TXT e-solutions (TXT)

Business description

TXT e-solutions has two divisions: TXT Retail provides software solutions for supply chain management in the international retail and consumer-driven industrial sectors; and TXT Next provides IT, consulting and R&D services.

Stock data

Market cap.€148.7m
Last close€11.43
High / Low (52 weeks)€13.0 / €7.2
Stock market listingMI
Forecast net cash (€m)6.9
Forecast gearing ratio (%)N/A

Price performance

Relative *5.4784(6.5998)12.0196

* % Relative to local index

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Company news

TXT e-solutions SpA (TXT) Decline -1.56% on Oct 19

Thu, 19 Oct 2017 11:53:40 GMT

TXT e-solutions SpA (TXT) Plunges -0.35% on Oct 20

Fri, 20 Oct 2017 11:45:06 GMT

Quant Investors Are Taking a Thorough Look at TXT e-solutions SpA (BIT:TXT)

Fri, 20 Oct 2017 04:41:15 GMT

TXT e-solutions SpA (TXT) Is Yet to See Trading Action on Oct 18

Wed, 18 Oct 2017 12:00:00 GMT

TXT e-solutions SpA (TXT) Dips -2.19% on Sep 30

Sat, 30 Sep 2017 09:33:45 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 61.5 6.7 5.7 40.0 28.6 55.4
2016A 69.2 8.7 8.1 55.0 20.8 12.5
2017E 73.8 8.1 7.4 47.0 24.3 16.9
2018E 79.4 9.6 8.9 55.0 20.8 14.2

Last updated on 14/09/2017

Investment summary

TXT reported H117 revenue growth of 8.9% y-o-y, with a small decline in Q217 revenues of 1.1%. Net cash was €5.5m at the end of H117. The company has agreed to sell the TXT Retail business for €85m with completion expected by the end of October. We continue to include TXT Retail in our forecasts until the deal completes. The amount of special dividend to be paid out in FY18 has not yet been specified, but we assume a proportion of the proceeds will be retained to support investment in TXT Next and TXT Sense.

Last updated on 03/10/2017

Industry outlook

The supply chain management software market is growing at c 10% pa and splits into two broad areas: supply chain planning (SCP) and supply chain execution software. TXT Perform specialises in SCP software, a market that was worth c $3.8bn in 2015 (source: Gartner). TXT Next is a beneficiary of the trend to outsource IT, which gives the customer greater flexibility on cost and better access to specialist skills.

Last updated on 03/10/2017

Key management

Alvise Braga Illa, Chairman
Marco Guida, CEO
Paolo Matarazzo , CFO

Company address

Via Frigia, 27
20126 Milano
+39 02 257711
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