Report
Richard Williamson

Tinexta - Incorporating management’s FY22–24 guidance

Tinexta delivered FY21 results that were in line with our expectations, while undertaking a higher-than-average level of M&A as it sought to develop further the services it provides to customers and grow its international presence. Management’s new three-year (FY22–24) business plan points to attractive growth for revenue (low double digit) and adjusted EBITDA (mid-double digit) from a combination of organic growth, further M&A and cost efficiencies. Our estimate for adjusted EBITDA in FY22 is broadly unchanged, but we reduce our estimate for FY23 by c 4%. Recent share price weakness means our DCF-based valuation of €42 per share (previously €41) offers significant upside potential.
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.

Provider
Edison Investment Research
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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