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Tinexta (MIL: TNXT)

Last close As at 20/11/2024

EUR7.63

▲ 0.10 (1.33%)

Market capitalisation

EUR361m

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 — Weak Q324 but valuation appears too pessimistic

TMT | Update

Tinexta — Growth affected by temporary issues

TMT | Update

Tinexta — Typical seasonality in Q124

TMT | edison tv

Tinexta – executive interview
Tinexta_resized
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Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, 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)

331

Forecast gearing ratio (%)

74

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (33.0) (33.2) (56.7)
Relative (29.2) (33.5) (61.4)
52 week high/low €20.5/€7.5

Financials

Tinexta’s weak Q324 results from its Cyber Security (CS) and Business Innovation (BI) divisions have prompted management to downgrade financial guidance for FY24 for the second time this year. We also take a more cautious stance on expected growth in FY25 and FY26. The c 60% decline in the share price in 2024, versus cumulative underlying downgrades of 16% to FY24e adjusted EBITDA, reflects investor concerns about two of Tinexta’s most significant acquisitions in recent years, the CS division and ABF Groupe. An improvement in performance from either would be helpful for sentiment, which appears overly pessimistic.

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 7.2 4.9
2023A 395.8 93.8 78.0 102.5 7.4 4.7
2024E 468.9 105.0 81.2 100.6 7.6 4.9
2025E 513.8 124.3 94.5 118.8 6.4 4.4

Research

Update

TMT

Tinexta — Growth affected by temporary issues

Update

TMT

Tinexta — Typical seasonality in Q124

TMT

Update

Tinexta — Weak Q324 but valuation appears too pessimistic

edison tv

TMT

Tinexta – executive interview

Update

TMT

Tinexta — Strongest year since FY18
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
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Further insights

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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