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Currency in GBP
Last close As at 28/03/2023
GBP1.37
▲ 5.50 (4.18%)
Market capitalisation
GBP392m
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.
Online Marketing is CNIC’s largest and fastest growing division, with its privacy-focused targeted advertising platform providing strong scope to capture market share. In FY22, the global Online Marketing market generated revenues of $616bn, growing 15% y-o-y, highlighting the significant opportunity for the company. The Online Presence market, its other area of operations, grew at a slower rate and reported $60bn in total revenues.
Associate Analyst
Billy Green
CFO
Iain McDonald
Chairman
Martin Surzyn
Head of investor relations
Michael Riedl
CEO
Forecast net debt (US$m)
18.2
Forecast gearing ratio (%)
11
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 6.2 | (7.1) | 9.6 |
| Relative | 11.4 | (8.1) | 10.8 |
| 52 week high/low | 159.0p/111.0p |
CentralNic is a UK software company, operating globally through its two businesses, Online Presence and Online Marketing. Through a series of acquisitions, Online Marketing has become the group’s primary driver, delivering high double-digit revenue and profit growth year-on-year since the group’s first foray in 2019. Now at critical mass, the business is positioned for sustained organic growth, allowing management to prioritise capital allocation and shareholder returns, while maintaining high margins and strong cash conversion.
| 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 | 15.2 | 16.1 |
| 2022A | 728.2 | 86.0 | 64.3 | 21.41 | 7.7 | 8.1 |
| 2023E | 833.7 | 94.4 | 80.7 | 19.96 | 8.3 | 8.0 |
| 2024E | 909.6 | 103.0 | 89.3 | 22.08 | 7.5 | 6.2 |
