Tinexta

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, 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

TMT |
Update

06.08.24

Tinexta — Growth affected by temporary issues

TMT |
Update

17.05.24

Tinexta — Typical seasonality in Q124

TMT |
edison tv

26.03.24

Tinexta – executive interview

TMT |
Update

20.03.24

Tinexta — Strongest year since FY18

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Sector

TMT

Equity Analyst

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Analyst, Consumer and TMT

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)

256.6

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(8.9)	(28.6)	(33.5)
Relative	(9.1)	(29.4)	(46.0)
52 week high/low	€20.5/€10.7

Financials

Tinexta’s H124 results highlighted a weaker revenue profile in Q2 than Q1, mainly due to what management believes are temporary effects, as well as the high level of seasonality in some of the individual businesses. The temporary effects include a slight delay intra-year to expected new revenues, with management reiterating its underlying growth expectations for the year, and deferred growth from ABF Group by six months due to the political changes in France. The latter led to a 5% reduction in adjusted EBITDA estimates, but management continued to guide to a strong year of growth of more than 20% including ABF Group.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	357.2	86.3	73.6	106.4	10.2	6.9
2023A	395.8	93.8	78.0	102.5	10.5	6.7
2024E	469.7	117.2	91.4	113.6	9.5	6.3
2025E	518.4	134.7	104.9	131.0	8.3	5.7

Research

Update

TMT

17.05.24