Team Internet Group (AIM: TIG)

Last close As at 20/04/2024

GBP1.39

0.20 (0.14%)

Market capitalisation

GBP360m

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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Team Internet – executive interview

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Team Internet Group — Solid on all fronts

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)

28.5

Forecast gearing ratio (%)

17

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.8 9.5 11.8
Relative 1.1 4.1 12.0
52 week high/low 144.6p/109.0p

Financials

Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing optimisation and strategic partnerships. Robust free cash flow enabled diverse capital allocation, focused on shareholder returns.

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 11.4 N/A
2023A 836.1 96.4 82.6 22.41 7.8 N/A
2024E 909.6 103.0 87.7 25.79 6.8 N/A
2025A 964.5 106.1 90.7 27.09 6.5 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

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Executive interview – CentralNic Group

edison tv

TMT

Executive interview – CentralNic

Further insights

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MediaWatch – Targeting the opportunities

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MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

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MediaWatch – Screening well

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Consumer

IPO apocalypse

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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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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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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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Mobile ecosystems

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Mobile ecosystems

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Mobile ecosystems

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NZ – Edison talks tech

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AUS – Edison talks tech

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Mobile ecosystems

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Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

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Mobile ecosystems

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Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

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Energy & Resources

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

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The third pillar

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The real disruptor

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Merger mania is back