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Double-digit growth to continue

Flash note | Technology | 17 Jan 2018

Esker’s Q4 revenue update confirms that the company hit its double-digit organic revenue growth target for FY17 and expects a similar performance in FY18. While FY17 revenues are ahead of our forecast, we make no changes to forecasts pending FY17 results on 22 March, when the company will report profitability for the year.


On track to meet FY17 organic growth target

Flash note | Technology | 18 Oct 2017

Esker saw strong growth in revenues in Q317, with 17% reported growth and 14% growth on an organic, constant currency basis. The recent e-integration acquisition is performing in line with expectations and management has reconfirmed its FY17 outlook for double-digit organic revenue growth. We leave our forecasts unchanged.


Growth outlook maintained

Outlook | Technology | 21 Sep 2017

Esker’s investment in headcount and recent bolt-on acquisitions is generating strong growth for the company, with expectations for double-digit organic growth in FY17 re-confirmed. Esker’s strategy of producing software that improves the efficiency of customers’ business processes has proved successful, with very low levels of churn and high recurring revenues. Product development is focused on evolving the current product range to reduce complexity, improve functionality and increase buyer/supplier visibility. The longer-term aim is to provide a business collaboration network and to potentially offer supply chain finance.


On track; outlook maintained

Update | Technology | 20 Jul 2017

Esker has reported H117 revenues in line with our forecasts, achieving 9% y-o-y organic constant currency growth. The e-integration acquisition is performing well and the company has maintained its guidance for double-digit organic revenue growth for 2017. Esker’s strong cash position provides resources for further M&A. We leave our forecasts unchanged, pending full H117 results on 14 September.


Investing for sustainable growth

Update | Technology | 21 Apr 2017

Esker reported another year of double-digit organic revenue growth and confirmed that it expects to achieve similar in FY17. The company's investment in headcount was higher than we expected and is likely to continue at a similar pace in FY17. While this weighs on our earnings forecasts, it should provide the foundations to support growth on a multi-year basis. Bolt-on acquisitions of businesses with a similar recurring revenue model and complementary technology are likely to accelerate the pace of growth.


Q416 in line, positive outlook for FY17

Flash note | Technology | 19 Jan 2017

Esker has reported Q416 and FY16 revenues in line with our forecasts. Strong growth in new contracts combined with c 80% recurring revenues support continued growth and the company expects to generate double-digit organic revenue growth in FY17. We leave our forecasts unchanged pending full-year results in March. We note that Esker had net cash of EUR 15.9m at the end of FY16, providing ample funds for investment to drive growth.


German EDI acquisition

Update | Technology | 31 Oct 2016

Esker has signed an agreement to acquire e-integration, a German electronic data interchange (EDI) business, for an undisclosed amount. This complements last year's acquisition of CalvaEDI and strengthens Esker's presence in German-speaking countries. With a similar business model to Esker, e-integration will add recurring revenues and a strong German customer base.


Strong SaaS business, weaker legacy

Update | Technology | 21 Oct 2016

Esker continues to see strong growth in its document process automation (DPA) business, particularly from its SaaS-based business. However, a larger than expected decline in legacy product sales in Q3 has prompted a more conservative outlook for the full year and we have revised our estimates to reflect this. In our view, the investment case for Esker rests on the success of the DPA business and in this respect we view the company as on track to continue to grow revenues and profitability.


Strong H1 supports FY16 outlook

Update | Technology | 23 Sep 2016

Esker's H116 results confirmed that the company is on track to meet its revenue growth target for FY16 and profitability has increased on a year-on-year and sequential basis. SaaS-based revenues continue to grow and make up an increasing proportion of revenues. We leave our forecasts substantially unchanged.


H116 trading supports FY16 outlook

Flash note | Technology | 20 Jul 2016

Esker's Q2 revenue update confirms that the company is on track to hit its revenue growth target for FY16. Q216 y-o-y revenue growth of 14% and H116 organic growth of 15% underpin our forecast for FY16 revenue growth of 15% and consequently we maintain our forecasts. The company's strong balance sheet supports its organic growth and acquisition plans.


Processing power

Outlook | Technology | 04 May 2016

After a strong performance in FY15, Esker is on track to generate double-digit revenue and margin growth in FY16 and FY17. We upgrade our FY16 forecasts to reflect stronger revenue growth combined with increased investment in the business, and we introduce FY17 forecasts for 10% revenue and 16% earnings growth. Investment in product development, either internally or via acquisition, should support sustained growth.


Strong underlying growth drives upgrades

Update | Technology | 27 Jan 2016

Esker's FY15 revenue update confirmed that strong growth continued into Q415, with full year revenue growth of 27% and organic constant currency growth of 13%. The company expects strong growth to continue in FY16 o we have upgraded our forecasts to reflect this, with EPS upgrades of 10% in FY15e and 13% in FY16e.