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Esker (PAR: ALESK)

Last close As at 20/11/2024

EUR260.00

▲ 0.60 (0.23%)

Market capitalisation

EUR1,576m

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 — On track to meet FY24 guidance

TMT | Update

Esker — Proposed bid for the company confirmed

TMT | Update

Esker — Record Q2 bookings; FY24 outlook maintained

TMT | Update

Esker — Targeting margin recovery in FY24
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)

52.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.0) 14.8 90.3
Relative 4.6 19.2 91.7
52 week high/low €269.2/€133.3

Financials

Esker made further good progress in Q324, with constant currency (cc) revenue growth of 17% y-o-y in Q324 and 14% for 9M24. Guidance was maintained for FY24; we have revised up our forecasts with revenue at the top end of the guidance range and profitability in the middle of the range. Order intake was stable in Q324 and up 34% cc for 9M24, providing support for our FY25 forecasts. The process to acquire Esker is ongoing; the bidders filed the draft offer with the French authorities on 25 October.

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 85.4 67.0
2023A 178.5 29.6 19.8 247.76 104.9 42.1
2024E 202.4 39.6 27.5 339.61 76.6 41.7
2025E 229.3 45.5 32.2 392.01 66.3 37.2

Research

Update

TMT

Esker — Proposed bid for the company confirmed

Update

TMT

Esker — Record Q2 bookings; FY24 outlook maintained

TMT

Update

Esker — On track to meet FY24 guidance
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Further insights

insight

ENTERPRISE ADOPTION OF AI – CUTTING THROUGH THE HYPE

Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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