Tinexta (MIL: TNXT)

Currency in EUR

Last close As at 05/12/2023

EUR17.15

−0.03 (−0.17%)

Market capitalisation

EUR810m

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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TMT | Update

Tinexta — Confirming FY23 guidance

TMT | edison tv

Tinexta – executive interview

TMT | Update

Tinexta — Mixed performance in Q223

TMT | Update

Tinexta — Cyber Security rebound in Q123

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 0.7 (5.6) (27.6)
Relative (3.9) (9.6) (39.9)
52 week high/low €26.1/€14.6

Financials

Tinexta’s Q323 results showed continued strong underlying revenue and profit growth in what is typically a relatively small quarter from a revenue and profit perspective due to the inherent seasonality of its Cyber Security and Business Innovation divisions. Management’s reiteration of its previous financial guidance, albeit with different growth drivers than originally anticipated, is reassuring given the dependence of the full year results on the performance of the current, final quarter, in which more than 40% of annual profit is typically generated.

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 20.7 11.2
2022A 357.2 94.8 73.6 106.7 16.1 11.0
2023E 411.0 104.1 81.1 105.9 16.2 11.3
2024E 462.3 120.7 96.0 121.5 14.1 10.2

Research

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

TMT

Tinexta — A reassuring start to FY21

Update

TMT

Tinexta — Incorporating Cyber Security

Update

TMT

Tinexta — Strong recovery fuelling upgrades

edison tv

TMT

Tinexta – executive interview

QuickView

TMT

Tinexta — Increasing exposure to digital

Update

TMT

Tinexta — Increasing digital exposure

Update

TMT

Tinexta — Exceptional performance

Flash note

TMT

Tinexta — Reassuring guidance for FY20

Update

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Tinexta — Looking forward to recovery

Flash note

TMT

Tinexta — Compound growth outlook confirmed

edison tv

TMT

Executive interview – Tinexta at EKF 2019

Update

TMT

Tinexta — Encouraging signs for Q419

edison tv

TMT

Executive interview – Tinexta

Update

TMT

Tinexta — Broad-based strong profit growth

Initiation

TMT

Tinexta — Trust worthy

Further insights

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

thematic

TMT

MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – January 2023

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

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TMT

Direct tech investors

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Consumer

Circular economy business models

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TMT

Quantum dots – all the colours of the rainbow

thematic

TMT

Micro-LEDs – small is beautiful

thematic

Consumer

Illuminator: August Update

thematic

TMT

European video games

thematic

TMT

Diversification and scale for online success

thematic

TMT

UK video games – Heterogeneous not homogeneous

thematic

TMT

Mobile ecosystems

thematic

TMT

Mobile ecosystems

thematic

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Mobile ecosystems

thematic

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NZ – Edison talks tech

thematic

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AUS – Edison talks tech

thematic

TMT

Mobile ecosystems

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

Mobile ecosystems

thematic

Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

The third pillar

thematic

TMT

The real disruptor

thematic

TMT

Merger mania is back