Edison Investment Research - Txt (TXT) TXT e-solutions - Entering the Swiss fintech market

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Edison Investment Research

Richard Williamson

TXT e-solutions - Entering the Swiss fintech market

TXT reported flat organic revenues in Q220 and 6% organic growth for H120, despite the disruption caused by COVID-19. Normalised EBIT was 44% higher y-o-y in Q220 and 51% higher for H120. The company took its first step to internationalise its fintech business with the â‚¬5m acquisition of a Swiss IT services business in July. We have revised our forecasts to reflect the acquisition and lower underlying operating costs, resulting in upgrades to our normalised EPS forecasts (+29% FY20, +6% FY21).

11/08/2020 7 EN

Underlying

Txt

TXT e-solutions SpA is an Italy-based company engaged in the information and communication technologies (ICT) market. It provides software and services-based solutions to enterprises. The Company structures its business into two main segments: TXT Perform and TXT Next. In the TXT Perform segment, it designs and develops software and IT solutions for fashion and luxury, specialty retail, consumer packaged goods (CPG) and discrete manufacturing sector. Through the TXT Next segment, the Company offers system integration and IT services to such sector as aerospace and defense, high-tech manufacturing, and banking and finance. It operates through subsidiaries: TXT e-solutions Ltd, the United Kingdom; TXT e-solutions GmbH, Germany; TXT e-solutions SL, Spain; TXT e-solutions Sarl, France; Maple Lake Ltd, Canada and Maple Lake Australia Pty Ltd, Australia amd PACE Aerospace Engineering and Information Technology GmbH.

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IT0001454435 Italy

Provider

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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Analysts

Richard Williamson

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TXT e-solutions - Entering the Swiss fintech market

TXT e-solutions S.p.A: 1 director

TXT e-solutions - Termination of coverage

TXT e-solutions - Termination of coverage

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

CLIQ Digital - Increased churn weakens FY24 outlook

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