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Esker (PAR: ALESK)

Currency in EUR

Last close As at 09/12/2023

EUR144.30

▲ 0.80 (0.56%)

Market capitalisation

EUR869m

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 | Outlook

Esker — Strong new business supports growth outlook

TMT | Update

Esker — Working to balance investment and profitability

TMT | Update

Esker — Growth momentum maintained in Q223

TMT | Update

Esker — Better outlook for FY23
Esker_resized
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Emmanuel Olivier

    COO

  • Jean-Michel Bérard

    CEO

Balance Sheet

Forecast net cash (€m)

38.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 12.3 (5.6) 1.1
Relative 5.8 (7.9) (8.3)
52 week high/low €168.1/€111.7

Financials

Esker saw record order intake in Q323, helped by the upcoming (albeit delayed) introduction of e-invoicing regulations in France. While Q323 revenue growth of 8% was dampened by lower SaaS transaction growth, volumes picked up in October and the company maintained its FY23 guidance. The company continues to evolve its product suite, using AI to enhance productivity, and is currently developing a new ESG-focused reporting solution. Through a combination of recent contract wins, cost control measures and improving pricing, operating profitability should improve in FY24, moving towards the company’s 15% target by FY25.

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 61.0 29.1
2022A 159.0 31.8 23.4 304.35 47.4 38.0
2023E 180.1 32.9 22.8 284.75 50.7 27.0
2024E 205.4 39.2 28.0 343.64 42.0 24.3

Research

Update

TMT

Esker — Working to balance investment and profitability
Esker_resized

Update

TMT

Esker — Growth momentum maintained in Q223
Esker_resized

TMT

Outlook

Esker — Strong new business supports growth outlook

Esker_resized

Update

TMT

Esker — Better outlook for FY23
Esker_resized

Update

TMT

Esker — Sticking with tried and tested growth strategy
Esker_resized

Update

TMT

Esker — Order momentum maintained in Q422

Outlook

TMT

Esker — Record order intake in Q3

Update

TMT

Esker — Better profitability in FY22

Update

TMT

Esker — Maintaining outlook for FY22

Update

TMT

Esker — Q1 revenue in line, outlook maintained

Update

TMT

Esker — Favouring growth over short-term margin boost
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Further insights

insight

ENTERPRISE ADOPTION OF AI – CUTTING THROUGH THE HYPE

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
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