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

Tinexta_resized

Update

TMT

Tinexta — Cyber Security rebound in Q123

edison tv

TMT

Tinexta – EKF interview

Update

TMT

Tinexta — Strength across the board

Flash note

TMT

Tinexta — Rebalancing toward higher growth

Update

TMT

Tinexta — Encouraging start to FY22

Further insights

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023

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