Edison Investment Research - Tinexta (TNXT) Tinexta - Broad-based strong profit growth

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Edison Investment Research

Russell Pointon

Tinexta - Broad-based strong profit growth

Tinexta reported strong Q119 results, with cÂ 10% organic revenue growth, cÂ 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.

21/05/2019 4 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

Russell Pointon

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Tinexta - Broad-based strong profit growth

Tinexta - Weak Q324 but valuation appears too pessimistic

Tinexta - Growth affected by temporary issues

Tinexta - Typical seasonality in Q124

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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