Tinexta’s new venture with a subsidiary of Intesa Sanpaolo (IS), a leading bank in Italy, will enable it to distribute its own services that help SMEs to fund, market and grow their businesses through a more significant network with existing strong relationships. We upgrade our FY22 PBT forecast by 2% and the rapid build in revenue and profitability of the new venture through FY25, post our explicit forecast period, leads to an increase in our DCF-based valuation to €36.4 per share.
