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

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-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 visibility due to a large proportion of recurring revenues in the mix. Margin initiatives are starting to bear fruit, which should drive further cash generation and returns.

Zalaris should continue to grow as it renews contracts with existing customers and wins new business in geographies where it is currently underrepresented relative to the market size. Our DCF-based valuation of NOK87.1 per share reflects a conservative mid-term growth rate and EBIT margin, representing a good level of upside from the current share price. 

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