Tinexta

Tinexta (MIL: TNXT)

Currency in EUR

Last close As at 04/12/2023

EUR17.18

▲ −0.23 (−1.32%)

Market capitalisation

EUR817m

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

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

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Sector

TMT

Equity Analyst

Russell Pointon

Director, Consumer

Milo Bussell

Associate Analyst, Consumer and Media

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)

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	11.6	(3.0)	(23.2)
Relative	2.4	(5.3)	(35.8)
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 (CS) and Business Innovation (BI) 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. Our DCF-based valuation of €30/share suggests significant upside from the current share price.

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	21.0	11.3
2022A	357.2	94.8	73.6	106.7	16.3	11.2
2023E	411.0	104.1	81.1	105.9	16.4	11.5
2024E	462.3	120.7	96.0	121.5	14.3	10.3

Research

edison tv

TMT

11.09.23