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Currency in GBP
Last close As at 09/06/2023
GBP1.10
▲ −0.80 (−0.72%)
Market capitalisation
GBP311m
CentralNic Group is a global internet company that derives recurring revenue from privacy-safe, AI-based customer journeys that help online consumers make informed choices, as well as from the distribution of domain names.
CentralNic’s largest addressable market is online marketing, with global spending reaching US$616bn in 2022 and forecast to grow at a CAGR of 10% to 2027, according to Statista. While CentralNic currently has a small share of this market, its proprietary digital marketing capabilities and blue-chip partnerships offer the potential for rapid growth. However, further market consolidation may result in heightened competition from larger competitors, namely marketing technology companies such as The Trade Desk or AppLovin.
Associate Analyst
Billy Green
CFO
Iain McDonald
Chairman
Martin Surzyn
Head of investor relations
Michael Riedl
CEO
Forecast net debt (US$m)
28.1
Forecast gearing ratio (%)
19
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (5.7) | (21.2) | (11.6) |
| Relative | (3.6) | (17.8) | (10.7) |
| 52 week high/low | 159.0p/109.6p |
CentralNic’s Q123 results showed robust revenue and profit growth, as well as a further deleveraging of its balance sheet. Its product comparison business VGL’s entry into France provides a strong organic growth opportunity, with potential to expand into other regions. The group continues to showcase its commitment to shareholder returns with its latest share buyback programme.
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 410.5 | 46.3 | 31.9 | 10.91 | 12.6 | N/A |
| 2022A | 728.2 | 86.0 | 64.3 | 21.41 | 6.4 | N/A |
| 2023E | 833.7 | 94.4 | 80.7 | 20.13 | 6.8 | N/A |
| 2024E | 909.6 | 103.0 | 89.3 | 22.47 | 6.1 | N/A |
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