Team Internet Group plc
TIG · AIM · Technology · mcap £85m · 34.0p 3 open situations →
- EV
- £158m
- EV / EBIT
- –
- Net debt
- £64.8m
- FCF yield
- 21.1%
- Revenue
- £366m
- Cash returned
- 5.6%
- Share price 1y
- −28%
- Insiders 12m
- no deals
- Next report
- around 25 Jun
Team Internet runs internet domain services (including country registries such as .co), a price-comparison business, and a search and online marketing business. It earns much of its income from advertising on parked and searched domains.
Open · 3
Strategic review and divestments
Includes Search segment Google changes – Transition complete; profitable in June, closed 7 Sep 2026Led to Leverage and net debt reduction – Leverage 3.9x; net debt expected to fall
Strategic review of the profitable DIS segment began in November 2025. On 7 September 2026 the Board said the review is at an advanced stage, with multiple parties interested in all or parts of the division. It reaffirmed a valuation expectation materially above USD 160m. Completion is now expected around year end, with no buyer or terms named and no certainty of a deal.
- Stage
- Advanced; discussions ongoing aiming for a transaction in the near term (7 Sep 2026) 7 Sep 2026 ↗
- Timetable
- Any agreed transaction expected to complete around the year end 7 Sep 2026 ↗
- Business sold
- DIS: H1 2026 net revenue USD 40.8m, adjusted EBITDA USD 13.7m (+28%) 7 Sep 2026 ↗
- Conditions
- Customary conditions and regulatory approvals; no certainty a transaction will be agreed
- Buyer/price
- Not stated; no certainty a transaction will be agreed 7 Sep 2026 ↗
- Valuation
- Board expects a valuation materially exceeding USD 160 million 7 Sep 2026 ↗
Next: agree a transaction in the near term; completion around year end
- 7 Sep 2026 Advanced discussions; multiple parties interested
- 24 Jul 2026 Discussions advancing with selected parties
- 15 Jun 2026 Talks with selected parties; outcome due first half Q3
- 24 Apr 2026 Competitive DIS sale process under way; no terms
Antitrust damages claim
Team Internet has pursued a substantial antitrust damages claim against a major technology company since at least 15 June 2026. The 7 September 2026 results say the claims are self-funded and that courts in several jurisdictions have ruled favourably for claimants in comparable cases. The Board says a win could be material to market capitalisation, but no asset is recognised and outcome and timing are uncertain.
- Funding
- Self-funded, judged superior to litigation funding 7 Sep 2026 ↗
- Recognition
- No asset recognised in the financial statements 7 Sep 2026 ↗
- Amount at stake
- Not stated; could be material relative to market capitalisation 7 Sep 2026 ↗
- 7 Sep 2026 Claim pursued; outcome and timing uncertain
- 15 Jun 2026 Claim being pursued; outcome and timing uncertain
Leverage and net debt reduction
Follows from Strategic review and divestments – Advanced discussions; multiple parties interestedFollows from Debt facilities refinancing – Renegotiation completed; maturities October 2027, closed 15 Jun 2026
Net debt rose to USD 117.6m at 30 June 2026 from USD 87.6m at year end. Drivers were a registry contract non-renewal and USD 14.8m of tax payments. Leverage is 3.9x (3.1x on an accounting basis) with USD 78.2m of liquidity. The Board expects significant H2 net debt reduction and says it is advancing full refinancing options.
- Net debt
- USD 117.6m at 30 June 2026 (31 Dec 2025: USD 87.6m) 7 Sep 2026 ↗
- Leverage
- 3.9x TTM (3.1x accounting basis); TTM Dec 2025: 2.9x 7 Sep 2026 ↗
- Interest cover
- 2.7x TTM 30 June 2026 7 Sep 2026 ↗
- Liquidity
- USD 78.2m: cash USD 52.0m plus undrawn RCF USD 26.2m 7 Sep 2026 ↗
- Board view
- Net debt to reduce significantly in H2, broadly in line with consensus at year end 7 Sep 2026 ↗
Next: significant net debt reduction in H2 2026
- 7 Sep 2026 Leverage 3.9x; net debt expected to fall
Closed · 5
Company filings. Not investment advice.