Tinexta SpA, formerly Tecnoinvestimenti SpA, is an Italy-based holding company primarily engaged in the software and Internet services industry. Through its subsidiaries it operates three segments: Digital Trust, Credit Information and Managment, and Innovation and Marketing Services. Digital Trust offers solutions for the digital identity and the dematerialisation of processes with products and services, such as certified electronic mail, electronic archiving, digital signature, electronic invoicing, and solutions for the secure and simplified transmission of legal and financial documents. Credit Information and Managment provides services and products to assess the credit of businesses and individuals, guarantee expected cash flows, and minimise insolvency issues and late payments. Innovation and Marketing Services offers a consultancy platform for enterprises to support them in phases of manufacturing growth and expansion of commercial activites, including abroad.
  • TickerTNXT
  • ISINIT0005037210
  • SectorFinancial Services
  • CountryItaly

Analysts

TINEXTA SPA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of TINEXTA SPA (IT), a company active in the Software industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date January 10, 2020, the closing price was EUR 12.04 and its potential was estimated at EUR 13.80.

Richard Williamson

Tinexta - Encouraging signs for Q419

Tinexta’s Q319 results confirmed trends from earlier in the year: improving momentum for its largest business unit, Digital Trust, given structural growth drivers of digital security, and weak growth for its least important division, Credit Information & Management, due to macro sensitivity. Q3 is typically a seasonally less important quarter (23% of annual revenue in FY18) ahead of a more important Q4 (29% of annual revenue in FY18). Our forecasts for FY19 and FY20 are unchanged, as is our valuation. Our DCF-based valuation of €14.6/share offers c 25% upside from the current price.

Richard Williamson

Tinexta - Favourable thematic growth drivers

Tinexta provides IT solutions, information and consulting services in niche markets, predominantly to corporate clients. In its fastest growing divisions, Digital Trust and Innovation & Marketing Services, it is the domestic market leader and either expanding internationally or seeking opportunities. In aggregate, we believe the group is capable of c 6% organic revenue growth while expanding its EBITDA margin, cash flow conversion and ROIC. There is likely to be further M&A to increase geographic coverage, client reach or expand the product offer. We believe that management guidance for FY19 i...

Tinexta - Confirmed strong outlook for Digital Trust

Tinexta’s interim results confirmed the outlook is positive for its two largest and most profitable divisions, Digital Trust and Innovation & Marketing Services. Overall revenue and profit growth for the group was slower in Q2 than in Q1, mainly due to one-off costs and a decline in Credit Information & Management. We maintain our PBT forecasts for FY19 and increase our FY20 forecast by 1%. Our DCF-based valuation increases to €14.6 per share (from €14.2), which offers 17% potential upside from the current share price.

Tinexta - Executive Interview

Tinexta founded in 2009 and has expanded quickly through a combination of organic growth and M&A. It is listed on the STAR segment of the Italian Stock Exchange and provides IT solutions, information and consulting services in niche markets predominantly to corporate clients. In this video director of corporate and financial communications, Lawrence Kay, provides an overview of Tinexta’s development, the business units and their competitive landscapes, historic growth rates and current financial guidance. Read our initiation note or latest research on Tinexta here.

Richard Williamson

Tinexta - Encouraging signs for Q419

Tinexta’s Q319 results confirmed trends from earlier in the year: improving momentum for its largest business unit, Digital Trust, given structural growth drivers of digital security, and weak growth for its least important division, Credit Information & Management, due to macro sensitivity. Q3 is typically a seasonally less important quarter (23% of annual revenue in FY18) ahead of a more important Q4 (29% of annual revenue in FY18). Our forecasts for FY19 and FY20 are unchanged, as is our valuation. Our DCF-based valuation of €14.6/share offers c 25% upside from the current price.

Richard Williamson

Tinexta - Favourable thematic growth drivers

Tinexta provides IT solutions, information and consulting services in niche markets, predominantly to corporate clients. In its fastest growing divisions, Digital Trust and Innovation & Marketing Services, it is the domestic market leader and either expanding internationally or seeking opportunities. In aggregate, we believe the group is capable of c 6% organic revenue growth while expanding its EBITDA margin, cash flow conversion and ROIC. There is likely to be further M&A to increase geographic coverage, client reach or expand the product offer. We believe that management guidance for FY19 i...

Tinexta - Confirmed strong outlook for Digital Trust

Tinexta’s interim results confirmed the outlook is positive for its two largest and most profitable divisions, Digital Trust and Innovation & Marketing Services. Overall revenue and profit growth for the group was slower in Q2 than in Q1, mainly due to one-off costs and a decline in Credit Information & Management. We maintain our PBT forecasts for FY19 and increase our FY20 forecast by 1%. Our DCF-based valuation increases to €14.6 per share (from €14.2), which offers 17% potential upside from the current share price.

Tinexta - Executive Interview

Tinexta founded in 2009 and has expanded quickly through a combination of organic growth and M&A. It is listed on the STAR segment of the Italian Stock Exchange and provides IT solutions, information and consulting services in niche markets predominantly to corporate clients. In this video director of corporate and financial communications, Lawrence Kay, provides an overview of Tinexta’s development, the business units and their competitive landscapes, historic growth rates and current financial guidance. Read our initiation note or latest research on Tinexta here.

Tinexta - Broad-based strong profit growth

Tinexta reported strong Q119 results, with c 10% organic revenue growth, c 32% organic EBITDA growth, 50% EPS growth and improving free cash flow (FCF) generation. All divisions contributed to profit growth and the acquisitions made in FY18 are performing well. Management has reiterated guidance for FY19, which appears conservative even though Q1 is a seasonally less important quarter. We maintain our forecasts for now but will review them later in the year.

TINEXTA SPA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of TINEXTA SPA (IT), a company active in the Software industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date January 10, 2020, the closing price was EUR 12.04 and its potential was estimated at EUR 13.80.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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