Tungsten Corporation (TUNG)

Business description

Tungsten Corporation operates a global e-invoicing network. It also provides value-added services such as spend analytics to help buyers on its network save money and invoice financing to enable suppliers to receive early payment on their invoices.

Stock data

Market cap.£73.3m
Last close58.10p
High / Low (52 weeks)71.5p / 55.4p
Stock market listingLN
Forecast net cash (£m)10.3
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(6.1)(17)(1.5)
Relative *(11.9)(13.7)(5.5)

* % Relative to local index

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Company news

Tungsten Corp Plc rejects combination offer from its founder

Mon, 21 Mar 2016 08:22:56 GMT

What's Going On At Tungsten Corp PLC?

Thu, 21 May 2015 12:11:15 GMT

Tungsten Corp encouraged by gathering momentum

Tue, 24 May 2016 07:15:47 GMT

Why I would buy YouGov plc but sell Tungsten Corp plc

Mon, 10 Oct 2016 09:56:15 GMT

Tungsten Corp. acquires FIBI Bank UK for £30m

Tue, 10 Jun 2014 16:18:45 GMT

Investment summary

Tungsten Corporation is well on the way to rebuilding its core e-invoicing network infrastructure and has refocused marketing, raised prices and relaunched the Tungsten Network Finance (TNF) business with new products appropriate to its segmented market opportunities. In January, Tungsten reported that invoice outstandings at TNF reached a new high of £54.5m at end-December vs £17.5m at end-April. Earlier, in December, the H118 results showed 10% revenue growth, costs held stable despite investment in updating IT and a 21% reduction in the EBITDA loss. The valuation is likely to benefit as Tungsten makes further progress towards profitability and positive cash flows.

Last updated on 06/04/2018

Y/E Apr Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 25.9 (16.2) (18.5) (22.0) N/A N/A
2017A 31.3 (11.8) (12.7) (9.9) N/A N/A
2018E 36.7 (6.0) (11.7) (9.3) N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 26/03/2018

Latest research

Latest video

Executive interview - Tungsten Corporation, CEO Richard Hurwitz

Industry outlook

The substantial potential savings available to companies adopting e-invoicing in place of paper- or email-based processes remain a key underlying driver of growth for Tungsten. EBITDA break-even is now expected in the final four months of the financial year. Expectations of FY18 revenue growth of at least 15%, a gross margin of 90% and adjusted operating expenses of less than £40m remain in place.

Last updated on 06/04/2018

Key management

David Williams , CFO

Company address

Pountney Hill House
6 Laurence Pountney Hill
London
EC4R 0BL
United Kingdom
+ 44(0) 870 1657420
View website