RE: Kestrel27 Nov 2024 18:54
August 2024
worth noting that the group’s organic revenue growth was considerably stronger than total top-line growth at 9 per cent. The main reason for this discrepancy was the $43mn acquisition of adtech firm Shinez in April. Management hopes that Shinez will generate cross-selling opportunities and diversify the business, but investors should keep a close eye on its progress over the next year.
In the meantime, shareholders will be pleased to hear that Team Internet is pushing ahead with its progressive dividend policy and intends to declare an interim dividend of 1p a share. However, the payout is still subject to bank approval and details of the timetable have yet to be provided.
Shares in Team Internet have climbed by 43 per cent since the start of 2024. Despite this, the Aim-traded group trades on a forward price/earnings ratio of under nine times, compared with a five-year average of 11 times. We think this looks low, given that Team Internet is proving resilient against a tough backdrop and analysts have been increasing their earnings forecasts. Buy.
Last IC View: Buy, 128p, 18 Mar 2024