TX Group AG

0QO9.L

Publishing · Communication Services

Price

148.39 GBp

-2.05 (-1.36%)

Market Cap

£1.57B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 10, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−1.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 10.6M (2021) → 10.4M (2025)

TX Group AG is a Swiss media company that owns newspapers, digital platforms, and marketplaces. Its best-known brands include the newspaper Tages-Anzeiger and the classified advertising platforms Ricardo and Homegate. It serves everyday readers, advertisers, and businesses across Switzerland looking to buy, sell, or rent things online.

The company makes money through a mix of digital advertising, subscription fees for its news products, and transaction fees on its online marketplaces. It operates almost entirely in Switzerland, making it a domestically focused business with strong brand recognition in the German-speaking Swiss market. With a gross margin of 25% but an operating margin of just 1.4% and a very low return on invested capital, the company is under pressure to cut costs and shift readers from print to digital fast enough to offset the long-term decline in traditional newspaper advertising.

Winston Score History

Score breakdown

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Quality

Gross Margin

28.1%

Modest — 28.1% gross margin

Operating Margin

4.0%

Thin — 4.0% operating margin

ROCE

0.8%

Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-7.3%

Shrinking sales (-7.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

2216%

Turns 2216% of profit into real cash

FCF Margin

20.8%

Converts sales into free cash efficiently (20.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

1.48x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

1.7x

Attractive valuation — P/E 1.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-55.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.72%

Moderate income — 2.72% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-2.0%

Dividend cut (-2.0% YoY) — warning sign

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