Leading global domain name services provider CentralNic operates via two divisions: Online Presence provides domain names, hosting, websites, email, security certification and brand protection; and Online Marketing helps domain name owners monetise online traffic using an anonymised, privacy protected marketing platform.
More CentralNic Group content >Investment summary
CentralNic provides domain name services and online marketing, focused on consolidating a highly fragmented global market. It offers a broad range of internet services, including reseller services, to corporates and SMEs (Online Presence), as well as monetisation services (Online Marketing) to domain investors. The group strategy is to benefit from structural market growth, building its two segments and diversifying the group’s revenues through cross-selling and upselling services. CentralNic has achieved a five-year revenue CAGR to FY20 of 78%. The company is valued on an FY21 EV/EBITDA multiple of 12.6x and a P/E of 17.4x, a material discount to its peer group, with our DCF underlining the discount to fair value. We would expect future M&A to bring CentralNic’s multiples down further.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 109.2 | 17.9 | 16.1 | 8.97 | 21.4 | N/A |
| 2020A | 241.2 | 30.6 | 19.8 | 10.16 | 18.9 | N/A |
| 2021E | 384.1 | 43.0 | 29.7 | 10.53 | 18.2 | 51736.4 |
| 2022E | 420.2 | 48.0 | 33.6 | 11.16 | 17.2 | 31231.9 |
Industry outlook
CentralNic supplies the tools needed for businesses to develop their online presence, providing domain names, hosting, websites, email, security certification, brand protection and marketing. It delivers services to c 40m domains, with cross-selling and upselling important drivers of future growth – organic growth is supported by M&A.
Last updated on 01/12/2021Content on CentralNic Group
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TMT
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| Forecast net debt (US$m) | 0 |
| Forecast gearing ratio (%) | 0 |
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Key management |
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| Iain McDonald | Chairman |
| Ben Crawford | CEO |
| Michael Riedl | CFO |
| Don Baladasan | Group managing director |
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