TIE Kinetix

AS: TIE

Market Cap€38m

Last Close €19.8

TIE Kinetix is a Dutch IT software company delivering SaaS solutions to companies, governmental institutions and their suppliers, to help them exchange business documents electronically and simplify supply chain processes.

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Investment summary

TIE Kinetix’s H122 results showed that as it transitions to a 100% software as a service (SaaS) business model, the company is incurring costs this year to significantly accelerate growth in SaaS revenues from next year. After a net loss this year, we expect the company to quickly return to profit in FY23 with the EBITDA margin further increasing to 20% in FY25. TIE Kinetix is focused on 100% digitalisation of document streams in the supply chain and will therefore benefit from the expected high growth in the market for e-invoicing.

Y/E Sep
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 15.6 2.3 0.1 (4.37) N/A 13.8
2021A 14.9 1.5 0.5 10.73 184.5 13.8
2022E 14.4 0.2 (1.3) (55.12) N/A 178.2
2023E 16.5 2.3 0.8 29.28 67.6 17.2
Industry outlook

FY22 will be a transformative year as the company is heavily investing in order to benefit from the positive market outlook. According to Gartner, 23% of supply chain leaders expect to have a digital ecosystem by 2025, up from currently 1%. Climate change is on the radar of corporates and digitalisation helps in achieving this. The pandemic has proven the efficiency of having a digital working environment, although it has slowed down overall business activities. Estimated global market growth in e-invoicing is 25% pa until 2027.

Last updated on 24/05/2022
Content on TIE Kinetix
TIE Kinetix – Preparing for accelerating growth
TMT | research Update | 18 May 2022
SaaS - software as a service concept with person using a laptop
TIE Kinetix – Pure SaaS player in e-invoicing
TMT | research Initiation | 22 March 2022
SaaS - software as a service concept with person using a laptop
TIE Kinetix – executive interview
TMT | Edison TV | 16 February 2022
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Share price graph
Balance sheet
Forecast net cash (€m) 9.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 11.9 (1.0) (14.7)
Relative* 18.0 3.2 (10.8)
52-week high/low €24.4/€15.8
*% relative to local index
Key management
Jan Sundelin CEO
Michiel Wolfswinkel CFO