Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TESSI SA. We currently have 1 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.