The chart pattern has confirmed the reversal that is taking place. It is blue sky all the way to 100 p. |
There’s now a fair bit of optimism out there this week. Analysts seem fairly bullish despite recent challenges, with price targets ranging anywhere from 149p to 220p. So on paper, there’s decent upside potential if the business can get itself back on track. The fundamentals in some areas remain strong, but my confidence has clearly been tested.
For me, the real issue is leadership. The current CEO has been at the helm through most of the downturns, and the Shinez deal—followed by lawyering up—doesn’;t inspire much faith. The board has taken a very hands-off approach, when what’s really needed is decisive action. Compare that to the previous CEO, who was far better at addressing shareholder concerns and didn’t trip up nearly as often. If we’re serious about seeing a real turnaround here, I think change at the top needs to happen sooner rather than later. |
The share price is showing the first sign of recovery, having bounced from a low and it has been steadily rising very gently. There will be a time when it rises rapidly even on no news; that's based on my experience of price actions for shares of many companies. |
And since then tig has had a profit warning too. |
Well we had an approach (two) at 125p and one of these spent two months going through the books, makes you think, as here we are at less than half the bid price. If the management can be believed, and for some that is a big ask, then from 2026 on there should be a bounce. As for this year it still looks like they can pay down debt and possibly continue with a divvy. |
In chart theories, falling gaps will be filled. The share will fill the gap all the way up to 100 p in due course. |
The company directors will now focus on the business rather than being distracted by the previous bid approaches. It is time for them to increase shareholder value. |
No buy back yesterday. |
Incredible, buys outweighs the selling but down in sp |
Another 83k buy |
Another 58k buy |
I can certainly see a gradual climb back up share price wise |
 ZEUS
Team Internet has announced a development in the Search market that negatively impacts FY25 and FY26 expected revenues and profitability but has set out a strategic response to return to long-term growth. Zeus adjusted EBITDA estimates are reduced by 37% for FY25 to $62m and by 30% to $72m in FY26. In our view, leverage remains at manageable levels (1.2x FY25 EBITDA) and the Group remains significantly cash generative during a transition year. Separately, Verdane announced that it does not intend to make a firm offer for Team Internet. To deliver shareholder value, the company would consider offers for its various businesses, repaying debt, paying dividends or buying back shares. ♦ Trading update: From 19 March 2025, Google plans to start opting all Google Ads accounts out of Adsense for Domains (AFD), currently the largest portion of Team Internet's Search division. The company is uncertain of the rate that advertisers will be opted out, how many will opt back in, the timeline for the process or the impact on average click prices. As a result, the company plans to accelerate its ongoing transition away from AFD and towards Related Search On Content (RSOC). Management expects the decline of AFD to outpace the growth of RSOC, leading to Adjusted EBITDA expectations of $20m-$25m in 2025 from $57m in 2024. 2025 is expected to be a trough year for Search, with the RSOC business building to then return the Search division to growth in 2026. In contrast, Comparison appears positioned to continue delivering strong growth. In 2024, improved marketing and advertising and new market launches drove 43% revenue growth to $63m, 44% net revenue growth to $23m and an 89% increase in adjusted EBITDA to $17m. The company believes it is well positioned to multiply its success in its new markets (Italy, Spain and France) and plans to enter the UK, US, Canada, Australia and Japan over the longer-term. We forecast revenue grows 24% in 2025 and 50% in 2026. Domains, Identity & Software (DIS) is expected to continue delivering resilient growth, supported by a subscription revenue model. The company combined the Online Presence with the Voluum SaaS business to form DIS. In FY24, DIS is expected to report revenue growth of 7% to $203m, net revenue growth of 9% to $74m and strong adjusted EBITDA growth of 46% to $19m. Management has demonstrated that the division can sustain growth above the market. ♦ Forecasts: We align FY24 estimates to the figures in the FY24 trading update dated 4 February. This represents a c. 5% reduction in revenue estimates to $803m, c. 5% reduction in adjusted EBITDA to $92m and a c. 2% increase in net debt (ex. leases) from $95m to $97m. For FY25, Zeus revenue estimates are reduced by 15%, primarily due to lost AFD revenue in the Search segment which starts to be replaced by RSOC revenue (initially at lower gross margin as business rapidly scales gross revenue). This means that our net revenue forecasts decrease by 23%. We forecast Group EBITDA of $62m (a 37% reduction on prior estimates), comprising $19.9m from DIS, $21.9m from Comparison and $20.1m from Search. Our forecast net debt of $76m at the end of FY25 represents, in our view, a manageable level of leverage (1.2x EBITDA). In FY26, Management is confident in returning to double digit percentage earnings growth. We assume a tentative recovery in Search (2.5% revenue growth, 4.5% adjusted EBITDA growth) alongside much stronger growth from DIS and Comparison driven by EBITDA margin enhancement programmes and new market launches. ♦ Valuation: We conservatively value the EBITDA for the DIS and Comparison businesses at EV/EBITDA multiples of 10x FY25, despite expectations for 16% EBITDA growth in 2025, and the Search division at 3x, despite expectations for a recovery from FY26. Adjusting for net debt and dividing by the latest share count provides a valuation per share of 128p. We see significant value in Team Internet, even when ascribing little value to the Search division. We believe the value of the Group should be relatively resilient given that the earnings downgrade has been isolated to the division valued at the lowest earnings multiples. |
Edison revisited its forecasts this afternoon.
I think we should assume that the 2024 estimates are reasonably accurate.
Forecasting the future is more difficult!
(There is no paywall but you may have to sign up - free.) |
From a charting perspective I believe that the falling gap from 94 to 75 p will be filled, with a resistance (previous support)at 80 p. So, I will bet that the share price will rise to 75 -80 p in due course. |
^^^^
Oh shut up you dopey motormouth. |
I would say that many CEOs are just middle managers in reality. They have got there because of connections, but lack real talent. That's why there are no big techs in the UK and Europe as a whole. It has been widely commented in other parts of the world, especially in Asia and America, that only the US and China have big tech. That's why those two countries are so dominant in their own ways despite different political and financial systems. |
elsa7878 - You’re spot on. I was this close to replying to TIG on LinkedIn this week. The CEO is constantly at conferences—one after another—all focused on the advertising side of the business, while completely ignoring where the real money, recurring revenue, and stable cash flow are: domains and hosting.
I went to an event last year and brought up TIG multiple times to gauge industry sentiment. Since ICANN events are open to all and free, I attended one nearby, and the response was brutal. The industry doesn’t just see them as struggling—it’s almost a laughing stock at this point. And to be fair, it’s not even the whole business that’s failing. One part is dragging the rest down, and competitors seem to be watching with a bit of glee, waiting for the fallout to create opportunities.
Honestly, it’s shocking that the CEO has kept his seat for this long. The numbers don’t lie—£2 down to 50p wipes out nearly six years of progress, and that falls squarely on leadership. But somehow, he’s got the right friends in the right places keeping him there. We’re just holding out for a bit more of a price rise before bailing for good. Let’s see how long they can keep up the act. |
What we need to see is the CEO fall on his sword or be pushed and a firm commitment to put the pieces of the company up for sale. |
Yesterday the company bought back 170,795 shares. That's about double the number previously when its share price was at around £1 a share. This programme will continue to support the share price. |
Indeed when one door closes and another door closes the resultant is a door has to open have faith the company knows what it is doing |
The company has options to explore to maximise shareholders' value so that it restores credibility to the management. There is every upside from here. |
Why are tig still issuing FORM 8.5 (EPT/RI)? Is another offer coming? |
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