Esker (ALESK)

Business description

Esker provides end-to-end document automation solutions, offering on-premise and on-demand delivery models. The business generates 50% of revenues from Europe, 40% from the US and the remainder from Asia and Australia.

Stock data

Market cap.€257.2m
Last close€47.30
High / Low (52 weeks)€53.1 / €34.2
Stock market listingAL
Forecast net cash (€m)14.4
Forecast gearing ratio (%)N/A

Price performance

Relative *(3.6)3.520.5

* % Relative to local index

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Company news

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 58.5 13.4 9.3 131.0 36.1 16.5
2016A 66.0 14.9 9.9 123.0 38.5 14.8
2017E 75.6 16.6 11.9 142.0 33.3 15.4
2018E 82.0 17.7 12.8 151.0 31.3 14.7

Last updated on 24/07/2017

Investment summary

Esker generated revenues of €19.1m in Q217, +13% y-o-y (+9% constant currency organic growth). H117 revenues of €37.8m were in line with our forecast, +14% y-o-y (+9% constant currency organic). The e-integration acquisition is performing well and the company has maintained its guidance for double-digit organic revenue growth for 2017. Esker’s strong cash position provides resources for further M&A. We leave our forecasts unchanged, pending full H117 results on 14 September.

Last updated on 03/08/2017

Industry outlook

Esker's DPA software operates across four areas: document delivery, accounts payable, accounts receivable 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.

Last updated on 03/08/2017

Key management

Jean-Michel Bérard, CEO
Sophie Rolland-Moritz, CFO

Company address

10 rue des émeraudes
+33 (0)4 72 83 46 46
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