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Esker (PAR: ALESK)

Currency in EUR

Last close As at 17/03/2023

EUR143.70

▲ −4.60 (−3.10%)

Market capitalisation

EUR888m

Esker provides end-to-end SaaS-based document automation solutions supporting order-to-cash and procure-to-pay processes. In FY21, the business generated 55% of revenues from Europe, 39% from the United States 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.

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TMT

Esker — Order momentum maintained in Q422

TMT

Esker — Record order intake in Q3

TMT

Esker — Better profitability in FY22

TMT

Esker — Maintaining outlook for FY22
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)

37.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.0) (2.4) (28.1)
Relative (4.6) (10.1) (31.7)
52 week high/low €207.0/€108.6

Financials

Esker’s Q422 revenue update confirmed that the company hit the mid-point of its revenue guidance for FY22, despite the already flagged slowdown in volumes processed. The company continued to see strong bookings intake, with the annual recurring value of contracts for Q422 up 21% y-o-y in constant currency and up 19% cc for FY22. This provides support for management’s FY23 guidance; our FY23 estimates are within the guidance range and we maintain our forecasts pending FY22 results on 23 March.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 112.3 21.9 14.5 199.0 74.3 N/A
2021A 133.6 25.7 18.0 236.0 62.6 N/A
2022E 158.9 34.1 25.4 320.0 46.2 N/A
2023E 181.6 35.1 25.0 310.0 47.7 N/A

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Further insights

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Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
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