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Q1 Revenue in Line, Outlook Maintained

Esker Inc reported 18% y-o-y revenue growth for Q122 and continues to expect organic growth of 15–16% for the full year with operating margins in its target range of 12–15%. This is in line with Edison Group forecasts, which are unchanged. The lifetime value of new contracts signed in Q122 increased by 23% y-o-y to €13.3m, underpinning Edison’s growth expectations. The share price has been relatively flat since it rebased after Esker reported FY21 results. Based on P/E ratios for FY22 and FY23, the stock continues to trade at a premium to French software peers and at a discount to US SaaS peers, Edison believes due to its high level of recurring revenue, history of and potential for double-digit profitable growth and strong balance sheet. Esker provides end-to-end SaaS-based document automation solutions supporting order-to-cash and procure-to-pay processes.

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