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.€302m
Last close€55.10
High / Low (52 weeks)€55.6 / €45.8
Stock market listingEG
Forecast net cash (€m)15.4
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual4.61.117.0
Relative *(1.5)3.18.2

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 66.0 14.9 9.9 122.0 45.2 19.0
2017A 76.1 16.4 10.7 129.0 42.7 16.9
2018E 83.9 18.6 12.5 155.0 35.5 16.6
2019E 92.0 21.5 15.2 185.0 29.8 14.5

Last updated on 10/04/2018

Investment summary

Esker’s FY17 results confirmed that the company has maintained its double-digit revenue growth rate. While investment in R&D and consulting capacity held back the rate of profit growth in FY17, this highlights the company’s focus on driving multi-year revenue growth. We have revised our forecasts to take account of the higher cost base, which is more than offset by the reduction in the group tax rate. We increase our normalised EPS forecast by 0.6% in FY18 and forecast EPS growth of 19.5% in FY19.

Last updated on 10/04/2018

Industry outlook

Esker's 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.

Last updated on 06/04/2018

Key management

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

Company address

10 rue des émeraudes
Lyon
69006
France
+33 (0)4 72 83 46 46
View website