Last close As at 05/08/2026
EUR15.00
— 0.00 (0.00%)
Market capitalisation
EUR709m
Research: TMT
Tinexta provides IT solutions, information and consulting services in niche markets, predominantly to corporate clients, with leading or strong market positions in most of its businesses. Structural growth drivers include the transition to a digital economy and enhanced online security; governments’ desires to stimulate innovation and growth; and the internationalisation of trade. Management’s strategy of diversifying its services and geographic expansion via M&A and subsequent organic growth has generated improving financial metrics, while remaining shareholder friendly with respect to cash returns. Management’s FY21–23 business plan estimates organic CAGR for EBITDA of c 10%.
Tinexta |
Strong growth ambitions
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Professional services |
Deutsches Eigenkapitalforum 2021
25 October 2021 |
Share price graph
Share details
Business description
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Analyst
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Tinexta provides IT solutions, information and consulting services in niche markets, predominantly to corporate clients, with leading or strong market positions in most of its businesses. Structural growth drivers include the transition to a digital economy and enhanced online security; governments’ desires to stimulate innovation and growth; and the internationalisation of trade. Management’s strategy of diversifying its services and geographic expansion via M&A and subsequent organic growth has generated improving financial metrics, while remaining shareholder friendly with respect to cash returns. Management’s FY21–23 business plan estimates organic CAGR for EBITDA of c 10%.
Digital Trust
The Digital Trust business unit offers solutions that provide surety for the validity of digital identities and the authenticity and secure storage of electronic documents. It should benefit from the transition to a digital world and geographic expansion of activities in the EU.
Innovation & Marketing Services
There are two main businesses in Innovation & Marketing Services (IMS): helping SMEs obtain funding and tax credits to finance research and innovation; and consulting services to help corporates expand outside their home markets. The first is expected to benefit from funding initiatives to boost the competitiveness of economies.
Credit Information & Management
Credit Information & Management (CIM) has two main operating business: data services to help banks and SMEs with granting, ongoing assessment and recovery of credit, and provision of residential property valuations.
Cyber Security
Tinexta announced the acquisitions of businesses to form the new Cyber Security (CS) business unit in October 2020. The strategy is to establish it as a leading domestic player in cyber security and develop an integrated offer with Digital Trust.
Valuation
The share price has performed well due to a strong operational recovery post the COVID-19 downturn and the creation of the CS business unit and a new venture that transformed the growth outlook for CIM and IMS were both well received.
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Edison estimates
Source: Company accounts, Edison Investment Research |
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Research: TMT
AT&S is the second largest manufacturer of high-end printed circuit boards (PCBs) globally. It is well placed to benefit from rising demand for data servers and interconnected devices. Management is partway through a programme to expand its integrated circuit (IC) substrate capacity at least fivefold, with the aim of trebling revenues to c €3bn by FY26 with an EBITDA margin of 27–32% (adjusted EBITDA margin of 16.0% in Q122) and becoming one of three largest suppliers of IC substrates globally.