Tinexta (MIL: TNXT)

Currency in EUR

Last close As at 26/09/2023

EUR14.55

−1.00 (−6.43%)

Market capitalisation

EUR687m

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, 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, we believe 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.

Latest Insights

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Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Josef Mastragostino

    Chief Investor Relations Officer

  • Oddone Pozzi

    CFO

  • Pier Andrea Chevallard

    CEO

Balance Sheet

Forecast net debt (€m)

53.6

Forecast gearing ratio (%)

11

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (15.7) (13.6) (20.2)
Relative (15.0) (15.4) (38.6)
52 week high/low €26.1/€14.6

Financials

Tinexta’s revenue and adjusted EBITDA year-on-year growth slowed a little in Q223 after a strong start to the year, but there was improving momentum in revenue and profitability from the two divisions that are forecast to generate the fastest growth in FY23. Of most significance was the acceleration by the Cyber Security division, which appears to have turned a corner since the start of the year following relatively disappointing growth post the acquisitions. The low net debt position leaves the company well placed to take advantage of M&A opportunities.

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 17.6 9.5
2022A 357.2 94.8 73.6 106.7 13.6 9.4
2023E 410.4 104.1 80.8 105.4 13.8 9.6
2024E 456.7 119.8 95.0 120.3 12.1 8.7

Further insights

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Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

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Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

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MediaWatch – January 2023

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