TIE Kinetix

AS: TIE

Market Cap€33m

Last Close €16.7

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 is focused on 100% digitalisation of document streams in the supply chain. The company has set targets to accelerate organic growth in software-as-a-service (SaaS) revenues to 20%+ pa by FY25, with an EBITDA margin of 20%. Now fully focused on SaaS, the company expects recurring revenues to increase from 80%+ to 90%+ over the next few years, further improving the predictability of its results. We value the company at €25 per share.

Y/E Sep
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 15.6 2.3 0.1 (0.04) N/A 11.8
2021A 14.9 1.5 0.5 0.11 15363.6 11.8
2022E 14.6 (0.2) (1.7) (0.71) N/A N/A
2023E 16.6 1.9 0.4 0.14 12071.4 17.8
Industry outlook

FY22 will be a transformative year for the company as it invests heavily in order to benefit from the positive market outlook. In H122, SaaS revenues increased 14%, while higher costs resulted in a net loss but the company expects to return to profit in FY23. According to Gartner, 23% of supply chain leaders expect to have a digital ecosystem by 2025, up from the current 1%. Digitalisation helps to achieve climate change, which is on the radar of corporates. Global market growth in e-invoicing is estimated at 25% pa until 2027.

Last updated on 25/11/2022
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 20.7 (0.6) (22.5)
Relative* 10.0 (1.3) (11.8)
52-week high/low €22.0/€14.0
*% relative to local index
Key management
Jan Sundelin CEO
Michiel Wolfswinkel CFO