Rankings Software, cloud & internet Tessellis
Tessellis
10
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Valuation vs substance−25
- Margin−12
- Formal crisis handling−10
Strengths
- No documented strengths.
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 1
- Price
- 0.58 DKK
- Market value
- DKK 227m
- Cash runway
- 1 months
- Cash / debt
- 6.0 / 56.0m EUR
- Dilution, 12 months
- +7%
Bull case
The sale of B2C to Canarbino triggers the full earn-out (EUR 27m + 16.5m), the B2B sale closes, and the creditors accept a restructuring agreement in which the old shareholders keep a listed shell with tax losses. That could give a short-lived speculative rise, but the figures do not support a 3–10x: proceeds of about EUR 75m vs liabilities of over 120m.
Bear case
Restructuring with debt-to-equity swap, composition or liquidation, where shareholders are wiped out or diluted 90–100%. The price has already fallen from EUR 0.66 (2023) to 0.078; zero is the most likely outcome.
Catalysts
- 11 Sep 2026Go Internet's B2C activities (FTTC, FTTH, FWA) sold to Planetel for a total of EUR 280,000 – shows how little the assets bring ingradual milanofinanza.it
- Q4 2026 – Q1 2027End of the 'composizione negoziata' (typically 180 + 180 days from the start in spring 2026): restructuring agreement, composition with creditors or liquidation – determines whether shareholders get anythingbinary milanofinanza.it
- Jun 2027Canarbino's lease agreement for B2C expires (12 months from 1/6-2026, possibly +3 months); final purchase at EV EUR 27m plus earn-outbinary milanofinanza.it
Risk of going to zerohigh – formal crisis proceedings, negative equity, overdue debt of over EUR 100m, auditor's going concern doubt and divestments at prices below the debt.
Next financingNo real runway: cash of a couple of EUR m (6.4m at the end of 2024) vs a funding need of EUR 65m in October 2025–October 2026 (approx. 16m per quarter). The company is kept running by the protection of 'composizione negoziata' (Cagliari), rental income from Canarbino (EUR 333,000/month from June 2026) and disposals: B2C (EV 27m + earn-out of up to 16.5m), B2B/data center to DHH (4.2m) and Go Internet B2C to Planetel (0.28m). Debt of 56.3m at 31/3-2026 plus approx. 69m of overdue supplier and tax debt. Expected outcome: restructuring agreement or composition with debt-to-equity conversion, or liquidation; existing shareholders come last.
Warrants & convertiblesConvertible bond program of EUR 62m with Nice & Green; the conversion price is set at a discount to the market price (e.g. EUR 0.145 in May 2025), so every conversion dilutes below the market price. Remaining outstanding amount not verified. Shellnet received 41m unlisted shares at EUR 0.195 in March 2025.
Insiders, last 12 monthsNo market purchases found. Shellnet subscribed to a reserved issue of EUR 8m (41m shares at EUR 0.195) in March 2025 – above today's price.
Largest ownersNot verified in Consob. Main shareholders from the Linkem merger (Opnet sphere) and Shellnet; Nice & Green is selling converted shares on an ongoing basis.
Circio check(1) Small market cap: yes – approx. DKK 227m. (2) Hot theme: no – Italian telecom. (3) Upcoming milestones: yes – conclusion of the crisis procedure, but it is most likely negative for shareholders. (4) Major partner: no – the buyers take over assets, not shares. (5) Funding for 2+ years: no – no runway. (6) Price near the bottom: yes – −88% since 2023 and −26% in a year, but the bottom may be zero.
Why this asymmetryThe company is being sold off in pieces under crisis handling at prices that do not cover the creditors. Shareholders are last in line, and a convertible 'death spiral' has already diluted heavily. Almost no realistic upside and a high probability of total loss.
How the score is built
From 100 to 10, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.07 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −16%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−30 of −30
- −12MarginOperating margin −22% and net loss of EUR 58m in 2024 and 62m in 2023; H1 2025 gave −EUR 26m net, and EBITDA fell from EUR 14.8m to 8.9m.
- −8Quality of growthRevenue is falling: EUR 231m (2023) → 217m (2024) → 100.9m in H1 2025 (-8%). Now the consumer business is being leased out to Canarbino and B2B/data center sold - there will soon be no own operations left.
- −6MoatSmall Italian internet provider (Tiscali/Linkem) in a price-pressured market dominated by TIM, Vodafone/Fastweb, Iliad and WindTre; FWA technology is losing to fiber. Even the B2C brands are going to an energy supplier.
- −4Capital allocationOperations have for years been financed with a EUR 62m convertible loan from Nice & Green, which is converted continuously at discount prices, plus reserved issues (Shellnet EUR 8m in 2025) – classic 'death spiral' financing after a 1:100 reverse split in 2022.
Price
Today's multiples against the company's own history and its peers. · 1 finding−25 of −35
- −25Valuation vs substanceMarket cap about EUR 30m for a company with negative equity (-EUR 18.4m already in June 2025), financial debt of 56m and overdue supplier and tax debt of about EUR 69m. The sale proceeds (B2C EV 27m + possible earn-out 16.5m, B2B 4.2m) do not cover the creditors, so the stock effectively has no substance. P/S 0.13 and P/FCF 0.55 are based on outdated 2024 figures.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−29 of −35
- −10Formal crisis handlingTessellis, Tiscali Italia and Go Internet have initiated 'composizione negoziata della crisi' at the court in Cagliari; the consumer division is leased to Canarbino from 1/6-2026 with a view to sale, and the group is heading for a split-up.
- −6Going concern and funding gapThe auditor Deloitte raised 'material doubt' about going concern; the company needed EUR 65m from October 2025 to October 2026 to survive.
- −8Overdue debt items and the shareholders' positionAbout EUR 53m in overdue trade payables, 16m in tax debt and about 40m in financial liabilities (March 2026). With sale prices far below the debt, shareholders are last in line and risk being wiped out in a restructuring agreement or composition.
- −5DilutionThe share count has risen from about 240m (2024 average) to about 390m (March 2026) via Nice & Green conversions (e.g. EUR 0.145 in May 2025) and reserved issues – further conversion or debt-to-equity in the restructuring is likely.
Plus
Only documented strengths. · 0 findings±0 of +15
- No findings recorded.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3 – Europe). Market cap checked myself: about 390m shares (derived from market cap EUR 29.6m at price 0.076 in March 2026) x EUR 0.078 = about EUR 30.4m = about DKK 227m (Nordnet DKK 224m fits). Stockanalysis' financial figures end with 2024 and are outdated; the 2025 annual report and H1 2026 for Tessellis have not been read (the H1 2026 PDF could not be text-extracted), so the newest figures are from the press (debt at 31/3-2026, overdue items) and the H1 2025 report. Cash, quarterly burn, revenue TTM and dilution are therefore estimates. The company is in 'composizione negoziata della crisi' at the court in Cagliari; the final structure for shareholders has not been published. Largest owners not verified in Consob. Industry: the closest choice is 'Software, cloud & internet' (telecom is not on the list).
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