Edison Investment Research Limited 
Tungsten (TUNG): Foundations for growth in place 
12-Feb-2021 / 07:00 GMT/BST 
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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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1167826 12-Feb-2021

(END) Dow Jones Newswires

February 12, 2021 02:00 ET (07:00 GMT)