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 caution by management for the rest of the year, likely due to the heightened macroeconomic risks. Our underlying forecasts for FY22 are unchanged. Our DCF-based valuation is €38/share, from €42/share previously.Den vollständigen Artikel lesen ...