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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.£63.6m
Last close50.40p
High / Low (52 weeks)70.6p / 50.4p
Stock market listingLN
Forecast net cash (£m)10.3
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(8.5)(9.5)(18.1)
Relative *(8.3)(14.2)(21)

* % Relative to local index

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Company news

Investment summary

Tungsten’s FY18 trading update at the beginning of June included a number of encouraging indicators with achievement of EBITDA breakeven in the final four months of the year marking an important milestone. Revenue growth (9% on a constant currency basis) was below expectation because of the timing of new contract signings. A higher gross margin and tight cost control in the second half enabled the company to indicate an expected adjusted EBITDA loss of £4.6m. More recently, Tungsten has confirmed that Odey Asset Management, with the support of a number of other shareholders, intends to requisition a general meeting with the intention of replacing the chairman, CEO and two other directors. The board intends to enter discussions with shareholders regarding this development.

Last updated on 29/06/2018

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 25/06/2018

Latest research

Latest video

Executive interview - Tungsten Corporation, CEO Richard Hurwitz

Industry outlook

Having effectively completed the heavy lifting of renewing the network infrastructure, updating the products and restarting the finance business Tungsten is well placed to give greater focus to revenue growth. The pipeline of potential customers is described as good and the market opportunity to provide cost-saving and value-enhancing services to companies remains substantial.

Last updated on 29/06/2018

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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