Team Internet Group - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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 |
Update

13.05.24

Team Internet — Upgrading FY25 EPS by 7% on Shinez

TMT |
Update

19.03.24

Team Internet Group — Growth and returns, acquisition bolsters outlook

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edison tv

19.03.24

Team Internet – executive interview

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Flash note

29.01.24

Team Internet Group — Solid on all fronts

CentralNic Group_resized

Sector

TMT

Equity Analyst

Head of Technology

Katherine Thompson

Katherine Thompson

Director

Key Management

Billy Green

CFO
Iain McDonald

Chairman
Martin Surzyn

Head of investor relations
Michael Riedl

CEO

Balance Sheet

Forecast net debt (US$m)

72

Forecast gearing ratio (%)

40

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(3.4)	35.3	46.5
Relative	(3.1)	32.5	37.1
52 week high/low	199.8p/115.0p

Financials

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	15.1	N/A
2023A	836.9	96.4	80.1	22.41	10.4	N/A
2024E	983.6	109.8	89.6	27.06	8.6	N/A
2025E	1081.8	116.8	96.6	29.02	8.0	N/A

Research

Update

TMT

27.04.23

CentralNic Group — FY23 outlook maintained after record Q1

Outlook

TMT

09.03.23

CentralNic Group — Clarifying the narrative

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Update

CentralNic Group — Cash allocated to deliver on objectives

CentralNic Group_resized

Update

TMT

30.01.23

CentralNic Group — Unfazed by challenging environment

Update

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21.12.22

CentralNic Group — A busy end to a momentous year

Update

TMT

24.11.22

CentralNic Group — Deleveraged and delivering growth

Update

TMT

18.10.22

CentralNic Group — Another quarter of record growth

Update

TMT

15.09.22

CentralNic Group — Acquisition of Aporia for up to US$19m

Update

TMT

31.08.22

CentralNic Group — Organic growth momentum continues

Flash note

TMT

21.07.22

CentralNic Group — Flying high with 62% organic revenue growth

Flash note

TMT

25.05.22

CentralNic Group — Trading ‘comfortably’ on track for FY22

edison tv

TMT

05.05.22

CentralNic – executive interview

Update

TMT

26.04.22

CentralNic Group — 51% organic revenue growth in Q122

Update

TMT

09.03.22

CentralNic Group — VGL acquisition follows a strong FY21

Flash note

TMT

15.02.22

CentralNic Group — Fireball, .ruhr and strong organic growth

Flash note

TMT

17.01.22

CentralNic Group — Ending a strong year at a gallop

Outlook

TMT

22.11.21

CentralNic Group — A scaling player in online services

QuickView

TMT

01.11.21

CentralNic Group — Growth at an attractive valuation

Update

TMT

01.11.21

CentralNic Group — Organic growth continues to accelerate

edison tv

TMT

16.09.21

CentralNic Group – executive interview: Strong growth still largely unrewarded

Update

TMT

01.09.21

CentralNic Group — Strong growth going largely unrewarded

Flash note

TMT

27.07.21

CentralNic Group — Sustained growth, benign outlook

edison tv

TMT

07.06.21

CentralNic – executive interview

Flash note

TMT

02.06.21

CentralNic Group — A solid Q121, with double-digit organic growth

Update

TMT

05.03.21

CentralNic Group — Strong FY20, carrying momentum into FY21

Flash note

TMT

15.01.21

CentralNic Group — Acquisition of corporate registrar, SafeBrands

Update

TMT

02.12.20

CentralNic Group — Delivering on its growth model

edison tv

TMT

01.12.20

CentralNic – executive interview

edison tv

TMT

16.09.20

CentralNic – executive interview

Update

TMT

14.09.20

CentralNic Group — Acquisition of Codewise and £30m placing

Flash note

TMT

10.08.20

CentralNic Group — Strong growth, but lower Q2 margins

Update

TMT

03.07.20

CentralNic Group — A platform business, looking to scale

Initiation

TMT

19.06.20

CentralNic Group — Core internet infrastructure consolidator

edison tv

TMT

20.01.20

Executive interview – CentralNic Group

edison tv

TMT

14.09.17

Executive interview – CentralNic

Further insights

insight

TMT

21.11.23

Team Internet: EKF 2023 QuickView

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

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13.10.15

Mobile ecosystems

thematic

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23.03.15

NZ – Edison talks tech

thematic

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23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back