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.£74.5m
Last close59.13p
High / Low (52 weeks)72.4p / 51.0p
Stock market listingLN
Forecast net cash (£m)10.3
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(9.7)(1.1)15.9
Relative *(10.7)(2.7)6.6

* % Relative to local index

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Company news

Investment summary

Tungsten issued an update at the time of its AGM (15 Sept), reporting that Q118 revenue was up 12% on Q117 on a constant currency basis (year-end April). Encouragingly, it has added three new buyers, including Carlsburg, for which it will carry out a multi-year roll-out of e-invoicing services. Other contracts are being renewed at higher prices. During the quarter it entered into a partnership with Tech Mahindra to address newer markets and won three receivables financing mandates totalling $75m following the relaunch of the Tungsten Network Finance business last year.

Last updated on 13/12/2017

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 04/12/2017

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. The level of price increases agreed in contract renewals during FY17 (49%) were a tangible measure of the value the Tungsten Network delivers. Tungsten has reiterated that it targets run-rate EBITDA profit in calendar 2017 and also looks for constant currency revenue growth of over 15%, gross margin of at least 90% and adjusted operating expenses of less than £40m. H118 results are due to be announced on 14 December.

Last updated on 13/12/2017

Key management

David Williams , CFO

Company address

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