Esker — Record order intake in Q3

Update

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20.09.22

Esker — Better profitability in FY22

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Update

Esker — Order momentum maintained in Q422

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Update

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18.07.22

Esker — Maintaining outlook for FY22

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21.04.22

Esker — Q1 revenue in line, outlook maintained

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29.03.22

Esker — Favouring growth over short-term margin boost

Update

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18.01.22

Esker — Positive outlook

Update

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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

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16.07.21

Esker — Order intake drives upgrades

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16.04.21

Esker — Q1 order intake supports more confident outlook

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29.03.21

Esker — Signalling a return to double-digit growth

Update

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13.01.21

Esker — Strong order intake supports growth outlook

Update

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14.10.20

Esker — Rebound in SaaS-based business

Outlook

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15.09.20

Esker — Robust H1; continuing to invest for growth

Update

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20.07.20

Esker — Proving resilient despite COVID-19 pressures

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16.04.20

Esker — Strong Q1 growth; FY20 outlook maintained

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31.03.20

Esker — Moderating growth expectations for FY20

Update

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20.01.20

Esker — Strong guidance for FY20

Update

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17.10.19

Esker — Accelerating SaaS growth

Outlook

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19.09.19

Esker — Setting its sights higher

Update

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18.07.19

Esker — Another record quarter

Flash note

TMT

17.04.19

Esker — Strong Q1 revenues and orders

Update

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28.03.19

Esker — Accelerating growth in new contracts

Update

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22.01.19

Esker — FY18 revenue growth of 14% confirmed

Outlook

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28.09.18

Esker — Combining growth with profitability

research

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27.07.18

Esker — Upgrading on strong Q2 performance

Update

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10.04.18

Esker — Investing for sustained growth

Flash note

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17.01.18

Esker — Double-digit growth to continue

Flash note

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18.10.17

Esker — On track to meet FY17 organic growth target

Update

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20.07.17

Esker — On track; outlook maintained

Update

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21.04.17

Esker — Investing for sustainable growth

Flash note

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19.01.17

Esker — Update 19 January 2017

Update

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31.10.16

Esker — Update 31 October 2016

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21.10.16

Esker — Update 21 October 2016

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23.09.16

Esker — Update 23 September 2016

Flash note

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20.07.16

Esker — Update 20 July 2016

Outlook

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04.05.16

Esker — Update 4 May 2016

Update

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27.01.16

Esker — Update 26 January 2016

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