Tinexta - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

Tinexta offers innovative solutions for the digital transformation and growth of companies, professionals and institutions. It has three divisions: Digital Trust, Business Innovation and Cyber Security.

Tinexta is exposed to favourable growth trends including the transition to a digital world and the requirement for enhanced online security. Starting from a purely domestic Italian focus, it is exploiting these trends internationally. In particular, given recent regulatory changes, in Digital Trust it is leveraging its Italian expertise to expand on an EU-wide basis with a unified legal base across the region. We believe Tinexta is likely to make acquisitions in Italy and Europe that will expand its addressable markets and create cross-selling opportunities.

Latest Insights

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TMT |
edison tv

26.03.24

Tinexta – executive interview

TMT |
Update

20.03.24

Tinexta — Strongest year since FY18

TMT |
Flash note

22.12.23

Tinexta — Business Innovation expansion in France

TMT |
Update

20.11.23

Tinexta — Confirming FY23 guidance

Tinexta_resized

Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Associate Analyst, Consumer and Media

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

Josef Mastragostino

Chief Investor Relations Officer
Oddone Pozzi

CFO
Pier Andrea Chevallard

CEO

Balance Sheet

Forecast net debt (€m)

236.2

Forecast gearing ratio (%)

51

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(8.0)	(12.8)	(5.6)
Relative	(6.0)	(21.8)	(23.0)
52 week high/low	€20.5/€14.6

Financials

Tinexta’s FY23 results were in line with management’s expectations due to a better overall margin on slightly lower-than-expected revenue. Underlying adjusted EBITDA growth of c 9% was the highest since FY18’s c 12%. Management’s new guidance for FY24 points to very attractive rates of growth, including an improvement in the rate of underlying adjusted EBITDA growth to 10% versus 9% in FY23.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	357.2	94.8	73.6	106.4	16.3	N/A
2023A	395.8	103.0	76.4	96.5	17.9	N/A
2024E	479.4	134.7	125.5	161.7	10.7	N/A
2025E	529.1	151.7	141.5	183.0	9.5	N/A

Research

edison tv

TMT

17.11.22

Tinexta – EKF interview

Update

TMT

14.11.22

Tinexta — Management confident of rebound in Q422

TMT

Flash note

Tinexta — Boosting presence in high-growth Cyber Security

Update

TMT

08.08.22

Tinexta — Strength across the board

Flash note

TMT

06.06.22

Tinexta — Rebalancing toward higher growth

Update

TMT

18.05.22

Tinexta — Encouraging start to FY22

Update

TMT

04.04.22

Tinexta — Incorporating management’s FY22–24 guidance

edison tv

TMT

25.03.22

Tinexta – executive interview

Update

TMT

07.03.22

Tinexta — Guiding to mid double-digit profit growth to FY24

Flash note

TMT

05.01.22

Tinexta — ‘No interest’ in press-speculated deal

Update

TMT

15.11.21

Tinexta — Management confident of meeting FY21 guidance

Flash note

TMT

28.10.21

Tinexta — Boosting international expansion

QuickView

TMT

25.10.21

Tinexta — Strong growth ambitions

edison tv

TMT

06.09.21

Tinexta – executive interview

Outlook

TMT

09.08.21

Tinexta — Growth in highly innovative areas

Update

TMT

25.06.21

Tinexta — Expanding distribution of services

Update

TMT

13.05.21

Tinexta — A reassuring start to FY21

Update

TMT

06.04.21

Tinexta — Incorporating Cyber Security

Update

TMT

16.11.20

Tinexta — Strong recovery fuelling upgrades

edison tv

TMT

09.11.20

Tinexta – executive interview

QuickView

TMT

22.10.20

Tinexta — Increasing exposure to digital

Update

TMT

19.10.20

Tinexta — Increasing digital exposure

Update

TMT

07.08.20

Tinexta — Exceptional performance

Flash note

TMT

24.06.20

Tinexta — Reassuring guidance for FY20

Update

TMT

26.05.20

Tinexta — Looking forward to recovery

Update

TMT

15.04.20

Tinexta — Strong FY19 with more challenging FY20 ahead

Flash note

TMT

17.02.20

Tinexta — Compound growth outlook confirmed

edison tv

TMT

06.12.19

Executive interview – Tinexta at EKF 2019

Update

TMT

19.11.19

Tinexta — Encouraging signs for Q419

Update

TMT

12.08.19

Tinexta — Confirmed strong outlook for Digital Trust

edison tv

TMT

17.07.19

Executive interview – Tinexta

Update

TMT

21.05.19

Tinexta — Broad-based strong profit growth

Initiation

TMT

16.04.19

Tinexta — Trust worthy

Further insights

insight

Consumer

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson

Katherine Thompson

Director

kthompson@edisongroup.com 020 3077 5730

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