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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Team Internet Group Plc | TIG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.60 | -1.21% | 131.00 | 16:35:27 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 130.00 | 130.00 | 133.20 | 131.00 | 132.60 |
| Industry Sector |
|---|
| SOFTWARE & COMPUTER SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 12/08/2024 | Interim | GBP | 0.01 | 29/08/2024 | 30/08/2024 | 04/10/2024 |
| 18/03/2024 | Final | GBP | 0.02 | 25/04/2024 | 26/04/2024 | 28/05/2024 |
| 27/02/2023 | Final | GBP | 0.01 | 04/05/2023 | 05/05/2023 | 16/06/2023 |
| Top Posts |
|---|
Posted at 01/10/2024 14:38 by rivaldo Yep, encouraging to see Kestrel buying more. Let's hope they carry on up until they hit 29.99%....Zeus's most recent quarterly Software and Services review had some interesting mentions re TIG: "Deep dive – privacy trends and third-party cookies Due to consumer, regulatory and technology trends, leading brands are increasingly prioritising consumer privacy in their corporate engagements and avoiding third-party data and cookies. These trends represent a rising challenge to advertisers and brands that are trying to their target products, services and digital advertising strategy to better engage consumers. As a result, we expect brands and advertisers to spend more on digital advertising and marketing software products that do not depend on third-party data. Privacy-first advertising products include contextual advertising, native advertising, influencer and content marketing, cohort-based advertising, consent-based advertising, email marketing, and advertising with niche publishers. Software solutions that may see greater investments include customer data and engagement solutions that collect and leverage first-party data such as customer data platforms (CDP) and data integration and analytics solutions to enrich first-party data. For example, the global contextual advertising market is expected to grow 13.3% CAGR 2023-2033 from $195bn in 2023 to $468bn by 2030, according to Grand View Research, and the CDP market is expected to grow 39.9% CAGR 2024-2028 from $7.4bn in 2024 to $28.2bn in 2028, according to MarketsAndMarkets. Well positioned digital advertising solutions companies include Silver Bullet, Team Internet, Pulsar Group, Dianomi and Nexxen. Well-positioned software solutions companies include SysGroup, DotDigital, Celebrus, Ebiquity and Eagle Eye." "Despite the rapid growth and large potential of privacy-focused advertising and software solutions, the market is immature and highly fragmented into mostly point solution providers. As brands, agencies and enterprises invest more in these solutions, we believe vendors with broader solutions and scale will become better positioned. Therefore, we see the opportunity for market consolidation and believe Team Internet, SysGroup and Silver Bullet are well positioned." "Impact on digital advertising – Growth markets and products Without third-party cookies, advertisers will find it harder to gather data to personalise ads and measure the return on their ad spend (ROAS). To maintain the effectiveness of digital advertising, we believe advertisers will spend more on the digital advertising and marketing that does not depend on third party data. Such advertising products and respective companies providing these include: Targeted content creation These companies attract niche audiences and have deep firstparty knowledge of their buying intentions. Some publishers may negotiate direct deals with advertisers in addition to using automated ad exchanges (me - here TIG are included as an exemplar)." |
Posted at 10/9/2024 11:54 by rivaldo The fall since the interims is hard to justify imo, with TIG now trading on a current year P/E of only around 6.4.Hopefully the newly announce buybacks will help to correct this to some extent. Online marketing rates re visitor sessions did decline in H1, but TIG have repeatedly shown that they have a top-notch understanding of how their sector operates and how to maximise returns. Even despite this the H1 EPS was up 14% to 11.07c. Growth in Q2 was stronger than in Q1. Most importantly: "the Directors are confident that the Group will meet market expectations for the full year", which are for 27.4c consensus Zeus and Edison EPS. This equates to 21.1p EPS at $1.30 - a P/E of 6.4. |
Posted at 19/8/2024 16:52 by ggrantsu Big plus to see Max Royde buying even more. The complete pause in buying recently must have meant he felt these were more fully priced?I am continuing to add in spite of what I felt was a bad results day i.e. I still don't feel like I have had a decent explanation as to why Shinez, in particular, saw such a weak H1...and how we are going to realise expectations for the year. On the other hand, there are few other businesses in the UK I have followed closely for so long...and I think it is overlooked given the blackbox nature of the online marketing piece. Having got more comfortable with that piece, while believing the domain name business is extremely valuable, alongside what is very strong cash generation, I feel sub 150p is probably a very good place to take a view on this name. IMO - mgmt. needs to re-do an investor day, setting out the message in even clearer terms vs. the capital markets day 23. they also need to do a dedicated session on Shinez. I think mgmt are very good, but are guys who live in the world of TIG's tech niche. That is fundamentally a very good thing, as you are invested alongside people who are passionate and very well incentivized in terms of insider ownership levels. at the same time, we want to be able to have the broader market really get what TIG does... just my two cents. |
Posted at 12/8/2024 14:43 by rivaldo This is the way that acquisitions work - within the regulatory framework there are ways in which costs and revenues can be adjusted so as to fall within pre or post-acquisition accounting. Now, it may also be that H1 Shinez trading was worse to some extent than last year, so that should be addressed.However, TIG have definitively stated that they WILL meet expectations this year. So let's not miss the forest from the trees - even despite a challenging advertising click price environment, TIG are increasing margins, increasing visitor sessions and meeting expectations. |
Posted at 12/8/2024 10:00 by rivaldo A good, solid H1 from TIG overall, confirming again that they expect to meet expectations.Zeus's forecast is for 28.5c EPS this year, with a 2.2p dividend, so TIG are extremely cheap on this basis. Shinez were only acquired on 26th April, so their H1 contribution is immaterial. If I were TIG, I'd have ensured that Shinez front-loaded their pre-acquisition results split with as many costs as possible. So (1) I'm rather unsurprised that Shinez' mostly pre-acquisition H1 EBITDA is less than inspiring (!), and (2) I trust TIG's management to deliver on their aim to leverage Shinez for further growth via Tonic and VGL - they've always delivered on such promises to date. The initial drop today has already partially reversed. No doubt there were the usual traders who for some reason have to bet on pre-results run-ups (I can't believe many of these make much of a living!). Also some may have been flustered by the increase in debt due to the Shinez acquisition etc. This is more understandable, but given that $31.4m cash from operating activities was generated in H1 alone then it won't take long for debt to be cleared. And Zeus's forecast is for net debt to reduce hugely to $61.7m by the end of this year. Zeus state that "Team Internet remains the cheapest company in the Zeus Smallcap Technology index based on its 2025E P/E of 7.7x (Zeus estimates)". |
Posted at 12/8/2024 08:20 by davebowler Cavendish -Team Internet Group Strong H1, FY24E & FY25E forecasts reiterated H1 24 results show net revenue growth of +7%, adjusted EBITDA growth of +4% to $47m, proposed interim DPS of 1.0p, and a positive outlook with the Board confident that the group will meet market expectations for FY24. At this point, we reiterate our FY24E and FY25E revenue, adjusted EBITDA, EFCF, and net debt, and we expect that any improvement in the macro environment will drive upside to our revenue forecasts, which would gear strongly to adjusted EBITDA and cash. At 190p, TIG is trading on 12-month forward multiples of only 6x EV/EBITDA with +13% EBITDA growth and EFCF yield of 12%, which compares to Cavendish T40 peers trading on 13x 12-month forward EV/EBITDA with +10% EBITDA growth and EFCF yield of 5%. We reiterate our 350p target price, and look forward to strong operating and financial momentum through FY24, further updates on shareholder returns, and attractively valued acquisitions. H1 24 results H1 24 revenue growth of +3% to $409.7m reflects trailing twelve month (TTM) organic revenue growth of +9%, with +9% in Online Marketing and +8% in Online Presence. H1 24 Online Presence revenue growth of +6% yoy to $97.2m demonstrates the division benefitting from the H1 Online Marketing growth of +3% yoy to $312.5m reflects continued pressure on pricing in the currently challenging advertising market, and +$10.7m of Q2 revenue from the April 2024 acquisition of Shinez. Adjusted EBITDA growth of +4% yoy to $46.6m shows continued control of operating costs, and the Shinez acquisition contributed +$0.1m of adjusted EBITDA. Following the initial cash consideration of $31.8m for the acquisition, $12.6m of share repurchases, and $7.2m of dividend payment, H1 net debt DPS of 1.0p. We reiterate our FY24E and FY25E forecasts outlook that the Board is confident that the group will meet market expectations for the FY, at this point we reiterate our FY24E and FY25E revenue, adjusted EBITDA, EFCF, and net debt, which are +1-5% ahead of consensus. The acquisition of Shinez offers the potential for upside as management integrates the operations, with the acquisition enhancing diversifying , and creating cross-selling opportunities. The strengthened platform can then capitalise on an improving macro environment with stronger ad pricing, and we expect that any revenue upside to our forecasts would gear strongly to adjusted EBITDA, EFCF, and shareholder returns. Strong organic and inorganic growth from a robust marketplace platform As we explain in more depth in our initiation, TIG is capitalising upon the complementary opportunity for its Online Presence and Online Marketing divisions. Following investment over the past three years, the group is primed to benefit from platform economies of scale, which can be accelerated by its proven ability to acquire companies at attractive multiples, generate cost savings, and drive cross-selling. Its strong cash generation provides excellent scope to reduce net debt, expand shareholder returns, and/or fund future M&A. |
Posted at 12/8/2024 08:19 by davebowler Zeus-Solid H1 results in a challenging market, interim dividend proposed The company grew Adjusted EBITDA by 4% and Adjusted EPS by 12%, accelerated by share buybacks, and improved gross and Adjusted EBITDA margins. Organic revenue growth for TTM accelerated slightly to 9%, driven by Online Marketing. The Online Marketing division grew visitor sessions over the TTM, more than offsetting falling click prices in an ongoing tough market. The Board also intends to declare an interim dividend of 1.0p per share, marking its first interim dividend. Going forward, Team Internet expects to meet full year market expectations driven by product innovation, vertical integration and international expansion. With the acquisition of Shinez in April, Team Internet now provides marketing platforms to support the consumer journey from awareness (Shinez) to consideration (TONIC) to conversion (VGL). Over time, the company plans to further integrate and supplement the platforms to realise further synergies. Despite this strong medium-term outlook, Team Internet’s shares trade on the lowest PE in the Zeus Smallcap Technology Index. H1 results: Team Internet grew Group gross revenue by 3% to $409.7m, gross profit by 7% to $97.7m, Adjusted EBITDA by 4% to $46.6m and Adjusted EPS by 12% to 10.7 US cents, accelerated by share buybacks. The Board intends to declare an interim dividend of 1.0p, subject to bank approval. This marks the Group’s first interim dividend and follows a 2023 dividend of 2.0p. Slight acceleration in organic growth, driven by Online Marketing: Group organic gross revenue growth rose slightly to 9% for the trailing twelve months ended 30 June 2024 (TTM 2024) from 8% in TTM March 2024, driven by Online Marketing organic gross revenue growth accelerating to 9% for TTM from 7% in TTM March 2024. Click prices (RPM - revenue per thousand sessions) declined by 12% for TTM, but this was more than offset by TTM visitor sessions rising 16%. Online Presence organic gross revenue growth moderated to 8% for the TTM from 14% in the TTM to March 2024 due to tougher comparisons when the division began implementing price increases. The number of processed domain registration years decreased by 3% in in TTM 2024, offset by the average revenue per domain year rising by 13%. Margin improvements and cash generation: Both Online Marketing and Online Presence increased H1 gross margin yoy. Online Marketing/ Online Presence gross margin rose to 33.6%/ 20.8% from 32.0%/ 20.3% a year ago. Group Adjusted EBITDA margin increased slightly to 11.4% from 11.3% a year ago. Net debt would have fallen by $15.8m over the half, if we exclude acquisition payments ($31.8m), share buybacks (12.6m) and dividends ($7.2m). Adjusted operating cash conversion was 87% compared to 96% a year ago due temporary working capital timings. As a result, net debt at the end of H1 2024 was $109.9m, implying $48.0m of net cash generation required to meet our year end forecast of $61.9m. The company expects cash conversion to improve significantly in H2 2024. In line outlook: Team Internet expects product innovation, vertical integration, and international expansion to allow the company to meet market expectations for the full year. We estimate Team Internet needs to grow Adjusted EBITDA by only 3.4% organically yoy in H2 2024 to meet our full year Adjusted EBITDA estimate of $105.4m, assuming Shinez’s Adjusted EBITDA contribution is flat across 2024. Valuation: Team Internet remains the cheapest company in the Zeus Smallcap Technology index based on its 2025E P/E of 7.7x (Zeus estimates). Its other 2025 ratios are also highly attractive at only 5.4x EV/EBITDA and 14.9% FCF yield. |
Posted at 07/8/2024 14:24 by rivaldo The latest from Mark Watson-Williams at Master Investor (from Monday):"Team Internet (LON:TIG) – Interims Due Next Week Could Further Identify Under Rating Of Shares Next Monday, 12th August, this £500m capitalised global internet services group will declare its half-time results for the six months to end-June. They should be good enough to keep the shares trotting higher in price. They have been up above the 200p level in the last few trading days, having touched 207.50p at one stage last Thursday, before drifting back to 200p. Despite the slower advertising market depressing its Online Marketing returns, market analysts are still expecting that the year to end-December will show a significant increase in full-year revenues to $960m ($837m), with adjusted EBITDA of $107.60m, taking earnings up to about 28c per share, plus paying a 2.2p dividend. For the coming year, some $1,050m revenue could see about $116.20m of EBITDA, worth 30c a share in earnings and easily covering a 2.5p dividend. In 2026, some estimates already suggest close to $1.1bn of revenues, with EBITDA of $130.5m, earnings of 36.5c and a dividend of 2.6p per share. For such a long time I have been boring readers with my description of this business as being a ‘money machine’ – well looking at those analyst views continues to confirm my theory. On 22nd May, when the shares were around 180p, I noted that “With the current momentum I would suggest that 200p really is not that far away now.” That occurred within days. The recent share price strength has been set against a much heavier dealing turnover, with volumes over 1.1m shares for two days running, late last week. The increased activity could well be in advance of the group’s forthcoming Results and Trading Statement. I continue to like this stock and suggest that, unless there is bad news, the shares are not for selling, instead they are for buying on any price dips." |
Posted at 14/5/2024 09:56 by rivaldo It's worth reflecting on Zeus's increased forecasts and where they might take the share price (translated at $1.25 exchange rate):Dec'26 : 29.6p EPS Dec'25 : 25.2p EPS Dec'24 : 22.8p EPS Dec'23 : 18.6p EPS (actual) And that's without any further acquisitions or share buybacks. Edison state that TIG's global ad-tech peers trade on average P/E's of 12. And TIG's Online Presence peers trade on P/E's of 25. If you value TIG on a relatively conservative P/E of 15 based on those numbers, and apply them to the 29.6p EPS you get to a 444p price target which could be achieved in say winter '25/spring '26 with the market looking forward as usual. So almost 200% potential upside in around the next 18 months to two years. Assuming TIG continue to perform smoothly, merely meeting those forecasts without surprises as they've been doing, then there should be a strong re-rating from the miserly current year P/E of 6.9 at 156.6p. |
Posted at 07/5/2024 08:42 by rivaldo Cheers davebowler. Given TIG's multi-year outperformance in terms of financials and cash generation the comment about the quality of the online marketing earnings seems somewhat harsh imo - but TIG remains one of the outstanding candidates on the market as regards the likelihood of being acquired.Especially at the current bargain rating: "Team Internet Group (TIG) Share price: 138.6p Market cap: £346.7 million Domain name and online marketing business Team Internet Group remains modestly rated despite the strong growth exhibited in the past couple of years. Most of that growth has come from the online marketing division, and it may be that the earnings are not thought to be high quality. Even if that is so, a prospective multiple of seven appears mean, particularly given the strong cash generation. Acquisitions have been important in accelerating growth, but there is organic growth. In 2023, revenues were 15% ahead at $836.9 million, including organic growth of 13%. Underlying pre-tax profit improved from $70 million to $77.2 million. Net debt increased to $95.3 million because of share buy backs and acquisition payments. The company has also commenced paying dividends. This year nearly $90 million in cash is likely to be generated by operations. Team Internet has spent $41.8 million acquisition of Shinez, which creates and promotes content across social media and search engines. First-quarter figures will be published on 13 May. These are expected to show continued growth. The acquisition of Shinez was not completed until the end of April so will not be included. If the valuation does not improve then Team Internet’s strong position in the domain names sector and the cash generative growth of the business would make it an attractive bid candidate for a private equity firm." |
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