Edison Investment Research - CentralNic Group (CNIC) CentralNic Group - Another quarter of record growth

Report

Edison Investment Research

Richard Williamson

CentralNic Group - Another quarter of record growth

CentralNic continues to benefit from advertisers looking for privacy-safe marketing solutions, with 66% organic revenue growth for the last 12 months (LTM) to Q322 (LTM to Q222: 62%). Management anticipates 9M22 gross revenue of at least US$525m, net revenue of US$127m (a 24.2% margin) and adjusted EBITDA of at least US$61m (an 11.6% margin). Management expects CentralNic to materially exceed current market expectations for FY22, ahead of Q4, which is typically the strongest advertising quarter. We have therefore revised our FY22 revenue estimate upwards by 9% to US$702m, with adjusted EBITDA of US$81m, an 11.5% margin. Despite CentralNic’s continuing momentum, the group trades on FY22e multiples of 5.9x EV/EBITDA and 7.7x P/E.

18/10/2022 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.

See profile

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.

See profile

Analysts

Richard Williamson

Other Reports on these Companies

Zeus Capital

Team Internet Group (TIG LN) - Trading update and new annual report release date - Corporate

Team Internet released unaudited statements for 2024 and announced that audited results would be released later this week, a short delay to complete the audit of financial statement disclosures. The unaudited results are in line with our forecasts and the company’s update on 4 March. We make no changes to our 2025 and 2026 headline forecasts. We continue to believe Team Internet is significantly undervalued and see price catalysts including asset sales, debt repayments, dividends and share buybacks.

March 24, 2025 March 24, 2025 1 EN

Zeus Capital

Team Internet Group (TIG LN) - Trading update - Corporate

Team Internet has announced a development in the Search market that negatively impacts FY25 and FY26 expected revenues and profitability but has set out a strategic response to return to long-term growth. Zeus adjusted EBITDA estimates are reduced by 37% for FY25 to $62m and by 30% to $72m in FY26. In our view, leverage remains at manageable levels (1.2x FY25 EBITDA) and the Group remains significantly cash generative during a transition year. Separately, Verdane announced that it does not intend to make a firm offer for Team Internet. To deliver shareholder value, the company would consider o...

March 4, 2025 March 4, 2025 1 EN

EQS Group AG

Form 8.3 - Opening Position Disclosure - Team Internet Group PLC

Apex Fundrock Limited (MISL) Form 8.3 - Opening Position Disclosure - Team Internet Group PLC 09-Jan-2025 / 13:42 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust,...

January 9, 2025 January 9, 2025 1 EN

Manx Financial Group - Termination of coverage

Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 10, 2025 March 10, 2025 1 EN

Kate Heseltine

Kate Heseltine

musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

Kate Heseltine

Kate Heseltine

Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN