Edison Investment Research - TXT e-solutions (TXT) Update: Expanding into Asia Pacific

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Edison Investment Research

Update: Expanding into Asia Pacific

TXTâ€™s FY14 results reflect the impact of the tough economic environment on TXT Perform earlier in the year. Efforts to strengthen the team in North America are starting to pay off and the recently announced investment in Asia Pacific should support growth in the medium term. We expect increased investment in international expansion and product development to weigh on profitability in FY15, but this should position the company for stronger international growth in the medium to long term.

09/03/2015 6 EN

Underlying

TXT e-solutions

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Italy

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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TXT e-solutions - On the acquisition trail

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Update: Profits maintained despite licensing weakness

TXT reported a small year-on-year revenue decline for Q116. While TXT Next showed continued growth, TXT Perform saw delays in the signing of new licences, resulting in a decline in revenues. This was offset by reduced operating expenses. Management sees a more positive outlook in Q2 and maintains expectations for FY16. We leave our forecasts substantially unchanged.

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Update: TXT Next is next for international expansion

TXT reported strong FY15 revenue growth of 13%, with double-digit growth from both divisions, and normalised EPS ahead of our forecast. The planned acquisition of PACE adds higher-margin aerospace software capability and accelerates TXT Nextâ€™s quest to expand its addressable market outside of Italy. We have incorporated PACE into our estimates, forecasting normalised EPS growth of 16% in FY16 and 9% in FY17.

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Update: Expanding into Asia Pacific

TXT e-solutions - On the acquisition trail

Update: Profits maintained despite licensing weakness

Update: TXT Next is next for international expansion

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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