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The most important takeaway from Tinexta’s Q125 results, which are typically a seasonally small part of full-year profits, is that management believes there are tangible signs of rebound by Cyber Security (CS) and Business Innovation (BI). These weighed on FY24 results and a recovery in both divisions, which management believes will accelerate through the year, is key to helping close the valuation gap to our discounted cash flow (DCF)-based valuation of €21 per share.
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Tinexta (TNXT.MI)
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