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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 0 research reports from 2 professional analysts.
Journeo has confirmed record results for FY23A, in-line with recent upgraded expectations across the board. FY23A revenue increased significantly by 118% to £46.1m (including 20% organic growth) and Adj PBT increased 270% to £4m, representing a near doubling of the Adj PBT margin. Journeo has positioned itself for a period of sustained growth following the transformational Infotec acquisition, the bolt-on MultiQ acquisition and ongoing R&D in the existing business. Journeo looks compelling on an
Companies: Journeo plc
Cavendish
Craneware is the market leader in value cycle SaaS provision in the US with a 40% market penetration and the ambition to become ubiquitous in US hospitals. The shackles of Covid disruption, digestion of the Sentry acquisition, and the transitioning of its customers to the fully cloud based Trisus platform, have fallen away and opened up new sales opportunities for the group. While the shares have out-performed strongly, multiples look reasonable compared with peers. We calculate a DCF based fair
Companies: Craneware plc
Capital Access Group
In 2023, the company delivered strong 13% organic constant currency revenue growth and Adjusted EBITDA in line with expectations, even after including one-off inventory provisions.
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Zeus Capital
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Companies: CML Microsystems Plc
Shore Capital
GetBusy’s FY23 results show organic revenue growth of +10% to £21.1m, FY23 adjusted EBITDA +£0.1m ahead of our +£0.3m upgrade at the January trading update, and a promising outlook that leads us to reiterate our FY24E forecasts. At constant currency, ARR grew +10% yoy to £20.5m, recurring revenue grew +12% to £20.3m, and net revenue retention of 100.0% per month reflects upselling and price increases, with gross monthly churn of 0.8% per month vs 0.9% in FY22. Within SmartVault, the July 2023 la
Companies: GetBusy Plc
Nanoco, the world-leading provider of cadmium-free Quantum Dot technology, has reported positive 1H24 results, and stated that FY24 performance is expected to be in-line with market expectations. We reiterate our FY24E forecasts. Operationally, the company has achieved strong progress over the past six months, and the interims statement includes further progress on the company’s next-generation revenue programmes being implemented post period end. We maintain our 60.2p price target.
Companies: Nanoco Group PLC
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Broadcast playout automation solutions provider Pebble Beach has reported confident FY23 results to Dec 2023 in line with updated January trading update expectations, and has announced the much-anticipated Project Oceans will launch as PRIMA (Platform for Real-time Integrated Media Applications) in April 2024. This underpins a mid-term 80% recurring revenue ambition and expansion in addressable market. FY23 delivered +11% revenue growth to £12.4m, which benefitted from the unwind of defensive in
Companies: Pebble Beach Systems Group PLC
The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and
Progressive Equity Research
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Companies: Windward Ltd.
Canaccord Genuity
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IQGeo’s FY23 results show remarkable organic revenue growth of +64% to £44.5m, FY23 adj EBITDA +2% ahead of our +5% upgrade at the January trading update, and a confident outlook that leads us to conservatively reiterate our FY24E and FY25E forecasts. Excellent execution of the land and expand strategy has scaled organic exit ARR +50% yoy to £21.3m, with record order intake +40% yoy to £57.2m, and net recurring revenue retention increasing to 133% from 108% in FY22. After upgrading by +6% in Jan
Companies: IQGeo Group PLC
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