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.
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Josef Mastragostino
Chief Investor Relations Officer
Oddone Pozzi
CFO
Pier Andrea Chevallard
CEO
Forecast net debt (€m)
77
Forecast gearing ratio (%)
16
% | 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 |
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 |