This consensus has been compiled by Network International Holdings plc (the Group) as of 17th May 2022, 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.

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

(USDm) 2022 2023 2024
Revenue 445 527 625
y/y revenue growth1 29% 19% 19%
Underlying EBITDA* 181 228 278
y/y EBITDA growth 26% 26% 22%
Underlying EBITDA margin** 40.3% 43.0% 44.1%
y/y margin expansion 201bps 267bps 113bps
Underlying net income*** 85 117 138
Underlying EPS (USD cents) 15.4 21.2 25.0
y/y Underlying EPS growth 33% 38% 18%
Underlying FCF**** 84 118 126
Total capital expenditure**** -59 -59 -59
Specially Disclosed Items***** -12 -11 -11
No of estimates contributing 9 9 8

1. 2022 y/y growth is based on 2021 revenue of USD345m, excl. three-month contribution from DPO



*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 EBITDA margin : is defined as underlying EBITDA excluding TG cash associate contribution, divided by total revenue.

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.

Underlying free cash flow is calculated as underlying EBITDA adjusted for changes in working capital before settlement related balances, taxes paid, total capital expenditure, SDI affecting EBITDA and adjustment for share of EBITDA of associate, less dividend.

Analysts covering Network International

Company  Contact Name
Autonomous Josh Levin
Barclays Orson Rout
Berenberg Tammy Qiu
Citi Rahul Bajaj
Credit Suisse  Justin Forsythe
Exane BNP Paribas Alexandre Faure
Goldman Sachs Mohammed Moawalla
Jefferies Charles Brennan
JP Morgan Sandeep Deshpande
Morgan Stanley Alastair Nolan