Report
Stephane Beyazian

United Internet AG : Strong 2024 guidance from IONOS and 1&1 recovery

>IONOS (Outperform): 2024 EBITDA 4% above expectations - IONOS reported Q4 2023 sales up 7.5% y-o-y to € 365m (cons. € 364m), driven by webhosting (+9%) and cloud (+14%). Q4 EBITDA was up 20% y-o-y to € 84m (cons. € 84m), thanks to revenue growth and stable costs. IONOS added 60,000 new clients in Q4, a solid quarter. 2024 guidance confirmed: target growth of 11% in revenues to € 1,423m (of which 11% in webhosting and 14-16% in cloud) and 15% in EBITDA to € 450m (cons...
Underlying
United Internet AG

United Internet AG is a Germany-based Internet service provider (ISP) and holding company of the United Internet Group. The Company's products and technical services are divided into two key segments. The Access segment comprises narrowband, broadband and mobile access subscriptions, including the corresponding applications. The Applications segment includes such applications as home pages, e-shops, Personal Information Management applications, group work, online storage and office software. The Application segment also includes the operations of the Company's brands Sedo and affilinet, which serve customers performance-based advertising and sales possibilities. The Company's brand portfolio also includes GMX, WEB.DE, 1&1, united-domains, Fasthosts and InterNetX. In addition, the Company develops Internet based applications, such as cloud applications. The Company acts primarily via its wholly owned subsidiary 1&1 Internet AG, and Sedo Holding AG, in which it holds a majority stake.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Stephane Beyazian

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