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Esker (PAR: ALESK)

Last close As at 02/07/2024

EUR180.50

▲ 4.80 (2.73%)

Market capitalisation

EUR1,095m

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 — Targeting margin recovery in FY24

TMT | Update

Esker — Another record quarter for new business

TMT | Outlook

Esker — Strong new business supports growth outlook

TMT | Update

Esker — Working to balance investment and profitability
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)

51.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.9) (0.5) 29.6
Relative (0.7) 7.0 23.2
52 week high/low €201.8/€111.7

Financials

Esker reported FY23 results in line with our expectations. Revenue grew 12% (14% constant currency), while inflationary effects and sales commissions on bookings outperformance in H223 resulted in operating profit declining 16% y-o-y. The high level of contracts signed towards the end of FY23 provide good support for revenue growth in FY24 and FY25, and measures taken by management to improve productivity should drive margin expansion over our forecast period back into the company’s target range of 12–15%.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 159.0 31.8 23.4 304.4 59.3 N/A
2023A 178.6 29.6 19.8 247.1 73.0 N/A
2024E 200.0 38.0 25.9 319.9 56.4 N/A
2025E 227.7 45.2 31.9 388.5 46.5 N/A

Research

Esker_resized

Update

TMT

Esker — Another record quarter for new business
Esker_resized

Outlook

TMT

Esker — Strong new business supports growth outlook

TMT

Update

Esker — Targeting margin recovery in FY24

Update

TMT

Esker — Working to balance investment and profitability
Esker_resized

Update

TMT

Esker — Growth momentum maintained in Q223

Update

TMT

Esker — Better outlook for FY23
Esker_resized

Update

TMT

Esker — Sticking with tried and tested growth strategy
Esker_resized

Update

TMT

Esker — Order momentum maintained in Q422

Outlook

TMT

Esker — Record order intake in Q3

Update

TMT

Esker — Better profitability in FY22

Update

TMT

Esker — Maintaining outlook for FY22
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