Team Internet Group (AIM: TIG)

Last close As at 15/06/2024


−2.60 (−1.32%)

Market capitalisation


Team Internet 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.

Team Internet’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 Team Internet 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 and AppLovin.

Latest Insights

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TMT | edison tv

Team Internet – executive interview

TMT | Flash note

Team Internet Group — Solid on all fronts

CentralNic Group_resized



Equity Analyst

Dan Ridsdale

Head of Technology

Key Management

  • Billy Green


  • Iain McDonald


  • Martin Surzyn

    Head of investor relations

  • Michael Riedl


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 28.5 44.9 76.0
Relative 31.4 36.9 62.6
52 week high/low 199.8p/110.4p


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 left our standalone estimates unchanged, but upgraded FY24 and FY25 EPS by 5% and 7% to reflect the acquisition of Shinez.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 728.2 86.0 64.3 15.44 16.1 N/A
2023A 836.9 96.4 80.1 22.41 11.1 N/A
2024E 983.6 109.8 89.6 27.06 9.2 N/A
2025E 1081.8 116.8 96.6 29.02 8.5 N/A

Further insights



Team Internet: EKF 2023 QuickView




MediaWatch – Glimpses of positivity



MediaWatch – Rinse and repeat

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