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Esker (PAR: ALESK)

Last close As at 19/07/2024

EUR193.10

▲ −3.70 (−1.88%)

Market capitalisation

EUR1,170m

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 — Record Q2 bookings; FY24 outlook maintained

TMT | Update

Esker — Targeting margin recovery in FY24

TMT | Update

Esker — Another record quarter for new business

TMT | Outlook

Esker — Strong new business supports growth outlook
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

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.2 9.4 30.0
Relative 8.7 16.3 27.5
52 week high/low €201.8/€111.7

Financials

Esker reported Q224 year-on-year constant currency (cc) revenue growth of 14% and bookings annual recurring revenue (ARR) cc growth of 65%. Bookings more than doubled in the Americas, helped by a large upsell to an existing customer, and had double-digit growth in every other region. On the back of the strong order intake year-to-date, management confirmed that its expectations for FY24 were unchanged. We have made small upgrades to our forecasts to reflect the strong Q2 performance.

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 63.4 49.8
2023A 178.6 29.6 19.8 247.76 77.9 31.3
2024E 201.5 38.7 26.7 329.45 58.6 31.2
2025E 228.8 45.5 32.2 391.44 49.3 27.0

Research

Update

TMT

Esker — Targeting margin recovery in FY24
Esker_resized

Update

TMT

Esker — Another record quarter for new business

TMT

Update

Esker — Record Q2 bookings; FY24 outlook maintained
View All

Further insights

insight

ENTERPRISE ADOPTION OF AI – CUTTING THROUGH THE HYPE

Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology
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