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Tinexta enjoyed its strongest year for underlying profit growth in FY23 since FY18 which, given the recent challenging macro environment, is testimony to the changes in its business portfolio. Management has a consistent strategy of strengthening its market leadership, greater coordination between and integration of its divisions, M&A and expanding geographic coverage. Management’s new guidance suggests an even better year for underlying profit in FY24 and high-teens growth over the next three y
Companies: Tinexta SpA
Edison
The announcement of the binding and irrevocable offer to gradually acquire the whole of ABF Group (ABF) is consistent with Tinexta’s strategy of internationalising its core businesses, in this case Business Innovation (BI), which is Tinexta’s second fastest growing (by revenue) and most profitable division, according to management guidance. The acquisition is expected to be accretive to Tinexta’s overall growth and profitability, with an expectation that ABF’s future
Tinexta’s Q323 results showed continued strong underlying revenue and profit growth in what is typically a relatively small quarter from a revenue and profit perspective due to the inherent seasonality of its Cyber Security (CS) and Business Innovation (BI) divisions. Management’s reiteration of its previous financial guidance, albeit with different growth drivers than originally anticipated, is reassuring given the dependence of the full year results on the performance of the current, final qua
Tinexta’s revenue and adjusted EBITDA year-on-year growth slowed a little in Q223 after a strong start to the year, but there was improving momentum in revenue and profitability from the two divisions that are forecast to generate the fastest growth in FY23. Of most significance was the acceleration by the Cyber Security (CS) division, which appears to have turned a corner since the start of the year following relatively disappointing growth post the acquisitions. The low net debt position leave
Tinexta’s Q123 results reflect trends that are consistent with prior years for the Digital Trust (DT) and Business Innovation (BI) divisions, coupled with a reassuring boost from a rebound in growth by Cyber Security (CS). The conservative balance sheet with an almost net cash position at the end of Q123 should enable Tinexta to undertake further M&A, which could provide scope for upgrades to profit estimates. We increase our DCF-based valuation to €30.4/share (€29.5 previously).
Tinexta’s FY22 results demonstrated strong growth but were just shy of our expectations, mainly due to lower growth than expected from the Cyber Security (CS) division. Management’s new guidance suggests greater profit growth in FY23 than was delivered in FY22, before any contributions from recently announced and likely further mergers and acquisitions (M&A) are considered. The growth plan continues to focus on strengthening Tinexta’s position in its reference markets, M&A, internationalisation
Tinexta’s binding agreement to acquire an initial 20% stake in Defence Tech Holding (DTH) will provide a significant presence in a new client vertical (government/defence) for its Cyber Security business unit. DTH’s major assets include proprietary technology in an industry with a high security requirement, and ownership of authorisation centres to uphold Italy’s national security protocol, implying strong barriers to entry.
Tinexta’s Q322 results highlighted the consistent strong growth of Digital Trust (DT) and contributions from M&A (seven acquisitions), offset by the typical lower seasonal contribution from its other divisions, which management believes were accentuated by the phasing of demand for certain products and services. Despite the more challenging macroeconomic backdrop, management re-iterated its FY22 guidance. This will require a greater profit contribution by Q4 than is typical, which management bel
Tinexta’s interim results were strong due to a combination of underlying growth and contributions from M&A. The completion of the disposal of its lowest-growth division, Credit Information and Management (CIM), leaves Tinexta with a significantly improved financial position, and therefore well placed to take account of recent weakness in equity markets to undertake further M&A. The reiteration of underlying guidance for FY22, despite the disposal of lower-growth CIM, indicates a little more caut
Tinexta’s proposal sale of its Credit Information & Management (CIM) division is significant from a financial and strategic perspective. With respect to the former, the remaining group should demonstrate higher aggregate pro forma revenue and profit growth and it will have significantly improved financial fire power to pursue further M&A in the higher-growth business units. Strategically, it removes a business that has low exposure to the thematic growth driver of a digitising economy, limited o
Tinexta reported a good start to the year with continued strong organic revenue growth in Q122. This was further boosted by first-time contributions from acquisitions completed through FY21 and into FY22, which were also helpful to the total margin. Management re-iterated its financial guidance for FY22 while recognising the greater macroeconomic and inflationary pressures than when the guidance was made earlier in the year. The recent share price weakness means the stock is trading at a substan
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 b
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tinexta SpA. We currently have 85 research reports from 2 professional analysts.
Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua
Companies: Audioboom Group PLC
Cavendish
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H
Companies: Alphawave IP Group PLC
Capital Access Group
Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe
Companies: Crimson Tide Plc
Companies: BILN ELCO NXQ CUSN ATG
Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce
Companies: Devolver Digital, Inc.
Zeus Capital
Companies: 88E RNO TRIN KRM EXR BOOM
Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.
Companies: Checkit plc
Companies: Kainos Group PLC
Canaccord Genuity
ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).
Companies: Auction Technology Group PLC
Companies: Crimson Tide Plc (TIDE:LON)Plant Health Care PLC (PHC:LON)
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen
Companies: Touchstar plc
WHIreland
This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored. We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.
Companies: Idox plc
Progressive Equity Research
ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals
Companies: Engage XR Holdings PLC
Companies: Cirata Plc
Liberum
Companies: UTL ASC DNLM BWNG MONY DFS BOO
Shore Capital
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