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Hybridan Small Cap Feast - 19 Mar 24
19th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object...
- Richard Williamson
Team Internet Group - Growth and returns, acquisition bolsters outlook
Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op...
- Bob Liao
- Carl Smith
Team Internet Group (TIG LN) - Online Marketing bolt-on
Following the record FY23 results announced yesterday, Team Internet announced an accretive bolt-on acquisition for an initial consideration of $42m. The Group is continuing its strategy of making accretive bolt-on acquisitions, aiming to diversify its revenue model and expand its traffic monetisation options and capabilities. The deal is expected to complete in late May 2024, at which point we will incorporate the impact into our forecasts. We continue to believe that Team Internet’s strong tra...
- Bob Liao
- Carl Smith
Team Internet Group (TIG LN) - Record results
Team Internet’s FY23 results confirmed another strong year of trading from its Online Marketing and Online Presence businesses. Both revenue and EBITDA growth remained in double digits, margins on net revenue continued to improve, and cash conversion remained strong. We continue to believe that the Group has substantial long-term growth opportunities including international expansion, new partner development, and vertical integration. In our view, Team Internet’s strong track record, cash genera...
- Bob Liao
- Richard Williamson
Team Internet Group - Solid on all fronts
Team Internet’s FY23 trading update confirmed that trading has remained robust with double-digit sales growth across Online Marketing and Online Presence. The total revenue and EBITDA margin were slightly ahead of market consensus and our forecasts, both of which were upgraded in November 2023. Estimated FY23 net debt of US$74m was lower than our US$80.9m forecast, with operating cash conversion reverting to close to 100%. We maintain our FY24 estimates, but these could prove conservative, espec...
- Bob Liao
- Carl Smith
Team Internet Group (TIG LN) - 2023 update: Outperformance
Team Internet extends its track record of upgrading and outperforming expectations. The company has delivered Adjusted EBITDA 5% ahead of our full year estimates. The Online Marketing division’s customer acquisition capabilities remain in demand, even in a challenging macroeconomic environment, and the Online Presence division is seeing strong growth from new initiatives and strong growth in the alternative top level domain (TLD) market. Double digit growth in both divisions (14% and 16%, respec...
- Richard Williamson
Team Internet Group - Name change shows clear strategic focus
Team Internet, formerly CentralNic Group, is a diversified UK software company operating through two businesses, Online Presence (internet domain purchasing) and Online Marketing (monetising online traffic). The group marked its name change at a recent capital markets day, where it discussed its evolution from a domain specialist into a broader online platform enabler, facilitating connections between consumers and businesses. Since starting Online Marketing in 2019, the division has become the ...
- Bob Liao
Audio Note: Team Internet Group - 9M2023 results
In this audio note, Zeus’ Bob Liao summarises the investment case for Team Internet Group. Team Internet delivered 16% revenue growth, well ahead of peers. Online Presence grew faster than Online Marketing as the popularity of alternative domains continued to grow and whilst the digital advertising market remained weak. Listen to the audio note below, and read the full research here.
- Richard Williamson
Team Internet Group - Diversity delivering resilience
Team Internet’s results for the nine months to 30 September 2023 (9M23) showed good, continued progress, with revenue, adjusted EBITDA and adjusted EPS growing 16%, 11% and 28% y-o-y. Online Presence continued its return to form, with 20% growth over the period. While the weak advertising market and a strong comparative period was reflected in a moderation in growth in Online Marketing (15%), this still implies outperformance of the overall market. Management expects full year results to be at l...
- Bob Liao
- Carl Smith
- Richard Williamson
Team Internet Group - More diverse, international, integrated
Team Internet (previously CentralNic) marked its 10-year anniversary of being listed with a name change and a capital markets day. Both reinforced the company’s transformation into a diversified digital marketing platform group. The group consists of a network of people, technologies and tier one partners focused on creating successful connections between consumers and companies online. We believe that this strategy and platform provide a resilient foundation for Team Internet to continue to gen...
- Bob Liao
Audio Note: CentralNic (trading as Team Internet Group) - Diversified,...
In this audio note, Zeus’ Bob Liao summarises the investment case for CentralNic Group plc, who announced earlier this week a rebranding to Team Internet Group, AIM:TIG (which will be followed by a legal name change once approval at a general meeting has been received). Team Internet Group hosted a capital markets event yesterday to provide a deep dive into its business segments and growth drivers. Listen to the audio note below, and read the full research here.
- Bob Liao
- Carl Smith
CentralNic (trading as Team Internet Group) (TIG LN)
CentralNic Group plc announced yesterday a rebranding to Team Internet Group, AIM:TIG (which will be followed by a legal name change once approval at a general meeting has been received). Team Internet Group hosted a capital markets event yesterday in to provide a deep dive into its business segments and growth drivers. Team Internet has become a trusted, value-add partner in digital advertising and ecommerce. To continue the Group’s impressive growth trajectory, Team Internet has strategic init...
- Richard Williamson
CentralNic Group - Fine-tuning the growth engine
CentralNic’s H123 results showed continuing revenue growth and margin expansion, with growth now being driven more organically and across both operating segments. Partnerships could be key to unlocking growth from underutilised brands, with management winning several notable deals during the period. Our operational forecasts remain unchanged, with increases in EPS and net debt reflecting the recent £30m uplift to the share buyback programme. We believe that the current rating does not reflect th...
- Bob Liao
Audio Note: CentralNic - H1: Returning value to shareholders
In this audio note, Zeus’ Bob Liao summarises the investment case for CentralNic. The company grew EBITDA strongly and expanded Adjusted EBITDA/ Gross profit margin through operating leverage. Listen to the audio note below, and read the full research here.
- Bob Liao
- Carl Smith
- Sacha Morris
Hybridan Small Cap Feast 07/08/2023
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr...
- Bob Liao
Audio Note: CentralNic - H1 update: Walking the talk
In this audio note, Zeus’ Bob Liao summarises the investment case for CentralNic. CentralNic provided a solid H1 2023 update, giving the company confidence in delivering 2023 results at least in line with expectations and to continue its share buyback programme. Listen to the audio note below, and read the full research here.
- Richard Williamson
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 ...
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