Team Internet Group (AIM: TIG)

Last close As at 02/03/2024

GBP1.35

0.60 (0.45%)

Market capitalisation

GBP350m

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 or AppLovin.

Latest Insights

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CentralNic Group_resized

Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • Billy Green

    CFO

  • Iain McDonald

    Chairman

  • Martin Surzyn

    Head of investor relations

  • Michael Riedl

    CEO

Balance Sheet

Forecast net debt (US$m)

80.9

Forecast gearing ratio (%)

63

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.3) 10.9 (2.1)
Relative (2.1) 8.0 1.2
52 week high/low 143.5p/109.0p

Financials

Team Internet’s results for the nine months to 30 September 2023 (9M23) showed good, continued progress, with revenue, adjusted EBITDA and adjusted EPS growing 16%, 11% and 28% respectively year-on-year. Online Presence continued its return to form, with 20% growth over the period. While the weak advertising market and a strong comparative period was reflected in a moderation in growth in Online Marketing (15%), this still implies outperformance of the overall market. Management expects full year results to be at least in line with consensus.

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 15.6 16.6
2022A 728.2 86.0 64.3 21.41 8.0 8.4
2023E 833.7 94.4 80.1 21.37 8.0 6.1
2024E 909.6 103.0 89.3 24.75 6.9 5.0

Further insights

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

TMT

MediaWatch – Still waiting…

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