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

13.11.24

Tinexta — Weak Q324 but valuation appears too pessimistic

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

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Sector

TMT

Equity Analyst

Russell Pointon

Director of Content, 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)

331

Forecast gearing ratio (%)

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.