CentralNic Group - Focusing on shareholder returns
CentralNic’s H123 trading update shows that revenue, EBITDA and margins have continued to grow in the year, giving us confidence in our forecasts, which we leave unchanged. On 3 July, management announced that it was increasing its FY23 share buyback programme up to £34m, a £30m uplift from when it was first announced in May, highlighting management’s commitment to maximising shareholder returns. With its FY22 dividend now paid and the company focusing more on organic growth, management remains aligned to its waterfall model for free cash flow allocation, which we analysed in our Q123 update.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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