London, UK, 10 August 2021

Tinexta (TNXT): Growth in highly innovative areas

Tinexta provides IT solutions, information and consulting services in niche markets, predominantly to corporate clients. It has leading or strong market positions in the majority of its businesses, which have structural growth drivers. Management's strategy of diversifying its services and geographic expansion via M&A and subsequent organic growth has generated improving financial metrics, while remaining shareholder friendly with respect to cash returns and a robust balance sheet. Our discounted cash flow (DCF)-based valuation is c €41 per share.

Tinexta's prospective EV/EBITDA multiples (19.2x, 15.5x and 12.9x) and P/E multiples (32.6x, 25.3x and 20.4x) for FY21e, FY22e and FY23e are at a premium to historical multiples, reflecting an improving business mix, growth rates and profitability. Our DCF points to a valuation of c €41 per share.  

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