Tungsten Corporation


£66.3m market cap

52.6p last close

Tungsten Corporation operates a global e-invoicing network. It also provides value-added services such as spend analytics to help buyers on its network save money and invoice financing to enable suppliers to receive early payment on their invoices.

Investment summary

Tungsten’s FY19 trading update in May signalled its first full-year EBITDA profit and a move into cash generation in the second half, both important and encouraging milestones for the group. The update indicated an expected y-o-y revenue increase of 6% to £35.3m, an EBITDA profit of £2.5m (vs £3.3m loss) and net cash of £2.8m (vs £6.4m last year and £2.0m at the end of first half). These revenue and EBITDA figures exclude Tungsten Network Finance (TNF), which is being sold with the disposal expected to take place in the first half of FY20. Including TNF, the indicated EBITDA profit is £0.6m (vs £4.6m loss). FY19 results are due to be announced 22 July.

Y/E Apr
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 31.3 (11.8) (12.7) (9.9) N/A N/A
2018A 33.7 (4.6) (12.7) (9.5) N/A N/A
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Industry outlook

Looking ahead, the group’s operating review has given a clearer sense of purpose with its identification of differentiating strengths in the business and initiation of partnerships to improve access to market opportunities. There is a sense that the business is set on the path to sustainable profitability and cash generation.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 11.9 36.1 0.4
Relative* 10.7 35.4 3.2
52-week high/low 60.4p/22.0p
*% relative to local index
Key management
David Williams CFO