Team Internet Share Discussion Threads

[slogsweep] 14/2/2024 13:24

i've got prelims due 27/2 on sharescope. has there been an update recently?

[dicktrade] 14/2/2024 13:13

results 18/3

[slogsweep] 14/2/2024 12:26

under 2 weeks to go until results, just have to be patient.

[rivaldo] 05/2/2024 07:27

Interesting that web hosting behemoth GoDaddy's shares have surged 40% since November "after the company smashed profit expectations in the third quarter, with earnings per share of 89¢, up 41% on a year ago":

[rivaldo] 02/2/2024 11:24

The latest view from Master Investor FYI:

"Team Internet Group (LON:TIG) – Outperforming Expectations

I will not bore you anymore with comments on this global internet solutions business, other than to state that Monday’s Trading Update for its 2023 year was very encouraging indeed.

Analysts Bob Liao and Carl Smith at Zeus Capital believe that it has extended its track record of upgrading and outperforming expectations.

They were impressed by the double-digit growth in both the Online Presence and the Online Marketing segments of the group’s business.

Looking ahead they believe that the company has strong long-term growth opportunities including international expansion, new partner development and vertical integration.

Their conclusion is that the group’s shares are very attractively valued.

Over at Edison Investment Research their analysts Max Hayes and Dan Ridsdale remarked that the group has made solid advances on all fronts.

They consider that the rating looks low given the company’s growth profile, diversity and growing track record.

The shares, which closed at 134.40p, remain a good Hold"

[gswredland] 31/1/2024 17:23

Thanks davebowler
Breaking out nicely now!

[davebowler] 31/1/2024 16:30

Happy to provide whatever research I can, guys!

[diesel] 31/1/2024 15:35

Looks very like a rerun of just over a year ago when it bounced off 115p, that took us to over 150p!

[rivaldo] 31/1/2024 15:25

Meanwhile...looking like a break upwards on the chart.

[deanowls] 31/1/2024 14:49

Why bother coming on here if you’re just doing it on your own?

I like and appreciate it, great that people all see the information and investment case. It’s a collection of different reference points.

Please continue.

[redwing1] 31/1/2024 14:25

Rivaldo - I absolutely agree that the 'free to investor' brokers are a very welcome resource for the private investor. I look at research from Cavendish, Edison, Equity Development, Progressive and Zeus (yes it is free, check it out!) and there are one or two more besides.

What I am saying is that we should all be utilising this research for ourselves anyway. Therefore there is no need to copy and paste onto this forum. If ADVFN readers are remotely serious about what they are investing in, then surely they should take just a small amount of time to find this information and read it.

[rivaldo] 31/1/2024 12:09

I too thank davebowler for the research, which I often post highlights from myself and find extremely useful.

Besides, Zeus's research isn't free to access AFAIK? You have to subscribe to Research Tree to get it, unless presumably you're a Zeus client.

There's every reason for getting more info about companies out there and sharing it given the general lack of small company research and the high probability that many ADVFN readers don't go to the trouble of deliberately searching out even the free research like Edison's due to lack of time or inclination.

[redwing1] 30/1/2024 17:53

But all you have to do is sign up for free access to their research. I would recommend doing that, as you then get notifications of any new pieces of research straight to your inbox each morning.

[gswredland] 30/1/2024 15:12

I do too thanks davebowler

[mcdougall1] 30/1/2024 14:23

Davebowler, I find the broker summaries useful, thanks for posting,

[adamb1978] 30/1/2024 10:08

A noticably higher proportion of companies are now stating what forecasts they're referring to when they make those statements, which is great. Whether its management forecasts or consensus or whatever, as long as the numbers are stated then it makes the statements 10000% more useful

[diesel] 30/1/2024 09:45

While a ‘health’ warning is always advisable, the company will state terms like ‘ahead of consensus forcasts’ it is useful to know these numbers.

[adamb1978] 30/1/2024 08:46

It feels a lot stronger than recent months, and as I've said many times before, at some point the relentless buying from the share buyback would exhaust the number of people willing to sell in the 115p-125p range and force the price up.

Looking at the chart, there's a few times in the last 2-3 years where its got into the 135-140p area and bounced down...however again that was in the absence of a buyback sitting there buying shares day after day after day

[diesel] 30/1/2024 08:41

The chart is beginning to look similar to just over a year ago when it reached 160p.

[davebowler] 29/1/2024 16:15

ZeusHigh barriers to entry: Trusted partner The Group has become a trusted partner because its services are highly valuable, driven in-part by data privacy trends. We believe brands are channelling advertising budgets towards solutions that can unlock and refine consumer purchasing intent without third party cookies. Team Internet's VGL sites aim to qualify a user's intent and divert to a retailer within two minutes of landing on the site. Greater than 90% of consumers who click through to Amazon via a VGL comparison site go on to purchase the product and have also been shown to return products less frequently. As another example of high added value, certain implementations of the Group's Zeropark solution has given brands c. 11x return on advertising spend and its traffic has an 8.7% conversion rate, compared to an average 2.9% for competitors. Team Internet is a trusted partner to some of the biggest names in ecommerce and digital advertising, resulting in high barriers to entry and leading market shares. Examples of this include: ? Google: The Group's relationship to provide traffic to Google AdWords spans almost 10 years and creates a virtuous cycle for both parties. Both Team Internet and Google make money when the Group diverts quality, high intent traffic to Google ads which ultimately convert. This reciprocal relationship has created deeper integration with Team Internet's other businesses over time, with Parking Crew able to display Google ads on its parked domains and VGL able to show a Google AdSense panel on its product comparison sites. ? Amazon: Team Internet's product comparison site (Vergleich.org) have delivered high intent traffic to Amazon and other retail sites for over nine years. Through its iterative testing process that utilises machine learning, the Group can optimise the layout and content of its sites to maximise conversion. Again, this is a virtuous cycle for Team Internet and Amazon, as more traffic and more purchases benefits both parties, and the company plans for leverage this trusted relationship to expand into the French market (Meilleurs.fr). ? Zeropark: Within the Performance segment of Online Marketing, Team Internet's Zeropark business provides a commerce media platform to brands and businesses to connect with customers during key moments to streamline product discovery and purchasing decisions. On 7 August, the Group announced it had been upgraded to be an exclusive Tier 1 demand partner with Sovrn, a leading publisher technology platform reaching 500m active consumers each day. Zeropark also secured a deal with Booking.com, the online travel site with over 600m visits in June 2023, to increase bookings via targeted ad campaigns. It also partners with publishers such as Klarna, AfterPay, and YahooMail to monetise online traffic. ? Online Presence brand partners: Team Internet works with organisations to register and protect their online presence, working on a subscription basis with blue-chip brands such as Mercedes Benz, Johnson & Johnson, and Huawei. These longstanding relationships provide good quality, high-margin recurring revenue. ? Critical domain services: As announced on 30 May, Team Internet is one of only two partners responsible for providing backend software to operate and manage critical domains such as .gov.uk and .ac.uk for the UK government, demonstrating high levels of trust and compliance. The company plans to leverage this into other markets. We believe the length and depth of the above relationships create high barriers to entry for competitors, protecting the Group's market share.

[davebowler] 29/1/2024 15:14

Team Internet's FY23 trading update confirmed that trading has remained robust with double-digit sales growth across Online Marketing and Online Presence. The total revenue and EBITDA margin were slightly ahead of market consensus and our forecasts, both of which were upgraded in November 2023. Estimated FY23 net debt of US$74m was lower than our US$80.9m forecast, with operating cash conversion reverting to close to 100%. We maintain our FY24 estimates, but these could prove conservative, especially if advertising spend recovers. At 4.8x FY24e EV/EBITDA and 6.4x FY24e P/E, Team Internet's rating looks low given the company's growth profile, diversity and growing track record. Year end Revenue (US$m) Adj EBITDA* (US$m) PBT* (US$m) Diluted EPS* (c) EV/EBITDA (x) P/E (x) 12/21 410.5 46.3 31.9 10.9 10.6 14.6 12/22 728.2 86.0 64.3 21.4 5.7 7.4 12/23e 833.7 94.4 80.1 21.4 5.2 7.5 12/24e 909.6 103.0 89.3 24.7 4.8 6.4 Note: *Excludes impact of share-based payments, foreign exchange charges and non-core operating costs. For FY23, Team Internet expects to report gross revenue of US$835m (Edison forecast: US$833.7m), net revenue of US$190m (Edison forecast: US$190.6m) and adjusted EBITDA of approximately US$96m (Edison forecast: US$94.4m). In our H123 review, we discussed the company's ongoing initiative of combining business units to reduce consumer friction and improve operating leverage. The continuing success of this strategy is reflected in a 3pp expansion of Team Internet's key operating efficiency metric, adjusted EBITDA to net revenue, to 51%. Strong operating efficiency drove a return in adjusted operating cash conversion to close to 100% and supported an estimated robust net debt position of US$74m (0.77x FY23 EBITDA). Despite challenging conditions, Online Marketing reported 14% y-o-y gross revenue growth to US$656m, at the upper end of industry rates in FY23. This further validates Team Internet's data privacy-focused technology, supported by rising social media and user-generated content engagement. Online Presence saw a strong 16% y-o-y gross revenue increase to US$179m in FY23 following years of slow growth, driven by demand for exotic top-level domains, pricing optimisation and strategic partnerships. The October 2023 appointment of Simon McCalla as division CEO aims to sustain this momentum into FY24. We are leaving our estimates unchanged for now but see scope for upside, particularly in Online Marketing, where we believe that click or revenue per 1,000 session rates are starting to stabilise while volumes continue to grow. Major events such as the upcoming US presidential election could drive advertising spend and upside to our forecasts. Team Internet reports launching more products than ever before and signing up a record number of new demand and supply side partners during FY23, which should also support growth.

[adamb1978] 29/1/2024 14:58

Hi Redwing - Thanks. Their capital allocation policy was only introduced last year so think it will take time to change perceptions. They seem to be delivering now...so just need to keep doing it quarter after quarter.

[azaman] 29/1/2024 14:35

Solid on all fronts is the headline oon Edison's Research note for TIG

[redwing1] 29/1/2024 14:10

Hi again Adam. You make some interesting points and a reasonable case for hoping for a re-rating. I remember holding this stock a couple years back when it was called Centralnic. I was hopeful for the same sort of reasons. The trouble is that here we are two years later and we are still in the same boat i.e. waiting for the underlying picture to become clear after a blizzard of deals and share issues. Meanwhile, the debt is almost exactly what it was back then.

I wish you luck that maybe this time is different.