Team Internet - Upgrading FY25 EPS by 7% on Shinez

While the weak advertising market suppressed growth in Online Marketing in the (seasonally quiet) Q1, Online Presence continues to perform robustly and group margins continue to expand. The acquisition of Shinez is now complete and should add further robustness to Team Internet's revenue profile, diversifying its partnership base and creating good opportunities to capture more value in the conversion funnel. We leave our standalone estimates unchanged, but upgrade FY24 and FY25 EPS by 5% and 7% to reflect the acquisition of Shinez.

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