Tinexta has announced three acquisitions that will lead to the creation of a fourth business unit, Cybersecurity. The acquisitions are consistent with the strategy of moving towards providing more digital services in high growth markets (9-10% pa in this case). As a result, they are expected to improve the group's average organic revenue growth from c 4-5% to more than 8%, and lead to enhanced profit growth as margins expand following some initial dilution. While our forecasts are unchanged ahead of completion of the transactions, mostly in early FY21, in this note we discuss the implications for the forecasts and valuation. On a pro forma basis, EV/EBITDA is 12.8x in FY21e.Den vollständigen Artikel lesen ...