CentralNic Group - Organic growth momentum continues
CentralNic reported 62% organic revenue growth in H122, with gross revenues rising 93% y-o-y to US$335m and net revenues rising 51% to US$82m. Adjusted EBITDA rose 97% to US$39m (H121: US$20m), with adjusted EBITDA/net revenue increasing to 47%. Organic growth has continued to strengthen (H121: 20%, FY21: 39%, H122: 62%) as advertisers are driven to privacy-safe marketing solutions, such as CentralNic’s TONIC. With this continued high growth, we have raised our FY22 revenue forecast by 12% to US$642m and EBITDA to US$74m. We recognise that these forecasts may prove conservative, but given global economic uncertainties, we feel a degree of caution is in order. Management also noted that the bond refinancing is ongoing. Based on our revised estimates, CentralNic trades on an FY22 P/E of 8.5x and on 6.4x FY22 EV/adjusted EBITDA.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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