€826.1m market cap
€17.5 last close
Tinexta has three business divisions: Digital Trust – solutions to improve digital security; Credit Information & Management – information services to help manage corporate credit; and Innovation & Marketing Services – consulting services to help clients develop and/or grow their businesses.
Investment summary
Tinexta’s Q220 results were much better than consensus expectations, as all business units produced improved organic growth trends versus Q120, in the face of the COVID-19 lockdown, and cost control helped improve profitability. The group is well positioned to benefit from structural growth drivers, including the digitisation of economies. We increase our EBITDA forecasts for FY20 by 7.6%, taking us 6.6% above management’s reiterated and recent guidance for FY20.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 238.7 | 66.0 | 52.3 | 77.36 | 22.6 | 18.8 |
| 2019A | 258.7 | 71.3 | 55.0 | 79.71 | 22.0 | 14.9 |
| 2020E | 266.6 | 76.7 | 53.3 | 80.48 | 21.7 | 15.1 |
| 2021E | 277.5 | 80.5 | 56.6 | 85.58 | 20.4 | 14.2 |
Industry outlook
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, the company is exploiting these trends internationally. In particular, given recent regulatory changes, in Digital Trust the group is leveraging its Italian expertise to expand on an EU-wide basis with a unified legal base across the region. At the same time, Tinexta is likely to make acquisitions in Italy and Europe that will further expand its addressable markets and seek cross-selling opportunities between the business units.
Last updated on 12/08/2020
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Share price graph
Balance sheet |
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| Forecast net debt (€m) | 98 |
| Forecast gearing ratio (%) | 57 |
Price performance
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Key management |
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| Pier Andrea Chevallard | CEO |
| Oddone Pozzi | CFO |
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