reports
- Richard Williamson
Team Internet Group - Stability amid setbacks
In the face of an advertising market that has not picked up in Q324, Team Internet’s core business has performed creditably. However, Shinez has significantly underperformed expectations and is unlikely to contribute materially to profits in our forecast period. Combined with a moderation in our forecasts for the core business, we now expect earnings to remain broadly flat in FY24 and FY25, which results in a 17.6% reduction to FY25e EPS. The FY25e P/E rating of 5.6x with a 20% free cash flow (F...
- Bob Liao
- Carl Smith
Team Internet Group (TIG LN) - Q3 results - Corporate
Revenue and profit growth slowed in Q3 due to recent acquisition, Shinez, experiencing reduced demand from key partners and Team Internet’s core business seeing continued decline in ad pricing. Whilst the company is repositioning Shinez towards gradually improving profitability, we conservatively lower our estimates for this business to break even for FY24 and FY25 and reduce core business growth, prudently assuming continued pricing headwinds. As a result, we lower underlying EBITDA by 8% and 1...
- Richard Williamson
Team Internet Group - Earnings remain resilient
Team Internet’s H1 earnings showed resilience despite continued headwinds in online marketing. Going into the typically seasonally stronger H2, we expect the company’s initiatives in product innovation, vertical integration and international to increasingly influence growth and margin expansion. At 8.2x FY24 earnings, Team Internet continues to trade at a significant discount to peers on our unchanged earnings estimates. We believe this rating remains attractive given the company’s track record,...
- Bob Liao
- Carl Smith
Team Internet Group (TIG LN) - Solid H1 results in a challenging marke...
The company grew Adjusted EBITDA by 4% and Adjusted EPS by 12%, accelerated by share buybacks, and improved gross and Adjusted EBITDA margins. Organic revenue growth for TTM accelerated slightly to 9%, driven by Online Marketing. The Online Marketing division grew visitor sessions over the TTM, more than offsetting falling click prices in an ongoing tough market. The Board also intends to declare an interim dividend of 1.0p per share, marking its first interim dividend. Going forward, Team Inter...
- Richard Williamson
Team Internet Group - Upgrading FY25 EPS by 7% on Shinez
While the weak advertising market suppressed growth in Online Marketing in the (seasonally quiet) Q1, Online Presence continues to perform robustly and group margins continue to expand. The acquisition of Shinez is now complete and should add further robustness to Team Internet’s revenue profile, diversifying its partnership base and creating good opportunities to capture more value in the conversion funnel. We leave our standalone estimates unchanged, but upgrade FY24 and FY25 EPS by 5% and 7% ...
- Bob Liao
- Carl Smith
Team Internet Group (TIG LN) - Q1 results
Revenue grew 8% organically in the trailing twelve months (TTM) to March. The Online Presence division continued to benefit from price rises and the shift toward alternative Top Level Domains (TLD), whilst the Online Marketing division continued to see declining click prices offset by visitor volumes. The company remains confident in meeting expectations for 2024, supported by new products, vertical integration initiatives and international expansion plans. We update our forecasts for the acquis...
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...
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