Tinexta’s FY20 results were broadly in line with management’s prior guidance and demonstrated margin leverage despite it being a more challenging year due to COVID-19, and a significant improvement in free cash flow generation and net debt. The acquisitions of the Cyber Security businesses have enhanced the group’s growth revenue and EBITDA growth profile, albeit diluting the group’s EBITDA margin. Our DCF-based approach suggests a valuation of €27 per share.
