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.
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Flash note
Josef Mastragostino
Chief Investor Relations Officer
Oddone Pozzi
CFO
Pier Andrea Chevallard
CEO
Forecast net debt (€m)
253.5
Forecast gearing ratio (%)
55
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (0.1) | (2.1) | (1.5) |
Relative | (3.0) | (3.3) | (17.0) |
52 week high/low | €20.5/€14.6 |
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 | 15.6 | 10.7 |
2023A | 395.8 | 103.0 | 78.0 | 102.5 | 16.2 | 10.3 |
2024E | 479.4 | 134.7 | 98.4 | 122.6 | 13.6 | 9.3 |
2025E | 529.1 | 151.7 | 112.9 | 141.4 | 11.8 | 8.3 |