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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Centralnic Group Plc | LSE:CNIC | London | Ordinary Share | GB00BCCW4X83 | ORD 0.1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 123.20 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 123.20 | 123.60 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 123.20 | GBX |
Centralnic (CNIC) Share Charts1 Year Centralnic Chart |
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1 Month Centralnic Chart |
Intraday Centralnic Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 13/9/2023 | 14:29 | CentralNic TLD's it's all in the Domain | 3,231 |
| 18/11/2022 | 18:03 | CentralNic - Powering the global Internet economy | 18 |
| 01/11/2021 | 17:17 | CentralNic (CNIC) See further investment from Herald Investment Management Li | 1 |
| 14/7/2016 | 06:50 | CentralNic (CNIC) See further investment from Herald Investment Management Li | 1 |
| 10/12/2014 | 10:02 | CentralNIC PLC | 31 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 17/8/2023 07:43 by adamb1978 cyberbub -Yes, agreed. Getting to a say 12x multiple I dont think would be unreasonable and assuming we do that next year and using the forecasts which Rivaldo posted above leads to a c.240p share price. It would also take FCF yield to around 7% based on my figures - that's not expensive at all, but feels fair. CNIC just need to keep plugging away...getting some growth, being tough on the cost base and throwing off cash. Adam |
Posted at 16/8/2023 21:25 by adamb1978 No problem Grant, and good to consider the bear cases as well as bull. Keeps you grounded.There's often, I find, in tech many catastrophic downside scenarios which you can come up with, such as someone deciding to produce something similar and making it freely available. You then though need to think through all the reasons why it wouldnt happen - why would that party do that, is there an economic case for them to do so, would customers take that product etc etc I dont think this will ever be a high multiple company, but whether you value it on a PE, EBITDA, FCF yield or whatever basis, I think its worth at least 200p within 2-3 years. re consolidation: I think its an area where, given the gross margins, you are a consolidator or consolidatee, and there isn't a placid state where nothing happens for a prolonged period. So I thikn your suggestion where CNIC get acquired is perfectly plausible and its made more likely given there's a large financial investor who won't be a long-term holder. Now that the price has recovered somewhat, I'm ok with that outcome given that putting a premium on the current share price gets you towards 200p Adam |
Posted at 14/8/2023 07:58 by davebowler Zeus-H1: Returning value to shareholders The company grew EBITDA strongly and expanded Adjusted EBITDA/ Gross profit margin through operating leverage. Cash generation was solid and is expected to improve in H2 2023. The company is using its rising cash balance to buy back shares and return cash to shareholders. We forecast average adjusted share count falls by 9% and Adjusted EPS rises by 18% in 2024. This strong performance is not factored into the shares’ forward metrics of 5x EV/ Adj EBITDA, 7x Adj PE and 15% FCFF yield in 2024, in our view. H1 results: The company delivered 16% yoy growth in Adjusted EBITDA to $44.6m, driven by high operating leverage. Whilst gross revenue grew 18% yoy in H1 2023 (pro forma: 14%), Adjusted expenses reduced through the period from $24.5m in Q1 2023 to $22.1m in Q2 2023 due to vendor rationalisation and efficiency initiatives. As a result, Adjusted EBITDA/ Gross profit margin rose to 48.9% in H1 2023 from 47.0% in H1 2022. We expect expense management and the benefit of operating leverage to continue throughout H2 2023. Net debt rose to $68.2m from $56.6m at the end of 2022, resulting in Net debt/ Adj EBITDA rising to 1.0x from 0.9x at the end of 2022. Net debt would have fallen by $20.8m if we exclude the impact of share buybacks ($13.6m), dividends ($3.6m) and deferred consideration payments ($15.2m). Cash generation was lower in H1 2023 due to increased investment in growth and bonus accruals. Adjusted operating cash conversion was 94%, down from 110% in 2022. The company expects cash conversion to normalise to nearly 100% for the remainder of the year. Outlook and estimates: The company expects to trade at least in line with current market expectations for the full year. We conservatively keep our 2023 estimates unchanged and forecast 7% Adj EBITDA growth in 2023. Our forecasts assume H2 revenue grows 8% over H1 2023, whilst H2 on H1 revenue growth was 14% in 2022. We expect the company to continue benefiting from operating leverage with Adjusted expenses down modestly in H2 from H1. We forecast 6% sequential growth in Adjusted EBITDA in H2. Importantly, CentralNic is aggressively buying back shares and accelerating Adjusted EPS growth, whilst introducing a dividend. In H1 2023, the company bought back 5.7m shares and the EBT purchased about 4m shares at a total cost of $13.6m (£10.7m). The company’s repurchased shares have not yet been cancelled and remain part of CentralNic’s share count. Furthermore, the company expanded its second share buyback programme by £30m to £34m on 3 July 2023 and CentralNic had remaining authority for £27m of buybacks at the end of H1 2023. Assuming a repurchase price of 131p, the remaining authority represents 20.6m shares or 7.4% of current share count. We expect the full impact of this year’s share buybacks to show through in 2024, where we forecast Adjusted weighted average share count falls by 9% and Adjusted EPS rises by 18% (to 21.3p) and net debt to EBITDA falls to 0.2x from 0.8x at the end of 2023. Valuation: We believe CentralNic’s strong Adjusted EBITDA growth, high cash conversion and strategies to return value to shareholders are not reflected in current valuation multiples. Shares trade at only 5x EV/ EBITDA, 7x PE and 15% FCFF yield 2024, whilst the company has delivered a strong H1 and potentially higher future returns. |
Posted at 14/8/2023 06:33 by rivaldo Very strong H1 results this morning.With 11.37c adjusted EPS in H1, CNIC are well on track to beat Zeus's forecast of 21.3c EPS this year, which Zeus themselves say is conservative. Cash flows remain terrific, if not quite as high as previously, and are expected to normalise higher again in H2 - CNIC would have reduced net debt by almost $21m without the buybacks, divi and deferred consideration. CNIC themselves state they're trading "at least" in line with expectations, setting up a beat for the year. I note an increase in the mentions of AI in the statement....... CNIC remain exceptionally cheap imho given the cash flows, low rating, digital expansion potential etc. |
Posted at 11/8/2023 10:49 by cp42kx07 FWIW...Since announcing the the share buyback programme on 15/05 CNIC has acquired 8,425,204 shares at an average price of 118.6532.There have been 64 trading days, only 3 of which saw no buybacks (22/05, 12/06 & 27/07).Average spend per trading day (excluding no buyback days, i.e. 61 days) £163,881.56.Average spend per trading day (including no buyback days, i.e. 64 days) £156,199.61.Total spend £10,137,382.53.Alloc |
Posted at 28/7/2023 09:42 by rivaldo Following the H1 update Zeus have raised their EPS forecasts for this year by 2% and by 12% next year.They now see 21.3c EPS this year, rising to 25.1c EPS next year. In summary: "H1 update: Walking the talk CentralNic provided a solid H1 2023 update, giving the company confidence in delivering 2023 results at least in line with expectations and to continue its share buyback programme. Gross revenue grew c. 31% organically in the LTM to end of H1 2023, with strong performance and market share gains across all business lines. Adjusted EBITDA/net revenue margin was steady and in line with our full year estimate. Adjusted cash conversion was 89% and is expected to improve in H2. Net debt was higher in H1 due to increased share buybacks. At the current share price, we expect material share buybacks to continue. We raise our 2023 net debt estimate, lower share count and thereby upgrade Adj EPS by 2% in 2023 and 12% in 2024. We expect continued strong earnings performance to drive CentralNic’s low multiples (2023: c.6x EBITDA, c.8x PE) higher." "Outlook and forecast revisions: Strong trading in H1 2023 gives the Board confidence that full year results will be at least in line with market expectations. H1 2023 gross revenue is about 48.0% of our full year 2023 estimates, compared to 46.8% in 2022 on a pro forma basis. We leave revenue and profit estimates unchanged. However, we increase our net debt forecast due to increased share buybacks, discussed above. Cash outflows for share buybacks in H1 2022 was $13.7m, already near our original full year forecast of $14.8m. Given the company plans to continue aggressively buying back shares, we raise our cash outflows for share buybacks and our year-end net debt figure by $38m to $76m. We lower our 2023 weighted average share count by 5.9m to 269.7m, assuming shares are purchased evenly throughout H2 2023 at the current share price. We lower 2024 weighted average share count by 24m shares to 244m, reflecting the full impact of share buybacks in H2 2023. As a result, we raise Adj EPS by 2% in 2023 and by 12% in 2024. We expect net debt/EBITDA to remain low at 0.8x in 2023, broadly unchanged from 0.7x in 2022. Valuation: The shares have risen 15% over the last month but remain attractively valued at c.6x EV/ EBITDA, c.8x Adj PE and c.13% FCFE 2023." |
Posted at 05/7/2023 18:17 by tole https://masterinvest |
Posted at 24/6/2023 09:03 by adamb1978 Knowhow, Diesel,I wouldnt over analyse it. Sentiment has been against smallcaps for almost a year now and many decent performers (operationally) have seen their share prices so nowhere. I dont think there's any underhand or hidden things at play with CNIC, other than sentiment both at a market level and company level. The company level sentiment will improve with each Q of decent results. Kestral won't take CNIC private but will help get decent value. Just need patience I'm afraid Adam |
Posted at 08/6/2023 08:46 by king suarez Shares held in Treasury (bought back but not cancelled) don't have voting rights, nor dividend rights, so will make any dividends cheaper for CNIC in future.Don't think Treasury shares count towards mcap calculation so should lower the mcap if share price doesn't rise. The shares could potentially be sold back to market in future without the need for an official equity raise - so company could potentially make a profit on them at a later date if sold above the buyback prices. |
Posted at 15/5/2023 09:23 by adamb1978 Lots of companies are seeing share prices come off when they put out ok-to-decent results at the moment, so actually a flat share price (before the broker wades in with the SBB) isn't a bad result for the day so far |
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