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Richard Williamson
  • Richard Williamson
ZAL ZALARIS ASA

Zalaris - Commencement of strategic review

Zalaris announced a strategic review process on 2 April, as the company explores potential opportunities to accelerate growth and maximise value for both customers and shareholders. The potential of a sale and delisting reflects the sentiment from many other listed technology businesses that have recently gone private, finding public markets a restraint to investment in growth. There is no certainty that an initiative, event or transaction will take place. Zalaris’s Q124 results are scheduled fo...

04/22/24 April 22, 2024 1 EN
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ZAL ZALARIS ASA

Edison issues initiation on Zalaris (ZAL): Simplifying HR and payroll ...

Edison Investment Research Limited Edison issues initiation on Zalaris (ZAL): Simplifying HR and payroll solutions 13-March-2024 / 13:29 GMT/BST The issuer is solely responsible for the content of this announcement.   London, UK, 13 März 2024   Edison issues initiation on Zalaris (ZAL): Simplifying HR and payroll solutions Zalaris is a leading European provider of comprehensive payroll and HR solutions and services, covering the entire employee lifecycle. The company’s proprietary platform PeopleHub is tailored towards multinational corporations or large and complex single-co...

March 13, 2024 1 EN
Richard Williamson
  • Richard Williamson
ZAL ZALARIS ASA

Zalaris - Simplifying HR and payroll solutions

Zalaris is a leading European provider of comprehensive payroll and HR solutions and services, covering the entire employee lifecycle. The company’s proprietary platform PeopleHub is tailored towards multinational corporations or large and complex single-country projects, the more attractive end of the business process outsourcing (BPO) market. Due to long-term relationships with customers and a low churn rate, the company has an improving financial profile with good revenue momentum as well as ...

03/13/24 March 13, 2024 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - Solid growth, but lower-than-expected EBIT

Q3: Solid growth, but lower EBIT due to higher other opex Contracted ARR implies 1-2% higher FY 2023 revenue Fairly neutral to slightly negative share price reaction

10/26/22 October 26, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - Solid growth, but lower-than-expected EBIT

Q3: Solid growth, but lower EBIT due to higher other opex Contracted ARR implies 1-2% higher FY 2023 revenue Fairly neutral to slightly negative share price reaction

10/26/22 October 26, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - Growth is back, margin is next

Growth prospects remain solid We expect margin improvements from 2023 Retain BUY, with reduced TP of NOK 51 (62)

08/30/22 August 30, 2022 1 EN
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ZAL ZALARIS ASA

Zalaris ASA: 3 directors

Two Directors at Zalaris ASA bought 34,000 shares at 25.000NOK. The significance rating of the trade was 44/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

08/26/22 August 26, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - EBIT miss due to Professional Services

Q2: Revenue 2% below driven by Professional Services Divesting vyble to focus on core business Expect a negative share price reaction

08/25/22 August 25, 2022 1 EN
Eirik Thune Øritsland ... (+2)
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - All set for a growth rebound in 2022

Increasing demand for Zalaris’ BPO services Underlying profitability verifies margin improvement case Upgrade to BUY (Hold) with a new TP of NOK 62 (55)

05/20/22 May 20, 2022 1 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
ZAL ZALARIS ASA

Zalaris - Waiting for the catch-up effect on financials

Zero organic growth in Q3, but the ARR base is growing Net leverage remained unchanged at about 2x M&A is likely the trigger for when/if the bond is called

10/28/21 October 28, 2021 4 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
ZAL ZALARIS ASA

Zalaris - Still short-term soft, but no cause for concern

Growing pipeline outweighs expectation miss NOK 69m in new contracts and net additions YTD Currently participating in several M&A processes

05/10/21 May 10, 2021 5 EN
Aksel Øverland Engebakken ... (+4)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - Margin fixed, now the focus turns to growth

Good margin, but growth absent in Q4 Limited estimate changes We reiterate HOLD, but increase our TP to NOK 55 (43)

02/22/21 February 22, 2021 11 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
ZAL ZALARIS ASA

Zalaris - Q4 a bit weak, but neutral for the credit

Net leverage down 0.5x q-o-q to 2.3x (adj. 2.9x) Going from “explore” to “execute” on M&A ambitions No plans of refinancing the bond for the time being

02/19/21 February 19, 2021 5 EN
Aksel Øverland Engebakken ... (+8)
  • Aksel Øverland Engebakken
  • Casper Blom
  • Daniel Thorsson
  • Jan Erik Gjerland
  • Karl Fredrik Schjøtt-Pedersen
  • Mads Thinggaard
  • Martin Melbye
  • Petter Nystrøm
PREMIUM
DSV DSV Panalpina A...
SRBNK SpareBank 1 SR-... ... (+9)

Talking Points - DSV Panalpina: Solid Q3, but pretty much as expected

Kahoot! (Buy) Post-results: You haven’t seen anything yet Share buy-back reinstated, as expected Maintain HOLD, target price of DKK 1,150

DSV DSV PANALPINA A/S
SRBNK SPAREBANK 1 SR-BANK ASA
METSB METSA BOARD OYJ CLASS B
ZAL ZALARIS ASA
SPNO SPAR NORD BANK AS
DNO DNO ASA CLASS A
ORK ORKLA ASA
TOBII TOBII AB
KAHOOT KAHOOT!
10/30/20 October 30, 2020 5 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - EBIT improvement, but growth missing

Q3: Lack of growth but better EBIT on lower costs Small estimate changes for ’21e and onwards Reiterate HOLD: TP NOK 43 (39)

10/29/20 October 29, 2020 11 EN
Aksel Øverland Engebakken ... (+9)
  • Aksel Øverland Engebakken
  • Bengt Jonassen
  • Benjamin Silverstone
  • Erik Moberg
  • Fredrik Ivarsson
  • Jannick Lindegaard Denholt
  • Mads Thinggaard
  • Petter Nystrøm
  • Rickard Anderkrans
PREMIUM
PHO PHOTOCURE ASA
JYSK JYSKE BANK A/S ... (+9)

Talking Points - Ambu (Hold): Time for a breather - down to HOLD

Better Collective (Buy) Preview: Outlook remains promising Share price up ~12% since the Q2 report Down to HOLD (Buy), new TP of DKK 228 (235)

PHO PHOTOCURE ASA
JYSK JYSKE BANK A/S
PNDORA PANDORA A/S
SBO SELVAAG BOLIG AS
ZAL ZALARIS ASA
COLO B COLOPLAST A/S CLASS B
ARCUS ARCUS ASA
AMBU B AMBU A/S CLASS B
BETCO BETTER COLLECTIVE A/S
08/19/20 August 19, 2020 5 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
ZAL ZALARIS ASA

Zalaris - Waiting for growth to pick up

Adj. EBIT 6% above ABGSCe, -2% org. growth We lower adj. EBIT for ’21e-’22e by 1-2% Fully priced in the short-term: reiterate HOLD

08/18/20 August 18, 2020 12 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
ZAL ZALARIS ASA

Zalaris - Sometimes, boring is good

Organic growth was -2%, but no drama COVID-19 expected to be delta-positive for Zalaris Stronger order book out of Q2 for Managed Services

08/18/20 August 18, 2020 5 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Derek Laliberté
  • Viktor Sundberg
PREMIUM
ZAL ZALARIS ASA
IMMNOV IMMUNOVIA AB ... (+3)

Talking Points - Immunovia AB (Buy): Changing the paradigm in early de...

Early detection of PDAC first focus - launch late ‘20e Untapped USD 4.1bn market – initiate BUY, TP SEK 214

ZAL ZALARIS ASA
IMMNOV IMMUNOVIA AB
STORY B STORYTEL AB
05/12/20 May 12, 2020 5 EN
Aksel Øverland Engebakken
  • Aksel Øverland Engebakken
PREMIUM
ZAL ZALARIS ASA

Zalaris - Positive signs on margin, but limited growth

EBIT margin on right track as cost savings flow through Limited organic growth (est. ~0% in Q1) Downgrade to HOLD (Buy) , TP NOK 37 (28)

05/11/20 May 11, 2020 12 EN
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