Team Internet Group - More diverse, international, integrated

Team Internet (previously CentralNic) marked its 10-year anniversary of being listed with a name change and a capital markets day. Both reinforced the company’s transformation into a diversified digital marketing platform group. The group consists of a network of people, technologies and tier one partners focused on creating successful connections between consumers and companies online. We believe that this strategy and platform provide a resilient foundation for Team Internet to continue to generate strong growth and cash flows. In our view, the current value rating is at odds with the company’s growth track record and prospects.