Team Internet Group (AIM: TIG)

Last close As at 12/07/2024

GBP1.88

4.40 (2.40%)

Market capitalisation

GBP487m

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

Sector

TMT

Equity Analyst

Dan Ridsdale

Head of Technology

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 (3.8) 32.3 53.2
Relative (5.2) 26.8 35.0
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 15.0 N/A
2023A 836.9 96.4 80.1 22.41 10.3 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

edison tv

TMT

CentralNic – executive interview

edison tv

TMT

CentralNic – executive interview

edison tv

TMT

CentralNic – executive interview

edison tv

TMT

CentralNic – executive interview

edison tv

TMT

Executive interview – CentralNic Group

edison tv

TMT

Executive interview – CentralNic

Further insights

insight

TMT

Team Internet: EKF 2023 QuickView

thematic

TMT

MediaWatch – Still waiting…

thematic

TMT

MediaWatch – Targeting the opportunities

thematic

TMT

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – Screening well

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Consumer

IPO apocalypse

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TMT

ESG, moving beyond the box tick

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Direct tech investors

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Consumer

Circular economy business models

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TMT

Quantum dots – all the colours of the rainbow

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Micro-LEDs – small is beautiful

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Consumer

Illuminator: August Update

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TMT

European video games

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Diversification and scale for online success

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UK video games – Heterogeneous not homogeneous

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TMT

Mobile ecosystems

thematic

TMT

Mobile ecosystems

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TMT

Mobile ecosystems

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NZ – Edison talks tech

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AUS – Edison talks tech

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TMT

Mobile ecosystems

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Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

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TMT

Mobile ecosystems

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Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

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

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TMT

The third pillar

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TMT

The real disruptor

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Merger mania is back