Tungsten Corporation


£55.2m market cap

43.75p last close

Tungsten Corporation operates a global e-invoicing network. It also provides value-added services such as spend analytics to help buyers on its network save money and invoice financing to enable suppliers to receive early payment on their invoices.

Investment summary

Tungsten’s FY19 figures, reported in July, confirmed its first full-year EBITDA profit and a move into cash generation in the second half, both important and encouraging milestones for the group. Revenue was up 6.1% y-o-y to £35.4m with an EBITDA profit of £2.5m (vs £3.3m loss in FY18) while net cash was £2.8m (vs £6.4m last year and £2.0m at the end of first half). These revenue and EBITDA figures exclude Tungsten Network Finance (TNF), which is in the process of being sold with the disposal expected to take place in H120. Including TNF, the indicated EBITDA profit was £0.6m (vs £4.6m loss). The group’s strategy has solidified further with a three pronged approach: 1) increasing network effects; 2) establishing strategic partnerships; and 3) connecting with other platforms.

Y/E Apr
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 31.3 (11.8) (12.7) (9.9) N/A N/A
2018A 33.7 (4.6) (12.7) (9.5) N/A N/A
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Last updated on 13/09/2019
Industry outlook

Looking ahead, the group’s operating review has given a clearer sense of purpose with its identification of differentiating strengths in the business and initiation of partnerships to improve access to market opportunities. There is a sense that the business is set on the path to sustainable profitability and cash generation. New CEO Andrew Lemonofides takes up his position in September.

Last updated on 13/09/2019
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (13.4) (13.4) (16.5)
Relative* (15.3) (14.0) (17.1)
52-week high/low 55.0p/22.0p
*% relative to local index
Key management
Tony Bromovsky Chairman
David Williams CFO