London, UK, 27 October 2022

Esker (ALESK): Record order intake in Q3

Esker’s Q3 revenue update confirmed continued strong underlying and reported revenue growth, and management reiterated its FY22 revenue and margin guidance. The company is making steady progress with its channel partner strategy, and record order intake, particularly in the US and Asia Pacific, provides support for FY23 and beyond.

The share price appears to have stabilised after declining from its December 2021 peak of €361.5. Based on FY22e and FY23e P/E ratios, the stock continues to trade at a premium to French software peers and at a discount to US SaaS peers, we believe due to its high level of recurring revenue, history of and potential for double-digit profitable growth and strong balance sheet. The company is well-funded to take advantage of opportunities to make bolt-on acquisitions, which in the current environment may become more affordable.

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