CentralNic Group - Ending a strong year at a gallop
Driven by its investment programme, CentralNic delivered record like-for-like organic revenue growth throughout FY21 (Q121: 16%; H121: 20%; 9M21: 29%), culminating in 37% organic growth for FY21. Management expects to report FY21 revenue of c US$410m (7% above our forecast of US$384m) and adjusted EBITDA of c US$45m (5% above our forecast of US$43m), implying year-on-year growth of 70% and 47%, respectively. The adjusted FY21 EBITDA margin of 11.0% softened from 11.7% in H121 and 12.7% in FY20. Although a revenue breakdown was not provided, we assume this results from the continued outperformance of Online Marketing over Online Presence. Net debt fell to US$76m from US$85m, despite c US$20m spent on the acquisitions of Safebrands, Wando, the White & Case website portfolio and NameAction, as well as payment of the final consideration for Team Internet. Adjusted operating cash conversion remained over 100%. We will review our forecasts with the FY21 preliminary results, expected on 28 February 2022.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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