DIS disposal the key catalyst; reiterate price target

Research evidence excerpt

DIS disposal the key catalyst; reiterate price target

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Team Internet (TIG LN)

EQUITY RESEARCH Company Update

June 16, 2026

DIS disposal the key catalyst; reiterate price target Price: 41.00p

Price Target: 70.00p In this note, we update our model following TIG's FY25 results and YTD

Rating: Overweight trading. The market is focused on TIG's anticipated announcement of the

Key Statistics: potential DIS business sale at or above a $160m valuation – the main near-

Symbol AIM: TIG LN term catalyst, as hitting this could support re-rating of shares closer to our

52-Week Range 31.50 - 69.00 unchanged 70p price target. We continue to value TIG on a sum-of-the-

Market Cap 100.9 parts basis using reported FY25 numbers rather than projected figures, ADV (3 mo) 602,501

to stay conservative and as RSOC within Search annualizes. The group Free Float (%) 84.100

Shares Out (M) 246.2 expects to announce the DIS sale in the first half of Q3, with its full H1

trading update due mid-to-late July. Overweight.

Research Analysts: Incremental information from the earnings call.

Bharath Nagaraj

Cantor Europe (1) Post DIS disposal, TIG will be a net cash business with no structural need

+44 20 7894 7347 for debt, though it may carry some for tax optimisation.

Bharath.Nagaraj@cantor.com

(2) The antitrust claim relates to the European business and is not Search-

Sales ($) related.

FYE Dec 2026E 2027E 2028E (3) Group-level margins are set to improve over the coming quarters as the

Year 377(M)E 395(M) 417(M) DIS and Comparison mix increases.

Prev 379(M)E 398(M) -

(4) TIG believes its Comparison business will continue to perform in an EBITDA ($)

AI world – it is investing alongside the shift – with year-end acceleration