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TXT e-solutions (TXT)

Business description

TXT e-solutions operates through TXT Next, which provides IT, consulting and R&D services to aerospace, aviation, banking and finance customers.

Stock data

Market cap.€126.2m
Last close€9.70
High / Low (52 weeks)€13.5 / €9.0
Stock market listingMI
Forecast net cash (€m)71.9
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual3.0(12)(10.8)
Relative *(0.4)(11.7)(7.3)

* % Relative to local index

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Company news

BRIEF-E-Business Consulting Sells 25.62% Shareholding In TXT E-Solutions

Fri, 23 Feb 2018 07:07:30 GMT

BRIEF-TXT e-solutions signs deal to sell TXT Retail to Aptos

Mon, 24 Jul 2017 06:01:46 GMT

BRIEF-Laserline Top Shareholder Wants To Join TXT e-Solutions Board, Management

Wed, 28 Feb 2018 07:08:47 GMT

BRIEF-TXT e solutions Q1 Revenue At EUR 9.4 million, Up 4.5 Pct YoY

Fri, 20 Apr 2018 06:00:00 GMT

GiFi optimizes Merchandise Financial Planning with TXT Retail, an Aptos Company

Wed, 16 May 2018 13:07:30 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 33.1 4.3 4.0 27.1 35.8 10.6
2017A 35.9 3.5 3.0 18.6 52.2 953.7
2018E 39.9 4.3 3.2 21.5 45.1 28.2
2019E 44.9 5.6 4.4 26.7 36.3 24.6

Last updated on 06/08/2018

Investment summary

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 estimate the company has funds of more than €70m to invest in accretive acquisitions in the transportation and fintech markets.

Last updated on 06/08/2018

Industry outlook

TXT Next is a beneficiary of the trend to outsource elements of IT and engineering, which gives the customer greater flexibility on cost and better access to specialist skills. Its main focus is on the aerospace and aviation market, where the rapid pace of innovation, combined with increasing regulation, drives growth in R&D. It also serves the Italian banking market, where the emergence of fintech companies is driving innovation, and regulation is increasing the need for software quality assurance.

Last updated on 27/07/2018

Key management

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

Company address

Via Frigia, 27
20126 Milano
Italy
+39 02 257711
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