Team Internet Group — Changing platforms

While Team Internet’s Search business faces ongoing challenges, Comparison had a breakout year (revenues +43% y-o-y) and appears to have established an effective model for international expansion. DIS continues to generate solid growth and margins. Between them, these latter two divisions account for 80% of our FY25 EBITDA estimate. Our sum-of-the-parts (SOTP) analysis indicates a valuation over 90p is readily achievable and the c 68p share price attributes no value to Search. We believe a successful migration of Search revenues from AdSense for Domains to Related Search on Content will be the key catalyst for doubts to wane and for more value from Search to become priced in.