Tinexta (MIL: TNXT)

Last close As at 21/02/2024

EUR18.62

0.00 (0.00%)

Market capitalisation

EUR879m

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 | Flash note

Tinexta — Business Innovation expansion in France

TMT | Update

Tinexta — Confirming FY23 guidance

TMT | edison tv

Tinexta – executive interview

TMT | Update

Tinexta — Mixed performance in Q223

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)

77

Forecast gearing ratio (%)

16

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.9575) 5.6754 (23.4375)
Relative (5.236) (1.5814) (32.4667)
52 week high/low €24.1/€14.6

Financials

Tinexta has completed the acquisition of an initial 73.9% stake in ABF. The remaining 26.1% stake, to be covered by put and call options, will be acquired in equal parts in 2028 and 2029 based on ABF’s results through 2026 to 2028 at an average multiple of 9x adjusted EBITDA subject to performance within a floor and cap. ABF’s initial acquisition enterprise value of c €155m makes it Tinexta’s largest ever acquisition and is consistent with Tinexta’s strategy of internationalising its core businesses, in this case Business Innovation, which is its second fastest growing (by revenue) and most profitable division, according to management guidance. Our forecasts do not yet reflect the acquisition.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 301.5 76.5 57.5 82.8 22.5 12.1
2022A 357.2 94.8 73.6 106.7 17.5 12.0
2023E 411.0 104.1 81.1 105.9 17.6 12.3
2024E 462.3 120.7 96.0 121.5 15.3 11.1

Further insights

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

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