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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Update

11.11.24

Team Internet Group — Stability amid setbacks

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Update

12.08.24

Team Internet Group — Earnings remain resilient

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Update

13.05.24

Team Internet — Upgrading FY25 EPS by 7% on Shinez

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Update

19.03.24

Team Internet Group — Growth and returns, acquisition bolsters outlook

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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)

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

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Flash note

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24.07.23

CentralNic Group — Focusing on shareholder returns

Update

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16.05.23

CentralNic Group — Cash allocated to deliver on objectives

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Update

CentralNic Group — Fine-tuning the growth engine

Update

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27.04.23

CentralNic Group — FY23 outlook maintained after record Q1

Outlook

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09.03.23

CentralNic Group — Clarifying the narrative

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Update

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30.01.23

CentralNic Group — Unfazed by challenging environment

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21.12.22

CentralNic Group — A busy end to a momentous year

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24.11.22

CentralNic Group — Deleveraged and delivering growth

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18.10.22

CentralNic Group — Another quarter of record growth

Update

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15.09.22

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

Update

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31.08.22

CentralNic Group — Organic growth momentum continues

Flash note

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21.07.22

CentralNic Group — Flying high with 62% organic revenue growth

Flash note

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25.05.22

CentralNic Group — Trading ‘comfortably’ on track for FY22

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05.05.22

CentralNic – executive interview

Update

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26.04.22

CentralNic Group — 51% organic revenue growth in Q122

Update

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09.03.22

CentralNic Group — VGL acquisition follows a strong FY21

Flash note

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15.02.22

CentralNic Group — Fireball, .ruhr and strong organic growth

Flash note

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17.01.22

CentralNic Group — Ending a strong year at a gallop

Outlook

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22.11.21

CentralNic Group — A scaling player in online services

QuickView

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01.11.21

CentralNic Group — Growth at an attractive valuation

Update

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01.11.21

CentralNic Group — Organic growth continues to accelerate

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16.09.21

CentralNic Group – executive interview: Strong growth still largely unrewarded

Update

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01.09.21

CentralNic Group — Strong growth going largely unrewarded

Flash note

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27.07.21

CentralNic Group — Sustained growth, benign outlook

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07.06.21

CentralNic – executive interview

Flash note

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02.06.21

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

Update

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05.03.21

CentralNic Group — Strong FY20, carrying momentum into FY21

Flash note

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15.01.21

CentralNic Group — Acquisition of corporate registrar, SafeBrands

Update

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02.12.20

CentralNic Group — Delivering on its growth model

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01.12.20

CentralNic – executive interview

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16.09.20

CentralNic – executive interview

Update

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14.09.20

CentralNic Group — Acquisition of Codewise and £30m placing

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10.08.20

CentralNic Group — Strong growth, but lower Q2 margins

Update

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03.07.20

CentralNic Group — A platform business, looking to scale

Initiation

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19.06.20

CentralNic Group — Core internet infrastructure consolidator

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20.01.20

Executive interview – CentralNic Group

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14.09.17

Executive interview – CentralNic

Further insights

insight

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21.11.23

Team Internet: EKF 2023 QuickView

thematic

Consumer

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

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07.11.23

MediaWatch – Still waiting…

thematic

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28.07.23

MediaWatch – Targeting the opportunities

thematic

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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

TMT

21.04.22

Seven things every investor needs to know about SenSen

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

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14.07.21

Five things every investor needs to know about Mynaric

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

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10.07.19

Diversification and scale for online success

thematic

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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

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24.02.17

Mobile ecosystems

thematic

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08.02.17

Mobile ecosystems

thematic

TMT

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

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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

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10.09.10

The real disruptor

thematic

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27.08.10

Merger mania is back