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Tinexta (MIL: TNXT)

Last close As at 17/04/2024

EUR17.43

▲ 0.11 (0.64%)

Market capitalisation

EUR823m

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 | edison tv

Tinexta – executive interview

TMT | Update

Tinexta — Strongest year since FY18

TMT | Flash note

Tinexta — Business Innovation expansion in France

TMT | Update

Tinexta — Confirming FY23 guidance
Tinexta_resized
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Sector

TMT

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Milo Bussell

Associate Analyst, 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)

236.2

Forecast gearing ratio (%)

51

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.5) (7.3) (13.5)
Relative (2.0) (15.3) (26.8)
52 week high/low €20.5/€14.6

Financials

Tinexta’s FY23 results were in line with management’s expectations due to a better overall margin on slightly lower-than-expected revenue. Underlying adjusted EBITDA growth of c 9% was the highest since FY18’s c 12%. Management’s new guidance for FY24 points to very attractive rates of growth, including an improvement in the rate of underlying adjusted EBITDA growth to 10% versus 9% in FY23.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 357.2 94.8 73.6 106.4 16.1 N/A
2023A 395.8 103.0 76.4 96.5 17.8 N/A
2024E 479.4 134.7 125.5 161.7 10.6 N/A
2025E 529.1 151.7 141.5 183.0 9.4 N/A

Research

Update

TMT

Tinexta — Strongest year since FY18
Tinexta_resized

Flash note

TMT

Tinexta — Business Innovation expansion in France

TMT

edison tv

Tinexta – executive interview
Tinexta_resized

Update

TMT

Tinexta — Confirming FY23 guidance

edison tv

TMT

Tinexta – executive interview

Update

TMT

Tinexta — Mixed performance in Q223
Tinexta_resized

Update

TMT

Tinexta — Cyber Security rebound in Q123

Update

TMT

Tinexta — Management anticipates stronger growth in FY23

Flash note

TMT

Tinexta — Boosting presence in high-growth Cyber Security

edison tv

TMT

Tinexta – EKF interview

Update

TMT

Tinexta — Management confident of rebound in Q422
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Further insights

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
Read latest

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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