TINEXTA S.P.A.'s revenue and adjusted EBITDA year-on-year growth slowed a little in Q223 after a strong start to the year, but there was improving momentum in revenue and profitability from the two divisions that are forecast to generate the fastest growth in FY23. Of most significance was the acceleration by the Cyber Security (CS) division, which appears to have turned a corner since the start of the year following relatively disappointing growth post the acquisitions. The low net debt position leaves the company well placed to take advantage of M&A opportunities. The shares remain at a significant discount to Edison Group's unchanged DCF-based valuation of €30.4 per share.
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