olivLaw · European equity research
Talenom Oyj TNOM.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Talenom Oyj is a Finnish provider of accounting and tax office services for small businesses, active in Finland, Sweden, Spain and Italy, with a strategy built on automation and acquisitions. In 2024 the company grew revenue to «126.2» million EUR [fig], amid weak demand in Finland and Sweden, and its 2025 guidance points to a moderate return to growth.
At the close of 05 Nov 2026, Talenom Oyj (TNOM.HE) stock was 1.12 EUR (+1.08% on the day), with market capitalisation 52.7 m EUR, P/E 8.6 on diluted EPS of 0.13 EUR over the last 12 months, dividend yield 16.90%, beta 0.56, 52-week range 1.05–3.25 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 1.05 – 1.18
- in the upper half of the band · %B 0.58 · band width 11.8%
- SMA 50 / 200
- 1.16 / 1.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.2% | −0.6% | −0.6 pp | — |
| 3 months | −15.0% | −4.2% | −10.8 pp | — |
| 6 months | −13.7% | +4.3% | −18.0 pp | — |
| Year to date | −62.8% | +7.5% | −70.4 pp | — |
| 1 year | −63.0% | +9.9% | −72.9 pp | −1.2% |
| 3 years | −78.2% | +49.8% | −128.1 pp | +6.8% |
| 5 years | −91.5% | +42.8% | −134.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 31.2, median 33.7, max 88.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 102.1 m | 121.7 m | 126.2 m |
| Revenue YoY | unavailable | +19.2% | +3.7% |
| Net income | 11.8 m | 3.4 m | 6.1 m |
| Net income YoY | unavailable | −71.5% | +81.2% |
| Diluted EPS | 0.27 | 0.07 | 0.13 |
| Diluted EPS YoY | unavailable | −74.1% | +85.7% |
| net % | 11.6% | 2.8% | 4.8% |
| Free cash flow | 26.7 m | 25.8 m | 27.8 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 8.7 m EUR
- Financial debt
- 86.7 m EUR
- Net debt
- 78.0 m EUR
- Equity
- 54.4 m EUR
- Total assets
- 178.0 m EUR
- Debt / equity
- 1.59x
- Current ratio
- 0.98x
- ROE
- 11.1%
- ROA
- 3.4%
- FCF margin
- 22.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 102.1 m | 121.7 m | 126.2 m | esef· 04 Mar 2025verified |
| Operating income | 15.3 m | 7.9 m | 11.4 m | esef· 04 Mar 2025verified |
| Interest expense | 1.2 m | 4.1 m | 4.8 m | esef· 04 Mar 2025verified |
| Pre-tax income | 14.6 m | 4.3 m | 6.9 m | esef· 04 Mar 2025verified |
| Income tax | 2.8 m | 899.0 k | 825.0 k | esef· 04 Mar 2025verified |
| Net income | 11.8 m | 3.4 m | 6.1 m | esef· 04 Mar 2025verified |
| Diluted EPS | 0.27 | 0.07 | 0.13 | esef· 04 Mar 2025verified |
| Dividend per share | 0.18 | 0.17 | 0.19 | esef· 04 Mar 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 16.0 m | 10.3 m | 8.7 m | esef· 04 Mar 2025verified |
| Receivables | 14.2 m | 16.7 m | 16.7 m | esef· 04 Mar 2025verified |
| Current assets | 30.5 m | 29.2 m | 26.4 m | esef· 04 Mar 2025verified |
| Property, plant & equipment, net | 2.8 m | 4.7 m | 4.7 m | esef· 04 Mar 2025verified |
| Goodwill | 55.0 m | 66.6 m | 68.6 m | esef· 04 Mar 2025verified |
| Intangibles (excl. goodwill) | 45.8 m | 52.7 m | 54.3 m | esef· 04 Mar 2025verified |
| Total assets | 156.3 m | 175.7 m | 178.0 m | esef· 04 Mar 2025verified |
| Accounts payable | 23.7 m | 28.5 m | 22.3 m | esef· 04 Mar 2025verified |
| Short-term debt | 10.0 m | 5.1 m | 549.0 k | esef· 04 Mar 2025verified |
| Long-term debt | 50.1 m | 70.8 m | 86.2 m | esef· 04 Mar 2025verified |
| Current liabilities | 38.0 m | 38.5 m | 26.8 m | esef· 04 Mar 2025verified |
| Total liabilities | 100.3 m | 119.9 m | 123.6 m | esef· 04 Mar 2025verified |
| Equity | 56.0 m | 55.8 m | 54.4 m | esef· 04 Mar 2025verified |
| Shares outstanding at year end | 43.7 m | 48.0 m | 46.8 m | esef· 04 Mar 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 27.4 m | 28.6 m | 29.2 m | esef· 04 Mar 2025verified |
| Capex | 779.0 k | 2.8 m | 1.4 m | esef· 04 Mar 2025verified |
| Free cash flow | 26.7 m ≈ | 25.8 m ≈ | 27.8 m ≈ | esef· 04 Mar 2025derived |
| Investing cash flow | -32.0 m | -34.2 m | -23.0 m | esef· 04 Mar 2025verified |
| Financing cash flow | 10.6 m | -147.0 k | -7.6 m | esef· 04 Mar 2025verified |
| Dividends paid | 7.4 m | 8.1 m | 8.6 m | esef· 04 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 52.7 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality63
- Balance sheet14
- Valuation86
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.07 – 27.40 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)11.87 – 27.40 (Mid 16.69)WACC 6.0% · starting FCFF 32.0 m EUR · terminal value share of EV 83%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.07 – 2.40 (Mid 1.44)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)2.58 – 3.52 (Mid 2.98)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.9% | 48 (vs peers) | 17% |
| Net margin · Quality | 4.8% | 51 (vs peers) | 10% |
| FCF conversion · Quality | 456.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 8.6x | 75 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 52.8% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 16.4% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 31.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation86/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Talenom Oyj (TNOM.HE). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 126.2 m EUR in 2024; YoY growth 3.7%; net margin 4.8%; ROE 11.1%.
The estimated value range is 2.58–3.52 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 2.98 EUR, the price of 1.12 EUR leaves a potential of 165.3% (value / price − 1) and a margin of safety of 62.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 456.5%
- P/E (TTM): 8.6x
- FCF yield: 52.8%
- Shareholder yield (distributions): 16.4%
- Payout ratio (FCF): 31.1%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 2.4x
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| TNOM.HETalenom Oyj | 52.7 m | 8.6 | 11.1% | 4.8% | +3.7% | −63% / −79% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for TNOM.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.66 Total return -32% · Per year -32% | 1.17 Total return 16% · Per year 16% | 1.76 Total return 71% · Per year 71% |
| 3 years | 0.63 Total return -17% · Per year -6% | 1.25 Total return 49% · Per year 14% | 2.08 Total return 132% · Per year 32% |
| 5 years | 0.60 Total return -3% · Per year -1% | 1.35 Total return 84% · Per year 13% | 2.45 Total return 204% · Per year 25% |
- Exit P/E± 0.31
- Net margin± 0.22
- Annual revenue growth± 0.18
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Talenom Oyj is a Finnish provider of accounting and tax office services for small businesses, active in Finland, Sweden, Spain and Italy, with a strategy built on automation and acquisitions. In 2024 the company grew revenue to «126.2» million EUR [fig], amid weak demand in Finland and Sweden, and its 2025 guidance points to a moderate return to growth.
SWOT
Strengths
- Proprietary software and a high degree of automation supporting good margins in Finland.
- Solid market share in Finland and a repeated, well-known acquisition strategy.
- Presence in several European countries, reducing dependence on a single market.
Weaknesses
- High debt, making the company sensitive to the cost of financing.
- Client losses and loss-making activity in Sweden after acquisitions and the platform launch.
- Weak organic growth in recent years, with falling revenue in Finland and Sweden.
Opportunities
- Digitalisation and electronic invoicing could increase demand for automated services.
- Fragmentation of the market could offer new acquisitions across Europe.
- If Sweden and Italy improve efficiency, group margins could rise.
Threats
- A slowing economy in the Nordic countries could reduce client volumes.
- New digital platforms could win clients from small offices with competitive pricing.
- Rising personnel costs, the largest expense item, could compress margins.
Risks
- High debthigh
The high level of net gearing could limit financial flexibility if financing conditions worsen.
- Client losses in Swedenhigh
Integration difficulties and the launch of the in-house platform could continue to affect client retention and revenue.
- Finnish economymedium
A weak economy could prolong falling volumes and delay the return of organic growth.
- Acquisition integration riskmedium
Repeated acquisitions can bring provisions, additional consideration payments and integration difficulties that may affect results.
- Personnel costslow
The large share of personnel expenses in revenue could limit margin expansion if wages rise faster than prices.
Investment thesis
What would need to be true (bull case)
- If demand stabilises and the Finnish economic recovery is confirmed, organic growth could return, supported by a loyal client base.
- Digitalisation and electronic invoicing requirements could favour the company, whose automated software is a cost advantage.
- If integration in Sweden and efficiency in Italy improve, group margins could rise above current levels.
What would break the thesis
- If the Nordic economy remains weak, volumes could keep falling and growth could stay modest.
- High debt could limit strategic options and make funding acquisitions more expensive.
- If new digital platforms win small clients with lower prices, the company's market share could come under pressure.
What to watch
- Delivery of 2025 revenue and EBITDA guidance2025
- Trend in client retention and revenue in Swedennext 10-K
- Level of net debt and net gearingnext 10-K
- Pace of acquisitions and integration results in Spain and Italy2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Talenom provides bookkeeping, financial statement preparation and advisory services to entrepreneurs and small firms, through its own Talenom Online platform and office network. Its model relies on proprietary software and a high degree of automation, which allow it to serve many clients with relatively few staff, about «1554» employees at year end 2024 [fig]. Revenue in 2024 was «126.2» million EUR [fig] and the EBITDA margin was «27.5» % [fig].
The company has extended its footprint through acquisitions of local firms, notably in Spain, where part of 2024 revenue growth came from acquisitions. Since 2023 it has a bridgehead in Italy, where the stated priority is organic growth and where activity was slightly loss-making at EBITDA level. Acquisition consideration is partly paid in newly issued shares to sellers.
The financial structure is marked by debt: interest-bearing net debt reached «87.6» million EUR [fig] and net gearing was «161.1» % [fig], which makes the company sensitive to financing costs and to the pace of acquisitions. Net profit rose to «6.1» million EUR [fig], mainly thanks to lower software depreciation and certain additional acquisition consideration gains.
Segments
Sweden
Sweden had revenue of «24.3» million EUR in 2024 [fig], down year on year, and the segment was loss-making. The company attributes the problems to high client attrition after acquisitions and the launch of its own software platform, which it expects to recover in 2025.
Other countries (Spain, Italy)
The other countries segment had revenue of «15.3» million EUR in 2024 [fig], up strongly thanks to acquisitions in Spain. Spain became profitable as volume grew, while Italy remains in the development phase.
Market context
The company expects demand to remain stable in 2025 across all its countries, with a more visible recovery in the second half of the year, if economic conditions in Finland and Sweden improve. Consolidation of the sector is expected to continue, driven by digitalisation and legal requirements on electronic invoicing.
Trends
- Digitalisation and electronic invoicingtailwind
The European e-invoicing directive and national requirements, such as those in Spain, could accelerate the digitalisation of accounting services and favour firms with automated platforms.
- Market consolidationtailwind
The fragmented Finnish and European market could lead to more acquisitions of small firms, which could support Talenom's growth if integration succeeds.
- Weak economy in Finland and Swedenheadwind
Lower economic activity has reduced client volumes and slowed organic growth, and the company expects only a gradual improvement.
- Cost of financing and debtmixed
The high level of net debt could make the company more vulnerable to tighter financing conditions, although lower net investment could support cash flow.
Competitive position
Talenom competes with numerous small accounting offices, which dominate the Finnish market, and with larger accounting software and service providers in Europe. The analysed sources do not identify a direct competitor listed in the US, so no external tickers are given.
The company's competitive edge rests on its proprietary software, automation and local brand, resources it describes as hard to replicate over the long term. A risk is that small offices and new digital platforms could win clients through pricing or specialised services.
- Independent accounting offices in Finland
Numerous small firms and sole traders forming the fragmented base of the Finnish market.
- Local accounting service providers in Sweden
Regional firms active in the Swedish market, where the company has had difficulties retaining clients.
- Accounting firms in Spain
Fragmented local firms that Talenom has repeatedly acquired to increase its share.
- European accounting software providers
Digital platforms that can attract small clients through automation and electronic invoicing.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202404 Mar 2025
- Annual report 202327 Feb 2024
- Annual report 202327 Feb 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Talenom Oyj · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.