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Talenom - Earnings flash - Upbeat Q1 report

Talenom's net sales in Q1 amounted to EUR 17.4m, slightly above our and consensus estimates (EUR 16.9m/17.0m Evli/cons.). EBIT amounted to EUR 3.7m, slightly above our and consensus estimates (EUR 3.5m/3.5m Evli/cons.). Net sales for 2020 are expected to amount to EUR 64-68m and operating profit to EUR 12-14m.
  • Net sales in Q1 were EUR 17.4m (EUR 14.8m in Q1/19), slightly above our estimates and consensus estimates (EUR 16.9m/17.0m Evli/Cons.). Growth in Q1 amounted to 17.4 % y/y.
  • Operating profit in Q1 amounted to EUR 3.7m (EUR 3.4m in Q1/19), above our estimates and consensus estimates (EUR 3.5m/3.5m Evli/cons.), at a margin of 21.4 %.
  • EPS in Q1 amounted to EUR 0.07 (EUR 0.06 in Q1/19), above our and consensus estimates (EUR 0.06/0.06 Evli/cons.).
  • Sales team has changed over to a distance sales model and sales still almost in line with plans despite the coronavirus pandemic.
  • An additional loan of EUR 10m has been negotiated, that can be used for acquisitions and for other projects in support of growth in Finland and Sweden.
  • Guidance 2020: Net sales for 2020 are expected to amount to EUR 64-68m and operating profit to EUR 12-14m (Evli 2020E: 68.8m and 12.6m respectively). Previous guidance: 2020 is expected to be in line with 2019 in terms of relative growth in net sales and relative profitability.
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