Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €35.65, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Software industry in the United Kingdom. Total returns to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.29 per share. New Risk • Apr 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 57% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk High level of debt (57% net debt to equity). Buy Or Sell Opportunity • Mar 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.5% to €28.55. The fair value is estimated to be €36.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Annonce • Mar 23
TXT e-solutions S.p.A., Annual General Meeting, Apr 29, 2026 TXT e-solutions S.p.A., Annual General Meeting, Apr 29, 2026, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 19
Dividend increased to €0.35 Dividend of €0.35 is 40% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 1.1%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 19%. Cash payout ratio: 24%. Annonce • Mar 17
TXT e-solutions S.p.A. announces Annual dividend, payable on May 20, 2026 TXT e-solutions S.p.A. announced Annual dividend of EUR 0.3500 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: €1.83 (vs €1.24 in FY 2024) Full year 2025 results: EPS: €1.83 (up from €1.24 in FY 2024). Revenue: €394.3m (up 30% from FY 2024). Net income: €23.3m (up 47% from FY 2024). Profit margin: 5.9% (up from 5.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €28.55, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Software industry in the United Kingdom. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €42.46 per share. Buy Or Sell Opportunity • Feb 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to €26.50. The fair value is estimated to be €34.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Board Change • Jan 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Antonietta Arienti was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Antonietta Arienti was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Shares are highly illiquid. Buy Or Sell Opportunity • Nov 17
Now 21% undervalued Over the last 90 days, the stock has risen 2.4% to €31.65. The fair value is estimated to be €40.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: €0.35 (vs €0.32 in 3Q 2024) Third quarter 2025 results: EPS: €0.35 (up from €0.32 in 3Q 2024). Revenue: €92.4m (up 14% from 3Q 2024). Net income: €4.41m (up 9.4% from 3Q 2024). Profit margin: 4.8% (down from 5.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Antonietta Arienti was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Aug 25
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Shares are highly illiquid. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: €0.40 (vs €0.33 in 2Q 2024) Second quarter 2025 results: EPS: €0.40 (up from €0.33 in 2Q 2024). Revenue: €96.9m (up 36% from 2Q 2024). Net income: €5.00m (up 30% from 2Q 2024). Profit margin: 5.2% (down from 5.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 17
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Antonietta Arienti was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Antonietta Arienti was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Revenue: €92.2m (up 37% from 1Q 2024). Net income: €5.53m (up 35% from 1Q 2024). Profit margin: 6.0% (down from 6.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Software industry in the United Kingdom. Upcoming Dividend • May 12
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (1.8%). Buy Or Sell Opportunity • Apr 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €29.20. The fair value is estimated to be €37.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. New Risk • Apr 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Annonce • Apr 03
TXT e-solutions S.p.A. (BIT:TXT) completed the acquisition of It Values Srl. TXT e-solutions S.p.A. (BIT:TXT) signed an agreement to acquire It Values Srl for €17.5 million on March 5, 2025. As part of the acquisition, TXT e-solutions S.p.A. will acquire 100% stake in It Values Srl. The consideration consists of €12 million in cash, €3 million will be paid in TXT e-solutions S.p.A. shares and maximum earn-out value €2.5 million For the period ended December 31, 2024, It Values Srl has an adjusted EBITDA of €2.5 million. The board of directors of TXT e-solutions S.p.A. has unanimously approved the transaction. The transaction is expected to close by April 1, 2025. Marco Morfino of Clearwater International acted as financial advisor to TXT e-solutions S.p.A. Marcello Priori of Studio PRIORI acted as financial advisor to It Values Srl.
TXT e-solutions S.p.A. (BIT:TXT) completed the acquisition of It Values Srl on April 1, 2025. TXT will consolidate IT Values' results within its Smart Solutions division starting from April 1, 2025. The selling shareholders, currently directors and managers of IT Values, will remain with the company. Declared Dividend • Mar 24
Dividend of €0.25 announced Dividend of €0.25 is the same as last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 0.7%, which is lower than the industry average of 1.7%. Annonce • Mar 19
TXT e-solutions S.p.A. announces Annual dividend, payable on May 21, 2025 TXT e-solutions S.p.A. announced Annual dividend of EUR 0.2500 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Reported Earnings • Mar 16
Full year 2024 earnings released: EPS: €1.32 (vs €1.33 in FY 2023) Full year 2024 results: EPS: €1.32. Revenue: €304.5m (up 36% from FY 2023). Net income: €15.9m (up 2.6% from FY 2023). Profit margin: 5.2% (down from 6.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Board Change • Mar 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Antonietta Arienti was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: €0.34 (vs €0.26 in 3Q 2023) Third quarter 2024 results: EPS: €0.34 (up from €0.26 in 3Q 2023). Revenue: €81.4m (up 56% from 3Q 2023). Net income: €4.02m (up 33% from 3Q 2023). Profit margin: 4.9% (down from 5.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Reported Earnings • Sep 11
Second quarter 2024 earnings released: EPS: €0.33 (vs €0.33 in 2Q 2023) Second quarter 2024 results: EPS: €0.33 (in line with 2Q 2023). Revenue: €71.1m (up 29% from 2Q 2023). Net income: €3.85m (flat on 2Q 2023). Profit margin: 5.4% (down from 7.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in the United Kingdom. Annonce • Jul 10
TXT e-solutions S.p.A. (BIT:TXT) acquired an additional 20% stake in ProSim Aviation Research B.V. TXT e-solutions S.p.A. (BIT:TXT) exercised an option to acquire an additional 20% stake in ProSim Aviation Research B.V. on July 8, 2024. As a result of which TXT holds a majority stake in ProSim-TS amounting to 60% of its capital. TXT will consolidate the results of ProSim-TS starting from July 1, 2024. Following the option exercised by TXT today, the investment agreement includes further Put/Call options expiring upon approval of the financial statements closing on December 31, 2025, under which TXT will acquire the remaining 40% of ProSim-TS, with additional earn-outs for the selling shareholders. TXT e-solutions S.p.A. (BIT:TXT) completed the acquisition of an additional 20% stake in ProSim Aviation Research B.V. on July 8, 2024. Annonce • Jul 02
TXT e-solutions S.p.A. acquired Refine Direct Srl for €21.8 million. TXT e-solutions S.p.A. acquired Refine Direct Srl for €21.8 million on July 1, 2024. The transaction is expected to be closed on July 1, 2024. The consideration will be paid in cash of which €12.1 million was paid in cash and €9.7 million was paid through the issuance of TXT e-solutions S.p.A. shares. The transaction has been approved by the board of directors of TXT e-solutions. As of year ended 2023, Refine's reported revenues of €16.7 million and EBITDA of €3.4 million.TXT e-solutions S.p.A. completed the acquisition of Refine Direct Srl on July 1, 2024. Annonce • Jun 28
TXT e-solutions S.p.A. (BIT:TXT) acquired Imille Srl and Uasabi Srl for €8.5 million. TXT e-solutions S.p.A. (BIT:TXT) acquired Imille Srl and Uasabi Srl for €8.5 million on June 26, 2024. The base consideration paid at closing for the acquisition of 100% of the I MILLE Group, net of earn-outs, claw-back provisions, and the Net Financial Position, which will be settled in cash, has been agreed upon by the parties at €8.5 million. Of this amount, €7.1 million (84%) was paid in cash, and €1.4 million (16%) was settled through the issuance of TXT e-solutions S.p.A. shares, transferred at a price corresponding to the average share price over the 30 trading days preceding the closing date, which was €24.13 per share. The Net Financial Position at closing will be settled in cash. The selling shareholders, who are currently directors and managers of the I MILLE Group, will remain with the company. The share purchase agreement includes retention clauses, claw-back provisions, earn-out arrangements, and bonuses in their favour, with deadlines distributed from the approval date of the I MILLE Group's 2024 financial statements until the approval date of the I MILLE Group's financial statements ending December 31, 2026. These payments will be contingent upon revenue and EBITDA growth targets as reflected in the I MILLE Group's industrial plans, which are jointly agreed upon by TXT and the selling shareholders. In 2023, the consolidated sales revenues of the I MILLE Group amounted to €11.6 million (+12.8% compared to 2022), with EBITDA of approximately €1.6 million. TXT will consolidate their results within its Digital Advisory division starting from June 26, 2024.The acquisition of the I MILLE Group was unanimously approved by the Board of Directors of TXT.TXT e-solutions S.p.A. (BIT:TXT) completed the acquisition of Imille Srl and Uasabi Srl on June 26, 2024. New Risk • Jun 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Board Change • Jun 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Paolo Mandelli was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: €0.35 (vs €0.24 in 1Q 2023) First quarter 2024 results: EPS: €0.35 (up from €0.24 in 1Q 2023). Revenue: €67.1m (up 28% from 1Q 2023). Net income: €4.11m (up 41% from 1Q 2023). Profit margin: 6.1% (up from 5.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in the United Kingdom. Board Change • May 08
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. Chairman Enrico Magni is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Declared Dividend • Mar 25
Dividend increased to €0.25 Dividend of €0.25 is 39% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 19%. Cash payout ratio: 19%. Board Change • Mar 22
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. Chairman Enrico Magni is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: €1.33 (vs €1.01 in FY 2022) Full year 2023 results: EPS: €1.33 (up from €1.01 in FY 2022). Revenue: €224.4m (up 49% from FY 2022). Net income: €15.5m (up 29% from FY 2022). Profit margin: 6.9% (down from 8.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 45% per year and the company’s share price has also increased by 45% per year. Annonce • Mar 15
TXT e-solutions S.p.A., Annual General Meeting, Apr 24, 2024 TXT e-solutions S.p.A., Annual General Meeting, Apr 24, 2024, at 10:00 Central European Standard Time. Board Change • Mar 04
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. Chairman Enrico Magni is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Feb 08
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. Chairman Enrico Magni is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €19.80, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 30x in the Software industry in the United Kingdom. Total returns to shareholders of 56% over the past year. Annonce • Dec 06
TXT e-solutions S.p.A. (BIT:TXT) acquired FastCode S.p.A. from Gianni Mancini and Massimiliano Saponaro. TXT e-solutions S.p.A. (BIT:TXT) signed a contract to acquire FastCode S.p.A. from Gianni Mancini and Massimiliano Saponaro for €7 million on December 4, 2023. The agreed base consideration for the acquisition of 100% of FastCode paid at the closing, net of the earn-outs and claw-back outlined below, was set at €5.0 million. The initial earn-out clause concludes upon the approval of FastCode's financial statements as of December 31, 2023, with an estimated amount exceeding €2 million. The second earn-out clause concludes upon the approval of FastCode's 2027 financial statements, contingent on meeting growth targets. Gianni Mancini and Massimiliano Saponaro will their positions. The acquisition of FastCode received unanimous approval from TXT's Board of Directors.
TXT e-solutions S.p.A. (BIT:TXT) completed the acquisition of FastCode S.p.A. from Gianni Mancini and Massimiliano Saponaro on December 4, 2023. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: €0.26 (vs €0.15 in 3Q 2022) Third quarter 2023 results: EPS: €0.26 (up from €0.15 in 3Q 2022). Revenue: €52.1m (up 74% from 3Q 2022). Net income: €3.01m (up 66% from 3Q 2022). Profit margin: 5.8% (down from 6.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.33 (vs €0.13 in 2Q 2022) Second quarter 2023 results: EPS: €0.33 (up from €0.13 in 2Q 2022). Revenue: €55.0m (up 72% from 2Q 2022). Net income: €3.88m (up 165% from 2Q 2022). Profit margin: 7.0% (up from 4.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
First quarter 2023 earnings released: EPS: €0.24 (vs €0.18 in 1Q 2022) First quarter 2023 results: EPS: €0.24 (up from €0.18 in 1Q 2022). Revenue: €52.3m (up 71% from 1Q 2022). Net income: €2.91m (up 41% from 1Q 2022). Profit margin: 5.6% (down from 6.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Board Change • May 22
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 2 experienced directors. No highly experienced directors. Chairman Enrico Magni is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • May 15
Upcoming dividend of €0.18 per share at 0.9% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Trailing yield: 0.9%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (1.8%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: €0.24 (vs €0.18 in 1Q 2022) First quarter 2023 results: EPS: €0.24 (up from €0.18 in 1Q 2022). Revenue: €52.3m (up 71% from 1Q 2022). Net income: €2.91m (up 41% from 1Q 2022). Profit margin: 5.6% (down from 6.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: €1.01 (vs €0.67 in FY 2021) Full year 2022 results: EPS: €1.01 (up from €0.67 in FY 2021). Revenue: €150.8m (up 56% from FY 2021). Net income: €12.0m (up 52% from FY 2021). Profit margin: 8.0% (down from 8.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Software industry in the United Kingdom. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €17.92, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 28x in the Software industry in the United Kingdom. Total returns to shareholders of 106% over the past year. Board Change • Jan 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Antonella Sutti was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Antonella Sutti was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Antonella Sutti was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Antonella Sutti was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: €0.18 (vs €0.11 in 1Q 2021) First quarter 2022 results: EPS: €0.18 (up from €0.11 in 1Q 2021). Revenue: €30.5m (up 42% from 1Q 2021). Net income: €2.06m (up 66% from 1Q 2021). Profit margin: 6.7% (up from 5.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 27% growth forecast for the industry in the United Kingdom. Board Change • May 13
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Antonella Sutti was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 19% share price gain to €9.87, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 33x in the Software industry in the United Kingdom. Total returns to shareholders of 42% over the past year. Reported Earnings • Mar 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.67 (up from €0.38 in FY 2020). Revenue: €96.4m (up 40% from FY 2020). Net income: €7.84m (up 75% from FY 2020). Profit margin: 8.1% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 6.9%, compared to a 29% growth forecast for the industry in the United Kingdom. Board Change • Jan 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Antonella Sutti was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 4 experienced directors. No highly experienced directors. Standing Auditor Luisa Cameretti is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.17 (vs €0.067 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €23.0m (up 47% from 3Q 2020). Net income: €2.06m (up 160% from 3Q 2020). Profit margin: 8.9% (up from 5.0% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Nov 12
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 4 experienced directors. No highly experienced directors. Standing Auditor Luisa Cameretti is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Enrico Magni was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman Enrico Magni was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 17% share price gain to €8.21, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 34x in the Software industry in the United Kingdom. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.27 per share. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue beats expectations Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 23%, compared to a 9.3% growth forecast for the Software industry in the United Kingdom. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS €0.38 (vs €0.027 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €68.8m (up 16% from FY 2019). Net income: €4.47m (up €4.16m from FY 2019). Profit margin: 6.5% (up from 0.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. 
