Edison Investment Research - Tinexta (TNXT) Tinexta - Confirmed strong outlook for Digital Trust

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Edison Investment Research

Russell Pointon

Tinexta - Confirmed strong outlook for Digital Trust

Tinextaâ€™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 â‚¬14.6 per share (from â‚¬14.2), which offers 17% potential upside from the current share price.

14/08/2019 7 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 - Confirmed strong outlook for Digital Trust

Tinexta - Strongest year since FY18

Tinexta - Business Innovation expansion in France

Tinexta - Confirming FY23 guidance

EML Payments - Growth cap lifted in the UK

Creo Medical - NHS data validates Speedboat’s economic merit

International Public Partnerships - Consistently and responsibly delivering

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