Tinexta (MIL: TNXT)

Last close As at 22/06/2024

EUR17.19

0.54 (3.24%)

Market capitalisation

EUR812m

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 expand its addressable markets and create cross-selling opportunities.

Latest Insights

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TMT | Update

Tinexta — Typical seasonality in Q124

TMT | edison tv

Tinexta – executive interview

TMT | Update

Tinexta — Strongest year since FY18

TMT | Flash note

Tinexta — Business Innovation expansion in France

Tinexta_resized

Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Analyst, Consumer and TMT

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)

253.5

Forecast gearing ratio (%)

55

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.7) (6.9) (3.9)
Relative (3.7) (5.5) (20.5)
52 week high/low €20.5/€14.6

Financials

Tinexta’s Q124 results showed the normal seasonality of the group. There was good progress in the two divisions that typically demonstrate more consistent (through the year) growth, Cyber Security and Digital Trust, which management expects to deliver higher growth over the next few years. Business Innovation demonstrated its typical seasonality and management therefore remains confident about the outlook for the year. On an underlying basis, Tinexta’s revenue grew by c 5% y-o-y to €98.4m and adjusted EBITDA declined by c 11% to €15.4m

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 357.2 94.8 73.6 106.4 16.2 11.1
2023A 395.8 103.0 78.0 102.5 16.8 10.6
2024E 479.4 134.7 98.4 122.6 14.0 9.6
2025E 529.1 151.7 112.9 141.4 12.2 8.6

Update

TMT

Tinexta — Strength across the board

Flash note

TMT

Tinexta — Rebalancing toward higher growth

Update

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Tinexta — Encouraging start to FY22

edison tv

TMT

Tinexta – executive interview

Flash note

TMT

Tinexta — Boosting international expansion

QuickView

TMT

Tinexta — Strong growth ambitions

edison tv

TMT

Tinexta – executive interview

Outlook

TMT

Tinexta — Growth in highly innovative areas

Update

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Tinexta — A reassuring start to FY21

Update

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Tinexta — Incorporating Cyber Security

Update

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Tinexta — Strong recovery fuelling upgrades

edison tv

TMT

Tinexta – executive interview

QuickView

TMT

Tinexta — Increasing exposure to digital

Update

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Tinexta — Increasing digital exposure

Update

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Tinexta — Exceptional performance

Flash note

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Tinexta — Reassuring guidance for FY20

Update

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Tinexta — Looking forward to recovery

Flash note

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Tinexta — Compound growth outlook confirmed

edison tv

TMT

Executive interview – Tinexta at EKF 2019

Update

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Tinexta — Encouraging signs for Q419

edison tv

TMT

Executive interview – Tinexta

Update

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Tinexta — Broad-based strong profit growth

Initiation

TMT

Tinexta — Trust worthy