Talenom as an investment

## Estimates and analysis

Talenom is followed by Inderes, Danske Bank and Carnegie.

The estimates and analyses provided on this page are independent and impartial opinions of Inderes and Danske Bank. Talenom cannot influence the content of these analyses or the reliability of the information they contain. The information should not under any circumstances be regarded as investment advice.

### Analysts

#### Inderes Oyj

Juha Kinnunen
 040 778 1368
 juha.kinnunen(at)inderes.fi

#### Danske Bank

Daniel Lepistö
 Phone: +358 44 512 1115
 Email: daniel.lepisto@danskebank.com

#### Carnegie

Emil Immonen
Phone: +358 9 618 71 240
Email: emil.immonen@carnegie.fi

## Estimates

### Inderes



### Danske Bank

|                               | 2021                          | 2022                          | 2023e                         | 2024e                         | 2025e                         |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- |
| Revenue (MEUR)                | 82\.8                         | 104                           | 126                           | 144                           | 163                           |
| Revenue growth (%)            | 27\.1                         | 25\.0                         | 23,5                          | 14\.4                         | 13\.3                         |
| Operating profit, EBIT (MEUR) | 14\.8                         | 15\.3                         | 15\.3                         | 19\.6                         | 26\.4                         |
| EBIT growth (%)               | 14\.6                         | 8\.0                          | 0\.3                          | 27\.9                         | 34\.7                         |
| Earnings per share (€)        | 0\.25                         | 0\.27                         | 0\.21                         | 0\.28                         | 0\.40                         |
| Dividend (€)                  | 0\.17                         | 0\.18                         | 0\.19                         | 0\.20                         | 0\.21                         |



## Research reports

### Inderes (2023)

[Commissioned research (published 27 July, 2023)](/files/documents/71c53dd1-7985-47c8-a995-1134a6e56dc5.pdf)
[Commissioned research (published 21 April, 2023)](/files/documents/company_update_talenom_210423.pdf)
[Commissioned research (published 1 February, 2023)](/files/documents/company_update_talenom_010223.pdf)

### Danske Bank (2023)

[Commissioned Research (published 20 April, 2023)](/files/documents/Talenom_200423_cr.pdf)
[Commissioned Research (published 31 January 2023)](/files/documents/Talenom_310123_cr.pdf)


### 2022

[Commissioned research (published 26 October, 2022)](/files/documents/company_update_talenom_261022.pdf)
[Commissioned research (published 3 August, 2022)](/files/documents/company_update_talenom_030822.pdf)
[Commissioned research (published 13 April, 2022)](/files/documents/Talenom_Extensive_Report_130422_FINAL.pdf)
[Commissioned research (published 27 April, 2021)](https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/inderes-company_update_talenom_270421_en.pdf)
[You can read Inderes analyst research reports in Finnish here](https://dev.talenom.ir.solutions/fi/sijoittajat/sijoituskohteena/ennusteet_ja_analyysit?cache=false) 




### 2022

[Commissioned Research (published 26 October, 2022)](/files/documents/Talenom_261022_cr.pdf)
[Commissioned Research (published 3 August, 2022)](/files/documents/Talenom_020822_cr.pdf)
[Commissioned research (published 26 April, 2022)](/files/documents/Talenom_260422.pdf)
[Commissioned research (published 19 April, 2022)](/files/documents/Talenom_190422.pdf)
[Commissioned research (published 9 February, 2022)](</files/documents/Talenom_090222.pdf>)
[Commissioned research (published 5 January, 2022)](</files/documents/Talenom_040122_cr edited (1).pdf>)

### 2021 

[Commissioned research (published 1 November, 2021](<https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Talenom_021121_cr.pdf>)
[Commissioned research (published 3 August, 2021)](<https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/danske-bank-talenom-commissioned-research-03082021.pdf>)
[Commissioned research (published 27 April, 2021)](<https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/danske_talenom-27042021.pdf>)
[Commissioned research (published 9 February, 2021)](<https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/danske_talenom-09022021.pdf>)

### 2020

[Commissioned research (published 26 October, 2020)](https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/danske_talenom_26102020.pdf)
[Commissioned research (published 3 August, 2020)](https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/danske_-commissioned-research-03082020.pdf)
[Commissioned research (published 27 April, 2020)](https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/talenom-commissioned-research-danske-bank-042020-27.4.2020.pdf)
[Commissioned research (published 18 March, 2020)](https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/danske_commissioned_research_0.pdf)

### 2022

[Commissioned research (published 27 April, 2022)](/files/documents/Talenom_Q122Eng.pdf)
[Commissioned research (published 9 February, 2022)](</files/documents/Talenom_Q421Eng.pdf>)
[Commissioned research (published 2 November, 2021)](<https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/Talenom_Q321Eng.pdf>)
[Commissioned research (published 3 August, 2021)](<https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/op-talenom-post-results-report-q2-2021.pdf>)
[Commissioned research (published 9 June, 2021)](<https://storage.googleapis.com/inderes-ir-pages-dev-assets/talenom/documents/Analyysiraportit/op_talenom_090621eng-1.pdf>)



	2021	2022	2023e	2024e	2025e
Revenue (MEUR)	82.8	104	126	144	163
Revenue growth (%)	27.1	25.0	23,5	14.4	13.3
Operating profit, EBIT (MEUR)	14.8	15.3	15.3	19.6	26.4
EBIT growth (%)	14.6	8.0	0.3	27.9	34.7
Earnings per share (€)	0.25	0.27	0.21	0.28	0.40
Dividend (€)	0.17	0.18	0.19	0.20	0.21

Talenom as an investment

Estimates and analysis

Analysts

Inderes Oyj

Danske Bank

Carnegie

Estimates

Inderes

Danske Bank

Research reports

Inderes (2023)

Danske Bank (2023)

Analyst research report archive

Inderes add

2022

Danske Bank add

2022

2021

2020

OP (Commissioned research ended) add

2022