Tinexta (MIL: TNXT)

Last close As at 27/03/2024

EUR19.11

0.01 (0.05%)

Market capitalisation

EUR902m

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 further expand its addressable markets and create cross-selling opportunities.

Latest Insights

View More

TMT | edison tv

Tinexta – executive interview

TMT | Update

Tinexta — Strongest year since FY18

TMT | Flash note

Tinexta — Business Innovation expansion in France

TMT | Update

Tinexta — Confirming FY23 guidance

Tinexta_resized

Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Milo Bussell

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 2.3 (6.7) (3.4)
Relative (3.7) (17.9) (26.6)
52 week high/low €20.5/€14.6

Financials

Tinexta enjoyed its strongest year for underlying profit growth in FY23 since FY18 which, given the recent challenging macro environment, is testimony to the changes in its business portfolio. Management has a consistent strategy of strengthening its market leadership, greater coordination between and integration of its divisions, M&A and expanding geographic coverage. Management’s new guidance suggests an even better year for underlying profit in FY24 and high-teens growth over the next three years, which looks at odds with its prospective valuation multiples that are at a discount to its own long-term average multiples and our DCF-based valuation of €28.5/share.

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 18.0 N/A
2023A 395.8 103.0 76.4 96.5 19.8 N/A
2024E 479.4 134.7 125.5 161.7 11.8 N/A
2025E 529.1 151.7 141.5 183.0 10.4 N/A

Research

Tinexta_resized

Update

TMT

Tinexta — Confirming FY23 guidance

edison tv

TMT

Tinexta – executive interview

Update

TMT

Tinexta — Mixed performance in Q223

Tinexta_resized

Update

TMT

Tinexta — Cyber Security rebound in Q123

edison tv

TMT

Tinexta – EKF interview

Further insights

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

TMT

MediaWatch – Still waiting…

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