Edison Investment Research - Tinexta (TNXT) Tinexta - A reassuring start to FY21

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Edison Investment Research

Richard Williamson

Tinexta - A reassuring start to FY21

Tinexta’s Q121 results highlighted strong growth in organic revenue, profitability and free cash flow generation in what is typically a small quarter from a financial perspective. The recently acquired Cyber Security businesses are performing in line with management’s expectations, which is reassuring. Our forecasts are unchanged as is our DCF-base valuation of €27, representing 14% upside from the current share price.

13/05/2021 1 EN

Underlying

Tinexta

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.

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IT0005037210 Italy

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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Tinexta - A reassuring start to FY21

Tinexta - Strongest year since FY18

Tinexta - Business Innovation expansion in France

Tinexta - Confirming FY23 guidance

Intralot - Focus on business development in FY24

Headlam Group - Strategy for growth in tougher market

Lithium Power International - Termination of coverage

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