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1. Company Snapshot

1.a. Company Description

Esker SA provides SaaS-based document process automation solutions in France and internationally.The company offers procure-to-pay solutions, which includes supplier and contract management, procurement, AP automation, expense management, and payment and supply chain financing; and order-to-cash solutions, such as order and credit management, invoice delivery, payment, and collections management, as well as cash app and deductions.It also provides document delivery solutions, including cloud fax and mail, e-invoicing, and esker EDI services.


In addition, the company offers document automation technologies, including Esker on Demand, a cloud-based document process and information exchange service that enables companies to automate business documents; and VSI-Fax, which provides faxing from enterprise applications along with email-integrated desktop faxing.Further, it provides host access products, which is a software enabling a group of PCs to communicate with a host system, and share peripherals, or access the associated databases; and business process outsourcing tool for incoming non-EDI orders or invoices.The company serves the life sciences, building material, food, electronics, and chemical industries.


Esker SA was incorporated in 1985 and is headquartered in Lyon, France.

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1.b. Last Insights on ALESK

Esker SA's recent performance was driven by its strongest year in company history in 2024, with sales revenue reaching €205.3 million, a 15% increase over 2023. The company's success in Q4 2024 was also fueled by a major public tender offer initiated by Bridgepoint, General Atlantic, and management shareholders, which led to a significant increase in control by the new investors, with Boréal Bidco holding 92.93% of the share capital and at least 92.68% of the voting rights.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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ESKER: Implementation Of The Squeeze-Out For The Shares Of The Company

Feb -18

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Success of the friendly public tender offer initiated by Bridgepoint, in association with General Atlantic and the management shareholders, for the Esker shares

Feb -04

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Exploring High Growth Tech Stocks for January 2025

Jan -23

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Major success of the friendly public tender offer initiated by Bridgepoint, in association with General Atlantic and the management shareholders, for the Esker shares

Jan -15

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Esker Q4 2024 Sales Activity

Jan -14

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3 Growth Companies Insiders Are Banking On

Jan -01

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High Growth Tech Stocks To Watch For Promising Opportunities

Dec -25

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Opening of the Friendly Public Tender Offer Initiated by Bridgepoint, in Association With General Atlantic and the Management Shareholders, for the Esker Shares

Dec -02

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.44%)

6. Segments

Saas

Expected Growth: 12.53%

Esker SA's 12.53% SaaS growth is driven by increasing adoption of automation solutions, expansion into new markets, and strategic partnerships. The company's cloud-based platform provides cost savings, efficiency, and scalability, appealing to businesses seeking digital transformation. Additionally, Esker's focus on artificial intelligence, machine learning, and customer experience fuels growth in the competitive SaaS market.

Services

Expected Growth: 12.53%

Esker SA's 12.53% growth is driven by increasing adoption of cloud-based document automation solutions, expansion into new markets, and strategic partnerships. The company's focus on artificial intelligence and machine learning has also enhanced its offerings, leading to higher customer retention and acquisition rates.

Maintenance Contracts and Updates

Expected Growth: 9.9%

Esker SA's 9.9% growth in Maintenance Contracts and Updates is driven by increasing adoption of cloud-based document automation solutions, expansion into new geographies, and strategic partnerships. Additionally, the company's focus on innovation, customer satisfaction, and cost savings has led to high retention rates and cross-selling opportunities, further fueling growth.

Software

Expected Growth: 11.95%

Esker SA's software growth is driven by increasing adoption of cloud-based automation solutions, expanding presence in the Americas, and growing demand for digital transformation in industries such as finance, healthcare, and manufacturing. Additionally, the company's strategic partnerships and investments in artificial intelligence and machine learning are contributing to its rapid growth.

Fax Cards

Expected Growth: 8.9%

Esker SA's Fax Cards segment growth of 8.9% is driven by increasing adoption of digital transformation in enterprises, rising demand for paperless offices, and growing need for secure and compliant document exchange. Additionally, the shift towards cloud-based fax services and Esker's strong partnerships with ERP providers contribute to the segment's growth.

7. Detailed Products

Esker on Demand

Cloud-based document automation solution that automates the processing and sending of business documents

Esker Mail Services

Outsourced mailroom services that automate the processing and sending of physical mail

Esker Fax Services

Cloud-based fax services that automate the sending and receiving of faxes

Esker EDI Services

Electronic Data Interchange (EDI) services that automate the exchange of business documents

Esker Accounts Payable Automation

Automated accounts payable solution that streamlines the processing of invoices and payments

Esker Order Processing Automation

Automated order processing solution that streamlines the processing of customer orders

8. Esker SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Esker SA is moderate, as there are some alternative solutions available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Esker SA is low, as the company has a strong brand presence and customers are loyal to its products and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Esker SA is moderate, as the company has a diverse supplier base and is not heavily dependent on a single supplier.

Threat Of New Entrants

The threat of new entrants for Esker SA is high, as the market is attractive and there are low barriers to entry, making it easy for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for Esker SA is high, as the market is highly competitive and there are many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.16%
Debt Cost 3.95%
Equity Weight 90.84%
Equity Cost 9.43%
WACC 8.93%
Leverage 10.08%

11. Quality Control: Esker SA passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Pexip

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Value: 1.4

Growth: 7.1

Quality: 7.5

Yield: 3.8

Momentum: 9.5

Volatility: 3.7

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Esker

A-Score: 4.2/10

Value: 0.0

Growth: 7.2

Quality: 6.8

Yield: 0.0

Momentum: 5.5

Volatility: 5.7

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Value: 4.2

Growth: 5.8

Quality: 6.5

Yield: 1.9

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A-Score: 3.7/10

Value: 1.2

Growth: 5.8

Quality: 9.1

Yield: 1.2

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A-Score: 2.9/10

Value: 6.8

Growth: 4.6

Quality: 3.0

Yield: 0.0

Momentum: 3.0

Volatility: 0.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

277.4$

Current Price

277.4$

Potential

-0.00%

Expected Cash-Flows