Esker (PAR: ALESK)

Last close As at 28/03/2024

EUR184.00

2.50 (1.38%)

Market capitalisation

EUR1,097m

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.

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Sector

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Equity Analyst

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 13.1 14.4 37.9
Relative 9.6 6.3 19.5
52 week high/low €186.1/€111.7

Financials

Esker reported FY23 revenue growth of 12% (14% in constant currency (cc)), at the lower end of its guidance range. New contract wins in Q423 were 38% higher cc than in Q323 and 58% higher cc year-on-year, reflecting strong demand in France and the rest of Europe. FY23 operating profitability will take a hit as sales commission for better-than-expected new business is recognised in Q423. As FY24 guidance is more conservative than we expected, we have reduced FY24e normalised EPS by 7.6%. While current economic conditions are weighing on the volume of transactions processed by Esker’s platform, the strength of new contract wins provides good support for medium-term growth.

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 77.7 37.1
2022A 159.0 31.8 23.4 304.35 60.5 48.5
2023E 178.6 29.7 19.7 245.61 74.9 33.9
2024E 201.6 37.1 25.9 317.66 57.9 32.3

Update

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Esker — Positive outlook

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Esker — Q3 update confirms FY21 outlook

edison tv

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Esker – AI report interview

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Esker — Order intake drives upgrades

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Esker — Rebound in SaaS-based business

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Esker — Strong guidance for FY20

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Esker — Accelerating SaaS growth

Outlook

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Esker — Setting its sights higher

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Esker — Another record quarter

Flash note

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Esker — Strong Q1 revenues and orders

Outlook

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Esker — Combining growth with profitability

research

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Esker — Upgrading on strong Q2 performance

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Esker — Investing for sustained growth

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Esker — Double-digit growth to continue

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Esker — On track; outlook maintained

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Esker — Investing for sustainable growth

Flash note

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Esker — Update 19 January 2017

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Esker — Update 31 October 2016

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Esker — Update 21 October 2016

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Esker — Update 23 September 2016

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Esker — Update 20 July 2016

Outlook

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Esker — Update 4 May 2016

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Esker — Update 26 January 2016