Edison Investment Research - CentralNic Group (CNIC) CentralNic Group - VGL acquisition follows a strong FY21

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Edison Investment Research

Richard Williamson

CentralNic Group - VGL acquisition follows a strong FY21

Through a programme of investment in systems and staff, CentralNic deliver 39% organic revenue growth in FY21, with gross revenues rising 71% y-o-y to US$411m. Net revenues rose 58% to US$118m, with gross margins easing to 29% (FY20: 31%). Adjusted EBITDA rose 57% to US$46m, with margins falling to 11.3% (FY20: 12.2%). Tightening margins are a factor of changing product mix, with the privacy-safe Online Marketing division growing 133% y-o-y versus 17% for Online Presence. CentralNic has also completed the €60m acquisition of VGL, a product comparison website, funded by a £42m placing (at 120p per share), a €21m bond issue, with a £3m open offer outstanding.

09/03/2022 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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