Team Internet Group — Rebasing for Google Adsense transition

We are re-initiating forecasts on Team Internet to reflect Verdane’s decision not to make an offer for the business (removing Take Over Panel research restrictions) and the company’s trading update flagging disruption to the Search business as a result of Google opting out Google Ads accounts of Adsense for Domains (AFD). The Domains, Identity and Software (DIS) business continues to perform solidly, while Comparison is generating strong, operationally leveraged growth, which looks well set to continue. Nevertheless, factoring in the disruption and advertising weakness, we have cut EBITDA by 17% and 39% in FY24e and FY25e, respectively, with EPS reduced by 7% and 42%, respectively.