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.€276.7m
Last close€50.87
High / Low (52 weeks)€55.6 / €43.1
Stock market listingEG
Forecast net cash (€m)14.7
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual3.36.017.0
Relative *2.02.72.9

* % 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)
2015A 58.5 13.4 9.3 131.0 38.8 17.8
2016A 66.0 14.9 9.9 122.0 41.7 16.5
2017E 75.4 17.1 12.2 145.0 35.1 16.1
2018E 82.2 18.4 13.3 154.0 33.0 15.2

Last updated on 08/12/2017

Investment summary

Q317 revenues of €18.0m (+17% y-o-y/+14% organic constant currency) were slightly ahead of our €17.7m forecast, despite a €0.4m negative effect from the stronger euro versus the dollar. Revenues for the nine months to 30 September grew 10% y-o-y on an organic, constant currency basis. The recently acquired e-integration grew revenues 8% y-o-y, in line with management expectations. Management reconfirmed its previous guidance for double-digit organic growth in FY17 – we therefore leave our estimates unchanged.

Last updated on 13/12/2017

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 13/12/2017

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