Tinexta - Strongest year since FY18

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 years, which looks at odds with its prospective valuation multiples that are at a discount to its own long-term average multiples and our DCF-based valuation of €28.5/share.

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