Edison Investment Research - TXT e-solutions (TXT) Update: Moderating our growth estimates

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Edison Investment Research

Update: Moderating our growth estimates

TXT reported a 4.8% year-on-year revenue decline in Q314, as TXT Perform experienced a weak quarter for licence wins. However, on a nine-month basis, both divisions achieved revenue growth. We have revised our revenue forecasts to reflect a more uncertain economic environment, resulting in cuts to FY14 EPS of 10% and FY15 EPS of 9%. With a strong balance sheet, TXT has funds available to support its acquisition strategy.

10/11/2014 5 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

TXT reported year-on-year revenue and EBITDA growth in Q118, with a particular boost to software licence sales. The change in the largest shareholder has prompted changes to the board, and is likely to mark the start of a series of acquisitions to accelerate the growth of the TXT Next business.

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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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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: Moderating our growth estimates

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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