BIT:TAS

Stock Analysis Report

TAS Tecnologia Avanzata dei Sistemi

Executive Summary

TAS Tecnologia Avanzata dei Sistemi S.p.A.


Snowflake Analysis

Excellent balance sheet with acceptable track record.

Share Price & News

How has TAS Tecnologia Avanzata dei Sistemi's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TAS's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0.3%

TAS

4.4%

IT Software

-2.0%

IT Market


1 Year Return

-4.6%

TAS

4.7%

IT Software

-25.8%

IT Market

Return vs Industry: TAS underperformed the Italian Software industry which returned 4.7% over the past year.

Return vs Market: TAS exceeded the Italian Market which returned -25.8% over the past year.


Shareholder returns

TASIndustryMarket
7 Day0.3%4.4%-2.0%
30 Day-11.4%-4.2%-21.9%
90 Day-22.3%-12.4%-29.0%
1 Year-4.6%-4.6%5.9%4.7%-22.5%-25.8%
3 Year-42.2%-42.2%-14.8%-18.4%-13.2%-21.9%
5 Year469.1%469.1%37.3%26.3%-24.8%-50.9%

Price Volatility Vs. Market

How volatile is TAS Tecnologia Avanzata dei Sistemi's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is TAS Tecnologia Avanzata dei Sistemi undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TAS (€1.56) is trading below our estimate of fair value (€3.59)

Significantly Below Fair Value: TAS is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TAS is poor value based on its PE Ratio (105.2x) compared to the Software industry average (37.1x).

PE vs Market: TAS is poor value based on its PE Ratio (105.2x) compared to the Italian market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TAS's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: TAS is overvalued based on its PB Ratio (5.4x) compared to the IT Software industry average (3.6x).


Next Steps

Future Growth

How is TAS Tecnologia Avanzata dei Sistemi forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

32.9%

Forecasted Software industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as TAS Tecnologia Avanzata dei Sistemi has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has TAS Tecnologia Avanzata dei Sistemi performed over the past 5 years?

51.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TAS has high quality earnings.

Growing Profit Margin: TAS became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: TAS has become profitable over the past 5 years, growing earnings by 51.6% per year.

Accelerating Growth: TAS has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: TAS has become profitable in the last year, making it difficult to compare its past year earnings growth to the Software industry (-25.5%).


Return on Equity

High ROE: TAS's Return on Equity (4.9%) is considered low.


Next Steps

Financial Health

How is TAS Tecnologia Avanzata dei Sistemi's financial position?


Financial Position Analysis

Short Term Liabilities: TAS's short term assets (€32.7M) exceed its short term liabilities (€23.4M).

Long Term Liabilities: TAS's short term assets (€32.7M) exceed its long term liabilities (€20.8M).


Debt to Equity History and Analysis

Debt Level: TAS's debt to equity ratio (35.9%) is considered satisfactory.

Reducing Debt: TAS's debt to equity ratio has reduced from 177.5% to 35.9% over the past 5 years.


Balance Sheet

Inventory Level: TAS has a low level of unsold assets or inventory.

Debt Coverage by Assets: TAS's debt is covered by short term assets (assets are 3.8x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: TAS is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: TAS is profitable, therefore cash runway is not a concern.


Next Steps

Dividend

What is TAS Tecnologia Avanzata dei Sistemi's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate TAS's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate TAS's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TAS's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TAS's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TAS's dividend in 3 years as they are not forecast to pay a notable one for the Italian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.0yrs

Average board tenure


CEO

Valentino Bravi

no data

Tenure

€423,813

Compensation

Mr. Valentino Bravi has been the Chief Executive Officer and Managing Director of TAS Tecnologia Avanzata dei Sistemi S.p.A. (Tecnologia Avanzata Dei Sistemi SpA) since April 26, 2017. Mr. Bravi serves as  ...


CEO Compensation Analysis

Compensation vs Market: Valentino's total compensation ($USD461.02K) is about average for companies of similar size in the Italian market ($USD356.37K).

Compensation vs Earnings: Valentino's compensation has been consistent with company performance over the past year.


Board Members

NamePositionTenureCompensationOwnership
Valentino Bravi
CEO, MD & Directorno data€423.81kno data
Carlo Maggi
Vice-Chairman3yrs€41.60kno data
Dario Pardi
Chairman3.25yrs€310.00kno data
Roberta Viglione
Independent Non-Executive Director3.25yrs€20.00kno data
Giancarlo Albini
Lead Independent Directorno data€25.00kno data
Carlotta Franceschi
Independent Non-Executive Director3.25yrs€24.38kno data
Antonio Mele
Chairman of the Board of Statutory Auditors3yrsno datano data
Maurizio Martino
Independent Non-Executive Director3yrs€24.38kno data
Ambrosella Landonio
Independent Non-Executive Director3yrs€25.35kno data
Alberto Previtali
Non-Executive Director0.75yrno datano data

3.0yrs

Average Tenure

53yo

Average Age

Experienced Board: TAS's board of directors are considered experienced (3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

TAS Tecnologia Avanzata dei Sistemi S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: TAS Tecnologia Avanzata dei Sistemi S.p.A.
  • Ticker: TAS
  • Exchange: BIT
  • Founded: 1982
  • Industry: Application Software
  • Sector: Software
  • Market Cap: €129.900m
  • Shares outstanding: 83.54m
  • Website: https://www.tasgroup.it

Number of Employees


Location

  • TAS Tecnologia Avanzata dei Sistemi S.p.A.
  • Via Cristoforo Colombo 149
  • Rome
  • Rome
  • 147
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TASBIT (Borsa Italiana)YesOrdinary SharesITEURMay 2000
TAQDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMay 2000
0G7LLSE (London Stock Exchange)YesOrdinary SharesGBEURMay 2000

Biography

TAS Tecnologia Avanzata dei Sistemi S.p.A. provides software solutions for electronic money, payments, capital markets, and ERP systems in Italy. It offers TAS cashless 3.0, an end-to-end card payment solution and universal channel management solution for card and token related payments; and EasyBranch, a suite that manages ATM channels. The company also provides TAS Network Gateway, a platform for financial messaging that connects customers to domestic or international interbank network; TAS Network Gateway for Score that helps to make payments and receive cash management information; TAS CBT FINPlatform, a solution that simplifies FIN connectivity through a direct interface for SWIFTNet FIN protocol; and TAS Advanced Monitor, the TAS Network Gateway component, which provides a single window for the monitoring and control of technical aspects linked to correct platform functioning, and of operational aspects related to the management of operations. In addition, it offers solutions for capital markets and treasury activities, including trading, post trade, compliance, treasury, and collateral activities; e-government, banking 4 business, and digital insurance; and ERP and public governance. Further, it provides hosting, cloud, data protection, managed, and engineering services TAS Tecnologia Avanzata dei Sistemi S.p.A. primarily serves commercial and central banks. The company was incorporated in 1982 and is headquartered in Rome, Italy. TAS Tecnologia Avanzata dei Sistemi S.p.A. is a subsidiary of OWL S.p.A. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/02 21:14
End of Day Share Price2020/04/02 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.