Edison Investment Research - CentralNic Group (CNIC) CentralNic Group - 51% organic revenue growth in Q122

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Edison Investment Research

Richard Williamson

CentralNic Group - 51% organic revenue growth in Q122

CentralNic has confirmed that revenue growth driven by Online Marketing continued at a very high level in Q122, with 51% organic revenue growth (LTM pro forma revenues of c US$530m). Management expects Q122 revenues of US$156m (US$624m annualised) and adjusted EBITDA of c US$18m (US$72m annualised). This represents an acceleration from 2021, which saw strengthening organic growth throughout the year (Q121: 16%, H121: 20%, 9M21: 29%, FY21: 39%). As a result, management expects CentralNic to ‘materially exceed’ consensus market expectations for FY22 (revenue US$517m, EBITDA US$60m). We have raised our FY22 gross revenue estimate by 11% to US$573m and our adjusted EBITDA estimate by 9% to US$66m. Based on our revised estimates, CentralNic trades on an FY22 P/E of 9.7x and on 7.3x FY22 EV/adjusted EBITDA.

26/04/2022 1 EN

Underlying

CentralNic Group

CentralNic Group is a holding company which provides global domain name services. Co. provides Wholesale, Retail and Enterprise services and consultancy for new Top Level Domains (TLDs), Country Code TLD's and Second-Level Domains and it is the owner and registrant of a portfolio of domain names, which it uses as SLD domain extensions and for resale on the domain name aftermarket. The Wholesale Division powers domain names and sells them via an integrated network of third party retailers; the Retail Division sells domain names and related services to end users; and the Enterprise Division sells domain names and related services, consultancy services and licenses software to corporations.

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GB00BCCW4X83 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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