Tinexta - Edison Group

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

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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

Tinexta_resized

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

Tinexta_resized

Update

TMT

12.05.23

Tinexta — Cyber Security rebound in Q123

Update

TMT

20.03.23

Tinexta — Management anticipates stronger growth in FY23

TMT

Update

Tinexta — Mixed performance in Q223

Flash note

TMT

05.01.23

Tinexta — Boosting presence in high-growth Cyber Security

edison tv

TMT

17.11.22

Tinexta – EKF interview

Update

TMT

14.11.22

Tinexta — Management confident of rebound in Q422

Update

TMT

08.08.22

Tinexta — Strength across the board

Flash note

TMT

06.06.22

Tinexta — Rebalancing toward higher growth

Update

TMT

18.05.22

Tinexta — Encouraging start to FY22

Update

TMT

04.04.22

Tinexta — Incorporating management’s FY22–24 guidance

edison tv

TMT

25.03.22

Tinexta – executive interview

Update

TMT

07.03.22

Tinexta — Guiding to mid double-digit profit growth to FY24

Flash note

TMT

05.01.22

Tinexta — ‘No interest’ in press-speculated deal

Update

TMT

15.11.21

Tinexta — Management confident of meeting FY21 guidance

Flash note

TMT

28.10.21

Tinexta — Boosting international expansion

QuickView

TMT

25.10.21

Tinexta — Strong growth ambitions

edison tv

TMT

06.09.21

Tinexta – executive interview

Outlook

TMT

09.08.21

Tinexta — Growth in highly innovative areas

Update

TMT

25.06.21

Tinexta — Expanding distribution of services

Update

TMT

13.05.21

Tinexta — A reassuring start to FY21

Update

TMT

06.04.21

Tinexta — Incorporating Cyber Security

Update

TMT

16.11.20

Tinexta — Strong recovery fuelling upgrades

edison tv

TMT

09.11.20

Tinexta – executive interview

QuickView

TMT

22.10.20

Tinexta — Increasing exposure to digital

Update

TMT

19.10.20

Tinexta — Increasing digital exposure

Update

TMT

07.08.20

Tinexta — Exceptional performance

Flash note

TMT

24.06.20

Tinexta — Reassuring guidance for FY20

Update

TMT

26.05.20

Tinexta — Looking forward to recovery

Update

TMT

15.04.20

Tinexta — Strong FY19 with more challenging FY20 ahead

Flash note

TMT

17.02.20

Tinexta — Compound growth outlook confirmed

edison tv

TMT

06.12.19

Executive interview – Tinexta at EKF 2019

Update

TMT

19.11.19

Tinexta — Encouraging signs for Q419

Update

TMT

12.08.19

Tinexta — Confirmed strong outlook for Digital Trust

edison tv

TMT

17.07.19

Executive interview – Tinexta

Update

TMT

21.05.19

Tinexta — Broad-based strong profit growth

Initiation

TMT

16.04.19

Tinexta — Trust worthy

Further insights

insight

Consumer

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

thematic

Consumer

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

TMT

21.04.22

Seven things every investor needs to know about SenSen

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

14.07.21

Five things every investor needs to know about Mynaric

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back