Esker - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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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Update

17.10.24

Esker — On track to meet FY24 guidance

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25.09.24

Esker — Proposed bid for the company confirmed

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18.07.24

Esker — Record Q2 bookings; FY24 outlook maintained

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01.05.24

Esker — Targeting margin recovery in FY24

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Sector

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Equity Analyst

Katherine Thompson

Katherine Thompson

Director

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

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28.03.23

Esker — Sticking with tried and tested growth strategy

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19.01.23

Esker — Order momentum maintained in Q422

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Update

Esker — Better outlook for FY23

Outlook

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25.10.22

Esker — Record order intake in Q3

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20.09.22

Esker — Better profitability in FY22

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18.07.22

Esker — Maintaining outlook for FY22

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21.04.22

Esker — Q1 revenue in line, outlook maintained

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29.03.22

Esker — Favouring growth over short-term margin boost

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18.01.22

Esker — Positive outlook

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14.10.21

Esker — Q3 update confirms FY21 outlook

Outlook

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20.09.21

Esker — Returning to pre-COVID-19 growth path

edison tv

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16.08.21

Esker – AI report interview

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16.07.21

Esker — Order intake drives upgrades

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16.04.21

Esker — Q1 order intake supports more confident outlook

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29.03.21

Esker — Signalling a return to double-digit growth

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13.01.21

Esker — Strong order intake supports growth outlook

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14.10.20

Esker — Rebound in SaaS-based business

Outlook

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15.09.20

Esker — Robust H1; continuing to invest for growth

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20.07.20

Esker — Proving resilient despite COVID-19 pressures

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16.04.20

Esker — Strong Q1 growth; FY20 outlook maintained

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31.03.20

Esker — Moderating growth expectations for FY20

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20.01.20

Esker — Strong guidance for FY20

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17.10.19

Esker — Accelerating SaaS growth

Outlook

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19.09.19

Esker — Setting its sights higher

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18.07.19

Esker — Another record quarter

Flash note

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17.04.19

Esker — Strong Q1 revenues and orders

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28.03.19

Esker — Accelerating growth in new contracts

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22.01.19

Esker — FY18 revenue growth of 14% confirmed

Outlook

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28.09.18

Esker — Combining growth with profitability

research

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27.07.18

Esker — Upgrading on strong Q2 performance

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10.04.18

Esker — Investing for sustained growth

Flash note

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17.01.18

Esker — Double-digit growth to continue

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18.10.17

Esker — On track to meet FY17 organic growth target

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20.07.17

Esker — On track; outlook maintained

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21.04.17

Esker — Investing for sustainable growth

Flash note

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19.01.17

Esker — Update 19 January 2017

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31.10.16

Esker — Update 31 October 2016

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21.10.16

Esker — Update 21 October 2016

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23.09.16

Esker — Update 23 September 2016

Flash note

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20.07.16

Esker — Update 20 July 2016

Outlook

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04.05.16

Esker — Update 4 May 2016

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27.01.16

Esker — Update 26 January 2016

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