Edison Investment Research Limited
London, UK, 12 February 2021
Tungsten (TUNG): Foundations for growth in place
Tungsten's H121 results in December showed resilience in a difficult period and the group is making progress in implementing its strategy. New products are gaining traction, a reshaped salesforce is building a promising pipeline and partnerships are in place or under discussion to provide complementary services, broaden the reach of the network and create new channels to market. COVID-19 causes uncertainty over prospective transaction-related revenues, but may also act as a prompt for potential customers to digitise their invoice handling.
Tungsten trades on an enterprise to sales multiple of 1.0x compared with peers ranging between 1.7x and 51.6x (see valuation section). The valuation is likely to appear increasingly conservative as Tungsten provides further evidence of delivery of its strategy.
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