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TXT e-solutions S.p.A: 1 director
A director at TXT e-solutions S.p.A sold/bought 12,000 shares at 17.364EUR and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- Richard Williamson
TXT e-solutions - Termination of coverage
Edison Investment Research is terminating coverage on Xintela (XINT), TXT e-solutions (TXT), HUTCHMED (HCM) and Schaltbau Holding (SLT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
- Richard Williamson
TXT e-solutions - Termination of coverage
Edison Investment Research is terminating coverage on Xintela (XINT), TXT e-solutions (TXT), HUTCHMED (HCM) and Schaltbau Holding (SLT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
- Richard Williamson
TXT e-solutions - Focused on accelerated growth
TXT e-solutions reported 15% year-on-year organic revenue growth for Q321, further boosted by contributions from recent acquisitions HSPI (+21%) and TeraTron (+11%). EBITDA increased 49% over the same period with a small increase in margin to 13.4%. While the pandemic has reduced demand for certain products and services, TXT has managed to expand into other areas organically and via acquisition to win new business (eg sustainable transport, defence, fintech). Diversification, combined with early...
- Richard Williamson
TXT e-solutions - Focused on accelerated growth
TXT e-solutions reported 15% year-on-year organic revenue growth for Q321, further boosted by contributions from recent acquisitions HSPI (+21%) and TeraTron (+11%). EBITDA increased 49% over the same period with a small increase in margin to 13.4%. While the pandemic has reduced demand for certain products and services, TXT has managed to expand into other areas organically and via acquisition to win new business (eg sustainable transport, defence, fintech). Diversification, combined with early...
- Richard Williamson
TXT e-solutions - Continuing on the M&A trail
TXT reported robust results for H121, with year-on-year organic revenue growth of 4.7% and recent fintech acquisitions adding a further 31.4% to growth; EBITDA margins expanded 0.4pp to 13.0% y-o-y. Since the end of H1, TXT has acquired a German internet of things (IoT) specialist for €10m, bolstering its exposure to the industrial sector and strengthening its operations in Germany. We estimate the deal is earnings accretive and raise our normalised EPS forecasts by 9% in FY21 and 13% in FY22.
- Richard Williamson
TXT e-solutions - Strong Q1 drives upgrades
TXT e-solutions reported strong revenue and profit growth in Q121, reflecting the benefit of recent acquisitions and good cost control. Since the end of Q1, the company has signed promising contracts in both divisions, including the first contract for TXT Working Capital Solutions. We have revised our forecasts to reflect this performance, resulting in upgrades to our normalised EPS forecasts of 5.5% in FY21 and 6.9% in FY22. With net cash of €10.8m and treasury shares worth at least €9m, manage...
- Richard Williamson
TXT e-solutions - Profitable growth
TXT e-solutions’ focus on long-term customer collaboration combined with recent fintech acquisitions has helped the company report revenue and profit growth over the first nine months of FY20 (9M20) despite pressure from COVID-19 restrictions. The company is focused on extending its product offering and broadening its market exposure, with the recent acquisition of HSPI adding consulting services and public sector customers to the Fintech division. We have revised our forecasts to reflect the ac...
- Richard Williamson
TXT e-solutions - Expanding the service offering
TXT e-solutions has expanded its Italian IT services business with the acquisition of HSPI for €11.6m in cash and equity. The deal adds public sector, energy and utilities to TXT’s existing fintech and industrial verticals and broadens the services offered to management consulting. On a pro forma basis, we estimate the deal adds c 18% to FY20 revenue and c 22% to FY20 EBITDA.
- 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 €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).
- 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 €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).
- Richard Williamson
TXT e-solutions - Partnering strategy pays off
TXT reported a strong performance in Q120, with 37% revenue growth and 52% EBITDA growth year-on-year. Despite COVID-19 disruption, the company signed several material contracts post quarter-end and acquired a start-up business focusing on supply chain finance software. We have revised our forecasts to reflect the stronger than expected outturn in Q1. The company is trading at a discount to peers on EV multiples despite its growth and profitability profile.
- Richard Williamson
TXT e-solutions - Well-funded to ride out the crisis
TXT e-solutions reported exceptional growth in 2019, with organic growth of 24% and normalised EBIT growth of 90%. Recent acquisitions have put the Fintech division in a stronger position and the company continues to search for new acquisition targets. Measures to contain coronavirus are likely to have an impact on the business, particularly as it is exposed to the airline industry (6% of revenues), but a net cash position of €41m provides more than adequate liquidity for the company to manage...
- Richard Williamson
TXT e-solutions - Growing on all fronts
TXT e-solutions reported a strong performance in Q319, with double-digit organic revenue growth in both divisions boosted by the contribution from Assioma and TXT Risk. For 9M19, normalised operating profits doubled year-on-year with margin expansion of 230bp. We have raised our FY19 and FY20 EPS forecasts to reflect Q3 performance. Recent fintech acquisitions have been integrated and are helping to accelerate the growth and profitability of the Banking & Finance division. With a significant amo...
- Katherine Thompson
TXT e-solutions - Growth accelerates in Q2
TXT reported strong organic revenue growth in both divisions in Q219, which combined with the contribution from recent acquisitions, translated into strong growth in EBIT and improved EBIT margins year-on-year. Recent acquisitions have been integrated and provide the potential for cross-selling in the banking & finance division, while the aerospace business has seen significant contract wins in North America. We have revised our forecasts to reflect stronger revenues, higher operating costs and ...
- Katherine Thompson
TXT e-solutions - Acquiring Italian software testing business
With the acquisition of Assioma, TXT continues to deploy its substantial cash pile. The deal doubles the size of its financial institution-focused software testing business and is earnings accretive. The company announced strong Q119 revenue and net income growth, with a particularly good performance from the Aerospace, Aviation & Automotive business. We have revised our forecasts to reflect the acquisition and Q1 results, with EPS upgrades of 31% and 22% in FY19 and FY20 respectively.
- Katherine Thompson
TXT e-solutions - Putting cash to work
Strong organic revenue growth in Q318 combined with the recent Cheleo acquisition resulted in revenue growth of 18.6% y-o-y, a normalised EBITDA margin of 10.0% (+80bp y-o-y) and a normalised EBIT margin of 5.8% (down 240bp due to higher depreciation from the capitalisation of leases). The company has started deploying the proceeds of the TXT Retail disposal, with the first two deals adding software solutions to the services-led Banking and Finance business. We expect the company to make further...
- Katherine Thompson
TXT e-solutions - Cheleo acquisition drives upgrades
TXT reported H118 revenue growth of 6% y-o-y; investments in R&D and sales and marketing ahead of this growth rate resulted in margin pressure in H118. TXT has completed the acquisition of a majority stake in Cheleo and we have factored this into our forecasts from 1 August. The combination of slightly lower growth forecasts for TXT Next, a one-off tax credit and the higher margin growth of Cheleo results in normalised EPS upgrades of 16% in FY18e and 24% in FY19e. After paying for Cheleo, we es...
- Katherine Thompson
TXT e-solutions - Diversifying the banking and finance business
TXT has announced an agreement to acquire an Italian financing software company for an enterprise value of €7.6m. This marks the first acquisition since TXT Retail was sold and diversifies the offering for the banking and finance business, adding software to what is predominantly a services offering. We estimate the deal should be earnings accretive (+11% FY18e EPS, +23% FY19e) and will revise our estimates on completion.
- Katherine Thompson
TXT e-solutions - Well funded for growth
TXT has reported its first set of results showing TXT Next as a standalone business. We have revised our forecasts to reflect the new structure of the group. The group is now focused on growing the TXT Next business organically and through targeted acquisitions of niche software solution and specialised engineering service providers in the aerospace and aviation market. Of the €85m proceeds from selling TXT Retail, we expect the company to retain funds for acquisition as well as paying a special...
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