Edison Investment Research - CentralNic Group (CNIC) CentralNic Group - Fireball, .ruhr and strong organic growth

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Edison Investment Research

Richard Williamson

CentralNic Group - Fireball, .ruhr and strong organic growth

Alongside the announcement of two small acquisitions in Germany, CentralNic’s management has confirmed continuing high organic revenue growth in Q122 (FY21: 37%), driven largely by the performance of the online marketing segment. Management is still acquiring strategic assets as part of its vertical integration strategy, with the Fireball Search and .ruhr top-level domain (TLD) deals bought for total cash consideration of €0.6m, at implied multiples of 0.3x sales and 0.6x EBITDA. The acquisitions are expected to be immediately earnings accretive. The continued segmental growth underlines that CentralNic’s privacy-safe approach to online marketing, is proving both resilient and attractive. We have yet to revise our forecasts, which we will review with the FY21 preliminary results, expected on 28 February. However, CentralNic trades on an undemanding rating given its robust growth, with management confident of the full-year outlook.

15/02/2022 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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