CentralNic’s two divisions help businesses go online: Online Presence (reseller, corporate and SME) and Online Marketing. Services include domain name reselling, hosting, website building, security certification and website monetisation.
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CentralNic reported 62% organic revenue growth in H122, with gross revenues rising 93% y-o-y to US$335m and net revenues rising 51% to US$82m. Adjusted EBITDA rose 97% to US$39m (H121: US$20m), with adjusted EBITDA/net revenue increasing to 47%. Organic growth has continued to strengthen (H121: 20%, FY21: 39%, H122: 62%) as advertisers are driven to privacy-safe marketing solutions, such as CentralNic’s TONIC. With this continued high growth, following the H122 results, we raised our FY22 revenue forecast by 12% to US$642m and EBITDA to US$74m. We recognise that these forecasts may prove conservative, but given global economic uncertainties, we feel a degree of caution is in order.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 240.0 | 29.4 | 18.6 | 9.57 | 14.5 | N/A |
| 2021A | 410.5 | 46.3 | 31.9 | 10.69 | 13.0 | 203.0 |
| 2022E | 642.3 | 74.1 | 58.7 | 16.13 | 8.6 | 17.4 |
| 2023E | 736.4 | 84.7 | 70.7 | 17.63 | 7.9 | 11.1 |
Industry outlook
CNIC supplies the tools needed for businesses to develop their online presence and generate revenues through online marketing. It delivers services to c 40m domain names, with organic growth driven by its privacy-safe digital marketing division, supported by M&A.
Last updated on 05/10/2022Content on CentralNic Group
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TMT
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| Forecast net debt (US$m) | 65.6 |
| Forecast gearing ratio (%) | 33 |
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Key management |
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| Iain McDonald | Chairman |
| Ben Crawford | CEO |
| Michael Riedl | CFO |
| Don Baladasan | Group managing director |