Tinexta’s Q320 results demonstrate that its business units are recovering post-COVID lockdowns better than management initially expected, while developing new revenue opportunities. Management’s increased FY20 guidance appears conservative, implying a y-o-y decline in Q420 EBITDA of 7%, reflecting its typical caution and the tough comparative. The announced acquisitions for Warrant Hub are consistent with the strategy of expanding outside Italy. The dissolution of the joint venture with LuxTrust will enable Tinexta to develop Digital Trust in France.
