BIT:TAS

Stock Analysis Report

TAS Tecnologia Avanzata dei Sistemi

Executive Summary

TAS Tecnologia Avanzata dei Sistemi S.p.A.

Snowflake

Fundamentals

Excellent balance sheet and slightly overvalued.

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


Market Performance


7 Day Return

2.1%

TAS

1.4%

IT Software

0.6%

IT Market


1 Year Return

26.0%

TAS

32.2%

IT Software

15.3%

IT Market

Return vs Industry: TAS underperformed the Italian Software industry which returned 32.2% over the past year.

Return vs Market: TAS exceeded the Italian Market which returned 15.3% over the past year.


Shareholder returns

TASIndustryMarket
7 Day2.1%1.4%0.6%
30 Day3.2%-2.7%1.0%
90 Day-7.0%-1.3%1.0%
1 Year26.0%26.0%34.1%32.2%20.6%15.3%
3 Year300.2%300.2%70.6%61.3%27.0%8.2%
5 Year741.3%741.3%109.7%93.6%21.3%-26.1%

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 (€1.94) is trading below our estimate of fair value (€4.05)

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 (142.6x) compared to the Software industry average (43.3x).

PE vs Market: TAS is poor value based on its PE Ratio (142.6x) compared to the Italian market (17.8x).


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 (6.7x) compared to the IT Software industry average (3.4x).


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?

37.4%

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?

43.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: TAS has become profitable over the past 5 years, growing earnings by 43.6% 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 (7.3%).


Return on Equity

High ROE: TAS's Return on Equity (4.8%) is considered low.


Return on Assets

ROA vs Industry: TAS has a higher Return on Assets than the Software industry average last year.


Return on Capital Employed

ROCE Improving: TAS's Return on Capital Employed has declined over the past 3 years.


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 (€36.0M) exceeds its short term liabilities (€27.7M)

Long Term Liabilities: TAS's short term assets (36.0M) exceeds its long term liabilities (20.5M)


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 166.7% to 35.9% over the past 5 years.

Debt Coverage: TAS's debt is well covered by operating cash flow (107.4%).

Interest Coverage: TAS's interest payments on its debt are not well covered by EBIT (2x coverage).


Balance Sheet

Inventory Level: TAS has a high level of physical assets or inventory.

Debt Coverage by Assets: TAS's debt is covered by short term assets (assets are 4.114600x debt).


Next Steps

Dividend

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


Dividend Yield vs Market

companyn/amarketbottom25%2.1%markettop25%4.4%industryaverage1.4%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

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.

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

What is the CEO of TAS Tecnologia Avanzata dei Sistemi's salary, the management and board of directors tenure and is there insider trading?

2.5yrs

Average board tenure


CEO

Valentino Bravi 0

0yrs

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 ($USD472.16K) is about average for companies of similar size in the Italian market ($USD0.00).

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


Board Age and Tenure

2.5yrs

Average Tenure

53yo

Average Age

Experienced Board: TAS's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Insider Trading

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


Recent Insider Transactions

Sell€500,00025 Jul 19
Verde S.à.r.l.
EntityCompany
Shares250,000
Max Price€2.00
Sell€1,400,00009 Jul 19
Verde S.à.r.l.
EntityCompany
Shares700,000
Max Price€2.00
Sell€1,000,00005 Jul 19
Verde S.à.r.l.
EntityCompany
Shares500,000
Max Price€2.00
Sell€500,00003 Jul 19
Verde S.à.r.l.
EntityCompany
Shares250,000
Max Price€2.00
Sell€76417 Jun 19
Verde S.à.r.l.
EntityCompany
Shares400
Max Price€1.91
Sell€740,00013 Jun 19
Verde S.à.r.l.
EntityCompany
Shares400,000
Max Price€1.85
Sell€2,325,00015 May 19
Verde S.à.r.l.
EntityCompany
Shares1,500,000
Max Price€1.55
Sell€473,40028 Mar 19
Verde S.à.r.l.
EntityCompany
Shares300,000
Max Price€1.58
Sell€480,00018 Feb 19
Verde S.à.r.l.
EntityCompany
Shares300,000
Max Price€1.60
Sell€492,00004 Feb 19
Verde S.à.r.l.
EntityCompany
Shares300,000
Max Price€1.64
Sell€573,50001 Feb 19
Verde S.à.r.l.
EntityCompany
Shares370,000
Max Price€1.55

Ownership Breakdown


Management Team

  • Silvio Zancarli

    Chief Communications Officer

    • Tenure: 0yrs
  • Riccardo De Marsanich

    Chief Technology Officer

    • Tenure: 0yrs
  • Mario Mendia

    Chief Marketing Officer

    • Tenure: 0yrs
  • Valentino Bravi

    CEO, MD & Director

    • Tenure: 0yrs
    • Compensation: €423.81k
  • Paolo Colavecchio

    Chief Financial Officer

    • Tenure: 0yrs
    • Compensation: €38.72k
  • Cristiana Mazzenga

    Director of Legal & Corporate Affairs

    • Tenure: 0yrs

Board Members

  • Carlo Maggi (52yo)

    Vice-Chairman

    • Tenure: 2.5yrs
    • Compensation: €41.60k
  • Valentino Bravi

    CEO, MD & Director

    • Tenure: 0yrs
    • Compensation: €423.81k
  • Dario Pardi

    Chairman

    • Tenure: 2.8yrs
    • Compensation: €310.00k
  • Roberta Viglione (58yo)

    Independent Non-Executive Director

    • Tenure: 2.8yrs
    • Compensation: €20.00k
  • Giancarlo Albini (65yo)

    Lead Independent Director

    • Tenure: 0yrs
    • Compensation: €25.00k
  • Carlotta Franceschi

    Independent Non-Executive Director

    • Tenure: 2.8yrs
    • Compensation: €24.38k
  • Antonio Mele

    Chairman of the Board of Statutory Auditors

    • Tenure: 2.5yrs
  • Maurizio Martino (53yo)

    Independent Non-Executive Director

    • Tenure: 2.5yrs
    • Compensation: €24.38k
  • Ambrosella Landonio (53yo)

    Independent Non-Executive Director

    • Tenure: 2.5yrs
    • Compensation: €25.35k
  • Alberto Previtali

    Non-Executive Director

    • Tenure: 0.3yrs

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: €161.644m
  • 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 solu ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 20:38
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
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.