Update: EBITDA breakeven forecast reiterated
At its recent capital markets day (CMD), Tungsten reiterated its financial targets and presented some of the measures it is undertaking to achieve them. If the business develops as it expects, Tungsten believes its current cash resources should be enough to allow it to meet its targets, while the cash resources tied up in its bank give it leeway. Tungsten is renewing its invoice financing initiative with a new, experienced leader to start in April 2016, with a wide-ranging strategy for winning business. It remains convinced about the long-term profit potential of these businesses. Tungsten’s shares have performed strongly since the start of the year and we estimate the market is applying a cost of equity of c 11% to its cash flows, down from c 24% when we initiated in January.Tungsten Corp is a global e-invoicing network that provides supply chain financing and spend analytics. Co.'s solutions include: purchase order services, where Tungsten Network facilitates the delivery, acknowledgment, variation and conversion of purchase orders into invoices; and invoicing services, which eliminate paper from the accounts payable process through e-invoicing. Co. has three segments: Tungsten Network, which includes the e-invoicing and spend analytics business of Tungsten Network; Tungsten Network Finance, which includes the supply chain finance business; and Tungsten Corporate, which includes overheads and general corporate activities.
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