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Tinexta

BIT:TNXT
Snowflake Description

Reasonable growth potential with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TNXT
BIT
€539M
Market Cap
  1. Home
  2. IT
  3. Commercial Services
Company description

Tinexta S.p.A. engages in the digital trust, credit information and management, and innovation and marketing services businesses. The last earnings update was 26 days ago. More info.


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TNXT Share Price and Events
7 Day Returns
-0.9%
BIT:TNXT
-3.6%
IT Professional Services
0.7%
IT Market
1 Year Returns
85.7%
BIT:TNXT
48.8%
IT Professional Services
19.9%
IT Market
TNXT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tinexta (TNXT) -0.9% -7.5% 4% 85.7% 176.2% 247.1%
IT Professional Services -3.6% -5.1% 4.8% 48.8% 37.1% 71.4%
IT Market 0.7% -1.4% 4.5% 19.9% 9.9% -12.6%
1 Year Return vs Industry and Market
  • TNXT outperformed the Professional Services industry which returned 48.8% over the past year.
  • TNXT outperformed the Market in Italy which returned 19.9% over the past year.
Price Volatility
TNXT
Industry
5yr Volatility vs Market

TNXT Value

 Is Tinexta undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tinexta to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tinexta.

BIT:TNXT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.6%
Perpetual Growth Rate 10-Year IT Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BIT:TNXT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 8.2%
Professional Services Unlevered Beta Simply Wall St/ S&P Global 0.83
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.833 (1 + (1- 24%) (31.93%))
1.024
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.21% + (1.024 * 8.23%)
9.64%

Discounted Cash Flow Calculation for BIT:TNXT using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tinexta is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BIT:TNXT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.64%)
2020 42.30 Analyst x1 38.58
2021 46.40 Analyst x1 38.60
2022 49.33 Est @ 6.32% 37.43
2023 51.69 Est @ 4.79% 35.78
2024 53.61 Est @ 3.71% 33.85
2025 55.20 Est @ 2.96% 31.79
2026 56.55 Est @ 2.44% 29.70
2027 57.72 Est @ 2.07% 27.65
2028 58.76 Est @ 1.81% 25.68
2029 59.72 Est @ 1.63% 23.80
Present value of next 10 years cash flows €322.00
BIT:TNXT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €59.72 × (1 + 1.21%) ÷ (9.64% – 1.21%)
€717.33
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €717.33 ÷ (1 + 9.64%)10
€285.88
BIT:TNXT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €322.00 + €285.88
€607.88
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €607.88 / 47.21
€12.88
BIT:TNXT Discount to Share Price
Calculation Result
Value per share (EUR) From above. €12.88
Current discount Discount to share price of €11.42
= -1 x (€11.42 - €12.88) / €12.88
11.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tinexta is available for.
Intrinsic value
11%
Share price is €11.42 vs Future cash flow value of €12.88
Current Discount Checks
For Tinexta to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tinexta's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Tinexta's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tinexta's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tinexta's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:TNXT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in EUR €0.66
BIT:TNXT Share Price ** BIT (2019-12-10) in EUR €11.42
Europe Professional Services Industry PE Ratio Median Figure of 94 Publicly-Listed Professional Services Companies 20.26x
Italy Market PE Ratio Median Figure of 248 Publicly-Listed Companies 18.33x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tinexta.

BIT:TNXT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:TNXT Share Price ÷ EPS (both in EUR)

= 11.42 ÷ 0.66

17.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tinexta is good value based on earnings compared to the Europe Professional Services industry average.
  • Tinexta is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Tinexta's expected growth come at a high price?
Raw Data
BIT:TNXT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.38x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
14%per year
Europe Professional Services Industry PEG Ratio Median Figure of 58 Publicly-Listed Professional Services Companies 1.36x
Italy Market PEG Ratio Median Figure of 169 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

BIT:TNXT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.38x ÷ 14%

1.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tinexta is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Tinexta's assets?
Raw Data
BIT:TNXT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in EUR €2.95
BIT:TNXT Share Price * BIT (2019-12-10) in EUR €11.42
Europe Professional Services Industry PB Ratio Median Figure of 124 Publicly-Listed Professional Services Companies 2.26x
Italy Market PB Ratio Median Figure of 326 Publicly-Listed Companies 1.52x
BIT:TNXT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:TNXT Share Price ÷ Book Value per Share (both in EUR)

= 11.42 ÷ 2.95

3.87x

* Primary Listing of Tinexta.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tinexta is overvalued based on assets compared to the Europe Professional Services industry average.
X
Value checks
We assess Tinexta's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check)
  5. Tinexta has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TNXT Future Performance

 How is Tinexta expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tinexta expected to grow at an attractive rate?
  • Tinexta's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Tinexta's earnings growth is expected to exceed the Italy market average.
  • Tinexta's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:TNXT Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:TNXT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 14%
BIT:TNXT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 5.8%
Europe Professional Services Industry Earnings Growth Rate Market Cap Weighted Average 9.6%
Europe Professional Services Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
Italy Market Earnings Growth Rate Market Cap Weighted Average 8.9%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BIT:TNXT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:TNXT Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 285 58 42 1
2020-12-31 270 54 39 3
2019-12-31 254 43 33 2
2019-12-10
BIT:TNXT Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-09-30 251 48 31
2019-06-30 252 43 33
2019-03-31 248 50 35
2018-12-31 240 43 33
2018-09-30 224 48 26
2018-06-30 210 45 25
2018-03-31 192 37 21
2017-12-31 181 32 20
2017-09-30 171 27 20
2017-06-30 163 25 15
2017-03-31 156 26 13
2016-12-31 147 20 12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tinexta's earnings are expected to grow by 14% yearly, however this is not considered high growth (20% yearly).
  • Tinexta's revenue is expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BIT:TNXT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Tinexta Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:TNXT Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 0.81 0.86 0.76 2.00
2019-12-31 0.70 0.78 0.61 2.00
2019-12-10
BIT:TNXT Past Financials Data
Date (Data in EUR Millions) EPS *
2019-09-30 0.66
2019-06-30 0.70
2019-03-31 0.74
2018-12-31 0.70
2018-09-30 0.56
2018-06-30 0.54
2018-03-31 0.45
2017-12-31 0.43
2017-09-30 0.42
2017-06-30 0.34
2017-03-31 0.31
2016-12-31 0.31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Tinexta is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Tinexta's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tinexta has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TNXT Past Performance

  How has Tinexta performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tinexta's growth in the last year to its industry (Professional Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tinexta has delivered over 20% year on year earnings growth in the past 5 years.
  • Tinexta's 1-year earnings growth is less than its 5-year average (17.1% vs 36.3%)
  • Tinexta's earnings growth has not exceeded the IT Professional Services industry average in the past year (17.1% vs 17.1%).
Earnings and Revenue History
Tinexta's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tinexta Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:TNXT Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 251.05 30.59 3.37
2019-06-30 251.70 32.70 3.37
2019-03-31 247.75 34.52 3.37
2018-12-31 239.62 32.52 3.37
2018-09-30 223.66 26.13 2.02
2018-06-30 210.12 25.12 2.02
2018-03-31 191.70 20.59 2.02
2017-12-31 181.02 20.13 2.02
2017-09-30 171.37 19.62 1.03
2017-06-30 162.84 15.06 -1.06
2017-03-31 156.14 12.78 1.03
2016-12-31 147.33 11.55 1.03
2016-09-30 135.44 10.53 -1.10
2016-06-30 134.66 12.45 -0.12
2016-03-31 128.05 10.87
2015-12-31 126.44 11.02
2015-09-30 113.67 8.33 2.90
2015-06-30 100.89 5.64 5.81
2015-03-31 88.75 6.05 3.60
2014-12-31 76.60 4.83 3.60
2014-03-31 67.37 2.91 0.83
2013-12-31 64.47 2.14 0.83

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Tinexta has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Tinexta used its assets more efficiently than the IT Professional Services industry average last year based on Return on Assets.
  • Tinexta has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tinexta's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tinexta has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TNXT Health

 How is Tinexta's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tinexta's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tinexta's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tinexta's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tinexta's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tinexta Company Filings, last reported 2 months ago.

BIT:TNXT Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 143.06 172.14 42.63
2019-06-30 137.68 159.73 28.96
2019-03-31 142.09 181.20 48.85
2018-12-31 145.55 167.45 37.39
2018-09-30 139.10 141.33 37.23
2018-06-30 138.49 142.92 47.46
2018-03-31 133.58 146.23 46.25
2017-12-31 143.21 144.81 38.99
2017-09-30 133.93 100.22 38.59
2017-06-30 127.12 109.33 42.60
2017-03-31 127.87 110.05 41.99
2016-12-31 129.92 137.57 66.78
2016-09-30 125.08 123.10 57.91
2016-06-30 104.18 121.36 62.37
2016-03-31 76.92 117.64 29.01
2015-12-31 77.19 70.67 22.68
2015-09-30 77.19 70.67 22.68
2015-06-30 65.32 77.83 17.41
2015-03-31 64.49 75.46 19.95
2014-12-31 64.49 74.81 19.95
2014-03-31 43.09 0.00 22.32
2013-12-31 41.74 0.08 18.31
  • Tinexta's level of debt (109.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (87.9% vs 109.5% today).
  • Debt is well covered by operating cash flow (30.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 20.8x coverage).
X
Financial health checks
We assess Tinexta's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tinexta has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TNXT Dividends

 What is Tinexta's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2%
Current annual income from Tinexta dividends. Estimated to be 2.29% next year.
If you bought €2,000 of Tinexta shares you are expected to receive €40 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tinexta's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (1.96%).
  • Tinexta's dividend is below the markets top 25% of dividend payers in Italy (4.4%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BIT:TNXT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Europe Professional Services Industry Average Dividend Yield Market Cap Weighted Average of 76 Stocks 2.5%
Italy Market Average Dividend Yield Market Cap Weighted Average of 177 Stocks 4.2%
Italy Minimum Threshold Dividend Yield 10th Percentile 1%
Italy Bottom 25% Dividend Yield 25th Percentile 2%
Italy Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BIT:TNXT Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.28 1.00
2020-12-31 0.27 3.00
2019-12-31 0.25 3.00
2019-12-10
BIT:TNXT Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-26 0.228 1.901
2019-03-12 0.228 2.430
2018-04-20 0.140 2.221
2018-03-14 0.140 2.164
2017-04-26 0.088 1.520
2016-04-14 0.080 1.956
2016-03-30 0.080 2.507
2015-04-14 0.047 1.392
2015-03-31 0.047 1.261

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Tinexta has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Tinexta only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Tinexta's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.5x coverage).
X
Income/ dividend checks
We assess Tinexta's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tinexta afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tinexta has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TNXT Management

 What is the CEO of Tinexta's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Pier Andrea Paolo Chevallard
AGE 68
TENURE AS CEO 4.9 years
CEO Bio

Mr. Pier Andrea Paolo Edoardo Chevallard serves as Chief Executive Officer at Tinexta S.p.A. (earlier known as Tecnoinvestimenti S.p.A) since 2018. Mr. Chevallard has been Managing Director and General Manager at Tecnoinvestimenti S.p.A. since 2015. Mr. Chevallard is a Managing Director at Tecno Holding S.p.A. since 2009. Mr. Chevallard has been Chief Executive Officer of Parcam S.r.l. since 2009. From 1985 to 1993, Mr. Chevallard and his partners set up a consultancy company specialised in international market analysis, the formulation of intervention programmes for the Italian Public Administration and strategic consultancy for business associations, responsible for personnel management and economic and financial management. From 1993-2001, he was Director General at Promos. He serves as Chairman of the Board of Directors of Accademia del Teatro alla Scala in Milan. He serves as Chairman of the Board of Statutory Auditors of Infocamere S.c.p.A. He serves as Director of Tecnoinvestimenti S.p.A. Mr. Chevallard served as an Independent Non-Executive Director of Fiera Milano SPA since February 8, 2010 until May 3, 2017. He has been a Director of Tecno Holding SpA since 2008, Italconsult S.r.l. since 2008 and Pro Mac SpA since 2009. From 1995 to 2002, Mr. Chevallard was a Board Member of Finlombarda S.p.A. and Finlombarda Gestioni SGR S.p.A. since 2008. Mr. Chevallard served as a Statutory Auditor at Fiera Milano Spa. until February 8, 2010. Since November 2001, he has been the Secretary-General of the Chamber of Commerce, Industry, Handicraft and Agriculture of Milan and since 2005 and he has been Director of the Union of Chambers of Commerce of Lombardy. Mr. Chevallard is a graduate in Political Sciences from the University of Turin.

CEO Compensation
  • Insufficient data for Pier Andrea Paolo to compare compensation growth.
  • Insufficient data for Pier Andrea Paolo to establish whether their remuneration is reasonable compared to companies of similar size in Italy.
Management Team

Pier Andrea Paolo Chevallard

TITLE
CEO, MD
AGE
68
TENURE
4.9 yrs

Nicola Di Liello

TITLE
Corporate Accounting Documents Officer

Martina Cavinato

TITLE
Corporate & Legal Affairs Director

Cosimo Lai

TITLE
Director of Human Resources & Organization

Marco Sanfilippo

TITLE
Director of Development

Lawrence Kay

TITLE
Communications & IR Director
Board of Directors Tenure

Average tenure and age of the Tinexta board of directors in years:

1.5
Average Tenure
63.5
Average Age
  • The average tenure for the Tinexta board of directors is less than 3 years, this suggests a new board.
Board of Directors

Enrico Salza

TITLE
Chairman
AGE
82

Pier Andrea Paolo Chevallard

TITLE
CEO, MD
AGE
68

Riccardo Ranalli

TITLE
Deputy Chairman
TENURE
1.1 yrs

Giada Grandi

TITLE
Independent Director
AGE
59

Eugenio Rossetti

TITLE
Independent Director
TENURE
1.7 yrs

Luca Laurini

TITLE
Chairman of Statutory Auditors

Laura Benedetto

TITLE
Director

Elisa Corghi

TITLE
Independent Director
AGE
47

Gian Coscia

TITLE
Independent Director
TENURE
1.4 yrs

Alessandro Potestà

TITLE
Director
TENURE
3.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Tinexta's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tinexta has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TNXT News

Simply Wall St News

Tinexta S.p.A.'s (BIT:TNXT) 1.9% Dividend Yield Looks Pretty Interesting

Payout ratios Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. Looking at the data, we can see that 33% of Tinexta's profits were paid out as dividends in the last 12 months. This is medium payout level that leaves enough capital in the business to fund opportunities that might arise, while also rewarding shareholders. Plus, there is room to increase the payout ratio over time. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Tinexta's cash payout ratio in the last year was 38%, which suggests dividends were well covered by cash generated by the business. Is Tinexta's Balance Sheet Risky? As Tinexta has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … However, it's also important to assess if earnings per share (EPS) are growing. Growing EPS can help maintain or increase the purchasing power of the dividend over the long run. It's good to see Tinexta has been growing its earnings per share at 26% a year over the past 5 years. Earnings per share have rocketed in recent times, and we like that the company is retaining more than half of its earnings to reinvest. However, always remember that very few companies can grow at double digit rates forever. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Companies that are growing earnings tend to be the best dividend stocks over the long term.

Simply Wall St -

What You Must Know About Tinexta S.p.A.'s (BIT:TNXT) Beta Value

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … This is reasonably close to the market beta of 1, so the stock has in the past displayed similar levels of volatility to the overall market. … It takes less capital to move the share price of small companies, and they are also more impacted by company specific events, so it's a bit of a surprise that the beta is so close to the overall market.

Simply Wall St -

Is There Now An Opportunity In Tinexta S.p.A. (BIT:TNXT)?

led the BIT gainers with a relatively large price hike in the past couple of weeks. … Less-covered, small caps sees more of an opportunity for mispricing due to the lack of information available to the public, which can be a good thing? … So, could the stock still be trading at a low price relative to its actual value.

Simply Wall St -

Is Tinexta S.p.A. (BIT:TNXT) A High Quality Stock To Own?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Tinexta has a return on equity of 23% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And Tinexta (BIT:TNXT) Passed With Ease

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to investors, even if it completely lacks a track record of revenue and profit. … Therefore, there are plenty of investors who like to buy shares in companies that are growing EPS. … I like to see top-line growth as an indication that growth is sustainable, and I look for a high earnings before interest and taxation (EBIT) margin to point to a competitive moat (though some companies with low margins also have moats).

Simply Wall St -

Tinexta S.p.A. (BIT:TNXT): Immense Growth Potential?

The latest earnings announcement Tinexta S.p.A. … (BIT:TNXT) released in December 2018a … indicated

Simply Wall St -

What Should You Know About Tinexta S.p.A.'s (BIT:TNXT) Future?

After Tinexta S.p.A.'s (BIT:TNXT) earnings announcement on 31 December 2018, … with earnings expected to grow by 17% in the upcoming year … the higher past 5-year average growth rate of 40%.

Simply Wall St -

Is Tinexta's (BIT:TNXT) Share Price Gain Of 179% Well Earned?

(BIT:TNXT) share price has flown 179% in the last three years. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During three years of share price growth, Tinexta achieved compound earnings per share growth of 30% per year.

Simply Wall St -

Should Investors Be Happy About Tinexta S.p.A.’s (BIT:TNXT) Cash Levels?

I’ve analysed below, the health and outlook of Tinexta’s cash flow, which will help you understand the stock from a cash standpoint. … Tinexta generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. … I will be analysing Tinexta’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

How Does Tinexta S.p.A. (BIT:TNXT) Affect Your Portfolio Volatility?

The second type is the broader market volatility, which you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks on the market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

TNXT Company Info

Description

Tinexta S.p.A. engages in the digital trust, credit information and management, and innovation and marketing services businesses. The company offers IT solutions for digital identity and the dematerialization of processes in line with applicable regulations. It provides products and services, such as certified electronic mail, digital preservation, electronic storage, digital signature, electronic invoicing, and cloud, telematic trust, and enterprise content management solutions for the secure and simplified transmission of legal and financial documents for companies, entities, associations, and institutions; Web services for accessing public administration database; and additional services for the management of professional associations and billing, and IT protocol services, as well as designs and develops IT services and solutions for SMEs, trade associations, professional firms, agencies, and financial intermediaries. The company also offers IT services to support decision-making processes for the granting, assessment, and credit recovery, as well as credit management and business information services for banks and SMEs. In addition, it provides real estate services, including appraisals and valuations; and advisory services for innovation, dematerialization tools for production processes, and commercial expansion and consulting services for SMEs. The company was formerly known as Tecnoinvestimenti S.p.A. and changed its name to Tinexta S.p.A. in November 2018. The company was founded in 2009 and is headquartered in Rome, Italy. Tinexta S.p.A. is a subsidiary of Tecno Holding S.p.A.

Details
Name: Tinexta S.p.A.
TNXT
Exchange: BIT
Founded: 2009
€539,105,310
47,207,120
Website: http://www.tinexta.com
Address: Tinexta S.p.A.
Piazza Sallustio, 9,
Rome,
Rome, 00187,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT TNXT Common Stock Borsa Italiana IT EUR 06. Aug 2014
DB 7T4 Common Stock Deutsche Boerse AG DE EUR 06. Aug 2014
LSE 0RIW Common Stock London Stock Exchange GB EUR 06. Aug 2014
Number of employees
Current staff
Staff numbers
1,294
Tinexta employees.
Industry
Research and Consulting Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/10 22:38
End of day share price update: 2019/12/10 00:00
Last estimates confirmation: 2019/11/19
Last earnings filing: 2019/11/14
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.