Tinexta - Edison Group

Tinexta (MIL: TNXT)

Currency in EUR

Last close As at 05/12/2023

EUR17.15

▲ −0.03 (−0.17%)

Market capitalisation

EUR810m

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

20.11.23

Tinexta — Confirming FY23 guidance

TMT |
edison tv

11.09.23

Tinexta – executive interview

TMT |
Update

03.08.23

Tinexta — Mixed performance in Q223

TMT |
Update

12.05.23

Tinexta — Cyber Security rebound in Q123

Tinexta_resized

Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

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

Flash note

TMT

06.06.22

Tinexta — Rebalancing toward higher growth

Update

TMT

18.05.22

Tinexta — Encouraging start to FY22

TMT

Update

Tinexta — Strength across the board

Update

TMT

04.04.22

Tinexta — Incorporating management’s FY22–24 guidance

edison tv

TMT

25.03.22

Tinexta – executive interview

Update

TMT

07.03.22

Tinexta — Guiding to mid double-digit profit growth to FY24

Flash note

TMT

05.01.22

Tinexta — ‘No interest’ in press-speculated deal

Update

TMT

15.11.21

Tinexta — Management confident of meeting FY21 guidance

Flash note

TMT

28.10.21

Tinexta — Boosting international expansion

QuickView

TMT

25.10.21

Tinexta — Strong growth ambitions

edison tv

TMT

06.09.21

Tinexta – executive interview

Outlook

TMT

09.08.21

Tinexta — Growth in highly innovative areas

Update

TMT

25.06.21

Tinexta — Expanding distribution of services

Update

TMT

13.05.21

Tinexta — A reassuring start to FY21

Update

TMT

06.04.21

Tinexta — Incorporating Cyber Security

Update

TMT

16.11.20

Tinexta — Strong recovery fuelling upgrades

edison tv

TMT

09.11.20

Tinexta – executive interview

QuickView

TMT

22.10.20

Tinexta — Increasing exposure to digital

Update

TMT

19.10.20

Tinexta — Increasing digital exposure

Update

TMT

07.08.20

Tinexta — Exceptional performance

Flash note

TMT

24.06.20

Tinexta — Reassuring guidance for FY20

Update

TMT

26.05.20

Tinexta — Looking forward to recovery

Update

TMT

15.04.20

Tinexta — Strong FY19 with more challenging FY20 ahead

Flash note

TMT

17.02.20

Tinexta — Compound growth outlook confirmed

edison tv

TMT

06.12.19

Executive interview – Tinexta at EKF 2019

Update

TMT

19.11.19

Tinexta — Encouraging signs for Q419

Update

TMT

12.08.19

Tinexta — Confirmed strong outlook for Digital Trust

edison tv

TMT

17.07.19

Executive interview – Tinexta

Update

TMT

21.05.19

Tinexta — Broad-based strong profit growth

Initiation

TMT

16.04.19

Tinexta — Trust worthy

Further insights

insight

Consumer

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson

Katherine Thompson

Director

kthompson@edisongroup.com 020 3077 5730

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