FY26 YTD in line; DIS disposal expected in first half of Q3

研报英文原文证据摘录

FY26 YTD in line; DIS disposal expected in first half of Q3

Media

Team Internet (TIG LN)

EQUITY RESEARCH Quick Take

June 15, 2026

FY26 YTD in line; DIS disposal expected in first half of Price: 39.50p

Price Target: 70.00p Q3

Rating: Overweight Takeaways

Key Statistics: FY25 print. FY25 prints in line with the 16 March update – gross revenue

Symbol AIM: TIG LN was $481.9m, net revenue $136.2m, adj EBITDA $42.7m. The shape is

52-Week Range 31.50 - 69.00 unchanged: Search collapse (-84% EBITDA y/y) offset by DIS resilience Market Cap 97.2

ADV (3 mo) 597,082 (+10% EBITDA to $21.4m) and Comparison holding (-23%). Leverage

Free Float (%) 84.100 stepped up to 2.9x (from 1.2x) on the EBITDA reset, but net debt actually

Shares Out (M) 246.2 declined $8.8m to $87.6m – cash conversion at 155% does the heavy lifting.

Audited annual report due in the week ending 26 June.

Research Analysts:

FY26 YTD reads cleanly. Gross revenue was $148m, net revenue $50m, adj Bharath Nagaraj

Cantor Europe EBITDA $16m for the five months to end-May – annualises to roughly $38m

+44 20 7894 7347 EBITDA pre-Search H2 inflection and ignoring the Q4 high-season period,

Bharath.Nagaraj@cantor.com with management explicitly guiding to a profitable H2 for Search, as the

next-gen monetisation transition completes (39% of segment revenue at One-Year Price History

FY25 vs 4.7% at FY24). DIS + Comparison delivered mid-teens net revenue

70 growth and ~40% EBITDA growth y/y.

50 Strategic review tracking to first half of Q3 2026. Today's RNS reiterates

40 that the outcome will be at least in line with prior guidance, which guided to

06/25 09/25 12/25 03/26 06/26 a DIS valuation materially exceeding the group's ~£120m (~$160m) market

TIG LN Created by BlueMatrix cap at the time of the November 2025 announcement.