CentralNic Group - Flying high with 62% organic revenue growth
CentralNic has delivered another record quarter, with pro forma last 12 months organic revenue growth of 62% to 30 June 2022 (53% to 31 March 2022), driven by the performance of the Online Marketing division. CentralNic’s privacy-safe approach to online marketing has proved resilient and to be high growth. As a result, H122 revenue is expected to be US$335m (H121: US$175m), with adjusted EBITDA of US$38m (H121: US$20.5m), a margin of 11.3% (Q122: 11.8%). Both H122 revenue and adjusted EBITDA figures represent 58% of our FY22 estimates (revenues US$573m, adjusted EBITDA US$66m). Management is guiding towards CentralNic meeting at least the upper end of market expectations for FY22, disclosed as revenues of US$603m and adjusted EBITDA of US$70m, although this appears conservative given the annual run-rate. CentralNic trades on an undemanding rating given its growth (FY22 EV/adjusted EBITDA of 6.8x and P/E of 9.5x). We will review our forecasts with the full H122 results due on 30 August.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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