Tungsten Corporation


£40.8m market cap

32.35p 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

Although revenue was below the Tungsten’s aspiration, H119 results (announced in December) showed a significant reduction in EBITDA loss and the group indicates it is on track to reach EBITDA profit for the full year despite reducing modestly its full year revenue goal. Substantial work has been done on rebuilding its technology infrastructure, successful implementation of price increases and close cost control. A new board is providing refreshed focus and is undertaking a review of the business to ensure all opportunities to accelerate revenue and profit growth are exploited.

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 21/02/2019
Industry outlook

Having effectively completed the heavy lifting of renewing the network infrastructure, updating the products and restarting the finance business, Tungsten is now well placed to give greater focus to revenue growth. The underlying market opportunity to provide cost-saving and value-enhancing services related to the global supply chain remains substantial. The investment in new technology should allow increased operational leverage as the increased focus on the addition of new higher value customers begins to gain traction.

Last updated on 21/02/2019
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 14.7 2.7 (49.5)
Relative* 10.9 (1.3) (49.0)
52-week high/low 68.8p/22.0p
*% relative to local index
Key management
David Williams CFO