Tinexta (MIL: TNXT)

Last close As at 22/05/2024

EUR18.94

0.49 (2.66%)

Market capitalisation

EUR895m

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 10.4 4.1 4.3
Relative 7.8 (2.0) (16.3)
52 week high/low €20.5/€14.6

Financials

Tinexta’s Q124 results showed 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.

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 17.8 12.2
2023A 395.8 103.0 78.0 102.5 18.5 11.7
2024E 479.4 134.7 98.4 122.6 15.4 10.6
2025E 529.1 151.7 112.9 141.4 13.4 9.5

Research

Update

TMT

Tinexta — Strength across the board

Flash note

TMT

Tinexta — Rebalancing toward higher growth

Update

TMT

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

TMT

Tinexta — A reassuring start to FY21

Update

TMT

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

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 – Targeting the opportunities

thematic

TMT

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – Screening well

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

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Direct tech investors

thematic

Consumer

Circular economy business models

thematic

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

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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

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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