Tungsten Corporation


£48.7m market cap

38.6p 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

Following the resignation of CEO Rick Hurwitz in February, Tungsten expects to appoint a successor shortly and in the meantime Tony Bromovsky has moved to become executive chairman while David Williams, CFO, is overseeing day-to-day operations. Tungsten confirmed that it remains on track to deliver FY19 revenue of £36–36.5m, an EBITDA profit and that it has sufficient capital to deliver current plans. The subsequent Q3 trading update reported 9M19 revenues +7% y-o-y; a 16% reduction in operating expenses (helped by a bonus write-back) and an EBITDA profit of £0.2m vs a loss of £6.8m. Cash flow improved substantially and net cash of £2m is expected at the year end.

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 24/04/2019
Industry outlook

The new board has been providing refreshed focus and a full review of the business has already substantiated many strengths and also some inhibitors of growth that are being addressed. The review is expected to be completed in April with the results implemented by a new CEO. The underlying market opportunity to provide cost-saving and value-enhancing services related to the global supply chain appears substantial and the tone of the latest update was positive with the board looking for FY20 to deliver a step change in performance.

Last updated on 24/04/2019
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (0.5) 53.4 (33.7)
Relative* (4.3) 41.2 (34.0)
52-week high/low 60.4p/22.0p
*% relative to local index
Key management
David Williams CFO