Esker (PAR: ALESK)

Currency in EUR

Last close As at 09/12/2023


0.80 (0.56%)

Market capitalisation


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

Esker — Growth momentum maintained in Q223

TMT | Update

Esker — Better outlook for FY23




Equity Analyst

Key Management

  • Emmanuel Olivier


  • Jean-Michel Bérard


Balance Sheet

Forecast net cash (€m)


Forecast gearing ratio (%)


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


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




MediaWatch – November 2023: Still waiting…



MediaWatch – July 2023

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