This consensus has been compiled by Network International Holdings plc (the Group) as of 26 April 2021, from forecasts provided by registered investment analysts. These forecasts are provided for information purposes only and are not endorsed by the Group, nor does the Group assume any obligation to update or revise the consensus to reflect circumstances after the date specified above.

Analyst consensus

The forecasts provided below reflect estimates for Network International, without any contribution from DPO.

The forecasts represent an average of those published by registered investment analysts, from a sample size specified below.

(USDm) FY21 FY22 FY23
Revenue 330.4 385.8 441.6
Underlying EBITDA* 143.1 179.1 215.2
Underlying EBITDA margin** 40.3% 43.7% 46.4%
Underlying net income 59.0 89.3 119.1
Total capital expenditure -64.9 -53.7 -48.0
Specially Disclosed Items*** -16 -5 -4
No of estimates contributing 8 8 8


Underlying EBITDA: is defined as earnings from continuing operations before interest, taxes, depreciation and amortisation, write-off of unamortised debt issuance cost, share of depreciation of an associate and specially disclosed items affecting EBITDA.

Underlying Net Income: represents the Group’s profit from continuing operations adjusted for write-off of unamortised debt issuance cost and specially disclosed items.

Specially disclosed items: are items of income or expenses that have been recognised in a given period which management believes, due to their materiality and being one-off / exceptional in nature, should be disclosed separately, to give a more comparable view of the period-to-period underlying financial performance.

Total capital expenditure: estimates include core maintenance capital expenditure, plus capital expenditure for growth accelerator and other strategic projects.

Analysts covering Network International

Company  Contact Name
Barclays James Goodman
Berenberg Tammy Qiu
Citi Rahul Bajaj
Goldman Sachs Gautam Pillai
Exane BNP Paribas Alexandre Faure
Jefferies Paul Kratz
JP Morgan Sandeep Deshpande
Morgan Stanley Adam Wood
Autonomous Josh Levin