As promised, Tinexta has provided new financial guidance for FY20. Against a tough macroeconomic backdrop, the new guidance implies a y-o-y revenue decline of c 3%, but an improvement in EBITDA of 1%. This is encouraging given the cyclicality of some of the businesses and highlights that the cost base has been managed well. The expected improvement in margin for Digital Trust is impressive. The EV/EBITDA multiple for FY20e is 9.4x. We maintain our estimates.
