Talenom - Miss on EBIT
Talenom’s Q4 results were below our expectations due to a miss on profitability. Net sales amounted to EUR 14.9m (Evli/cons. EUR 15.1m) while the operating profit amounted to EUR 1.5m (Evli/cons. EUR 2.6/2.4m). Talenom reiterated its guidance for 2020, expecting relative growth and relative profitability to be in line with 2019. Talenom proposes a dividend of EUR 0.75 (Evli/cons. 0.74/0.71).
- Talenom’s net sales in Q4 amounted to EUR 14.9m (EUR 12.4m in Q4/18), in line with our and consensus estimates (Evli/cons. EUR 15.1m). Revenue growth in Q4 was 19.8% y/y.
- Introduction of the Incomes Register had a negative impact of EUR 0.33m on net sales and operating profit in Q4/19.
- The operating profit in Q4 was EUR 1.5m (EUR 1.5m in Q4/18), below our and consensus estimates (Evli/cons. EUR 2.6/2.4m), at a margin of 9.8%. The operating profit miss was mainly due to higher than estimated depreciation and amortization.
- Guidance reiterated: the relative growth in net sales and relative profitability in 2020 expected to be in line with 2019.
- Net investments during in 2019 EUR 15.4m compared with 9.5m in 2018.
- Talenom proposes a dividend of EUR 0.75 per share (Evli/cons. 0.74/0.71).