Added to YB: 2026-09-04
Pitch date: 2026-09-02
TRCS.L [neutral]
Tracsis plc
Author Info
No bio for this author
Company Info
Tracsis plc, together with its subsidiaries, engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.
Market Cap
GBP 105.8M
Pitch Price
GBP 3.55
Price Target
8.00 (+125%)
Dividend
0.76%
EV/EBITDA
10.58
P/E
110.27
EV/Sales
0.99
Sector
Software
Category
special_situation
Tracsis: A Small UK Software Company Makes Its Biggest Bet Yet
TRCS.L (monitor): Tracsis has shifted from a cash-generative rail-technology consolidator into a leveraged software growth play through the £48M Mistral Data acquisition, expanding its reach to 22 of 24 UK train operators. Mistral adds ~£4M of EBITDA at ~30% margins and 85% recurring revenue, but required £38.7M of RCF borrowing. The next four to eight quarters hinge on Mistral EBITDA, deleveraging, organic SaaS growth and cash conversion.
Read full article (4 min)