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Team Internet Group (AIM: TIG)

Last close As at 20/11/2024

GBP0.85

▲ −0.50 (−0.59%)

Market capitalisation

GBP217m

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

Team Internet Group — Stability amid setbacks

TMT | Update

Team Internet Group — Earnings remain resilient

TMT | Update

Team Internet — Upgrading FY25 EPS by 7% on Shinez

TMT | Update

Team Internet Group — Growth and returns, acquisition bolsters outlook
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Sector

TMT

Equity Analyst

Dan Ridsdale

Head of Technology

Katherine Thompson

Key Management

  • Billy Green

    CFO

  • Iain McDonald

    Chairman

  • Martin Surzyn

    Head of investor relations

  • Michael Riedl

    CEO

Balance Sheet

Forecast net debt (US$m)

77

Forecast gearing ratio (%)

50

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (34.6) (41.3) (27.1)
Relative (32.3) (39.9) (32.5)
52 week high/low 204.0p/82.7p

Financials

In the face of an advertising market that has not picked up in Q324, Team Internet’s core business has performed creditably. However, Shinez has significantly underperformed expectations and is unlikely to contribute materially to profits in our forecast period. Combined with a moderation in our forecasts for the core business, we now expect earnings to remain broadly flat in FY24 and FY25, which results in a 17.6% reduction to FY25e EPS. The FY25e P/E rating of 5.6x with a 20% free cash flow (FCF) yield looks overly discounted.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 728.0 86.0 64.0 14.70 7.5 5.5
2023A 837.0 96.0 77.0 22.48 4.9 4.2
2024E 841.0 97.0 78.0 22.85 4.8 3.6
2025E 853.0 98.0 80.0 23.34 4.7 3.5

Research

Update

TMT

Team Internet Group — Earnings remain resilient

Update

TMT

Team Internet — Upgrading FY25 EPS by 7% on Shinez

TMT

Update

Team Internet Group — Stability amid setbacks
View All

Further insights

insight

TMT

Team Internet: EKF 2023 QuickView

Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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