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Only one growth centre: Document Services

  • 10 Feb 17

Tessi is a €400m market capitalisation company which is now mainly focused on software & IT services via its Document Services division which represents 83% of revenue and c.80% of EBIT. Another division, CPoR, is also historically a significant contributor to operating profit but is not really a growth driver as it is an intermediary which depends widely on volumes linked to gold prices and exchanges in foreign currency. On 31 May 2016, Pixel Holding and Tessi announced an agreement to acquire the Rebouah family’s majority shareholding in Tessi SA. Pixel Holding is held by HLDI and HLDE, the first being an industrial holding which is chaired by the holding Dentressangle Initiatives while the second is an entrepreneurial holding which holds Sarenza, Coyote, Filorga… The core business of HLDE is long-term investments in French and foreign firms in order to support them in their international expansion and reinforce their leadership. This dramatic change in ownership marks the beginning of a new era of transformation, probably towards a change of dimension via an acceleration in external growth, a boost in internationalisation and a likely a full focus on the core business. We have a Buy recommendation on Tessi with a 24% upside. The strategy of value generation looks so far rather smart with each division having its own role, but the selling of CPoR may be required later on for a better focus on the core business. We believe the company clearly has a leverage on cost otimisation (R&D, marketing, distribution) with acquisitions, especially in software, and has the means to pursue this path, thanks to a strong balance sheet and now that it is backed by powerful shareholders.