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Tinexta (MIL: TNXT)

Last close As at 02/07/2024

EUR16.04

▲ −0.10 (−0.62%)

Market capitalisation

EUR770m

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

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TMT | Update

Tinexta — Typical seasonality in Q124

TMT | edison tv

Tinexta – executive interview

TMT | Update

Tinexta — Strongest year since FY18

TMT | Flash note

Tinexta — Business Innovation expansion in France
Tinexta_resized
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Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Analyst, Consumer and TMT

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)

253.5

Forecast gearing ratio (%)

55

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (15.0) (14.6) (3.1)
Relative (12.7) (11.8) (20.6)
52 week high/low €20.5/€14.6

Financials

Tinexta’s Q124 results showed the normal seasonality of the group. There was good progress in the two divisions that typically demonstrate more consistent (through the year) growth, Cyber Security and Digital Trust, which management expects to deliver higher growth over the next few years. Business Innovation demonstrated its typical seasonality and management therefore remains confident about the outlook for the year. On an underlying basis, Tinexta’s revenue grew by c 5% y-o-y to €98.4m and adjusted EBITDA declined by c 11% to €15.4m.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 357.2 94.8 73.6 106.4 15.1 10.3
2023A 395.8 103.0 78.0 102.5 15.6 9.9
2024E 479.4 134.7 98.4 122.6 13.1 8.9
2025E 529.1 151.7 112.9 141.4 11.3 8.0

Research

edison tv

TMT

Tinexta – executive interview

Update

TMT

Tinexta — Strongest year since FY18

TMT

Update

Tinexta — Typical seasonality in Q124
Tinexta_resized

Flash note

TMT

Tinexta — Business Innovation expansion in France
Tinexta_resized

Update

TMT

Tinexta — Confirming FY23 guidance

edison tv

TMT

Tinexta – executive interview

Update

TMT

Tinexta — Mixed performance in Q223
Tinexta_resized

Update

TMT

Tinexta — Cyber Security rebound in Q123

Update

TMT

Tinexta — Management anticipates stronger growth in FY23

Flash note

TMT

Tinexta — Boosting presence in high-growth Cyber Security

edison tv

TMT

Tinexta – EKF interview
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Further insights

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology
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