This consensus has been compiled by Network International Holdings plc (the Group) as of 25th January 2023, 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) 2022E 2023E 2024E
Revenue 442 518 612
y/y revenue growth1 28% 17% 18%
Underlying EBITDA* 179 217 268
y/y EBITDA growth 25% 21% 24%
Underlying EBITDA margin 40.5% 41.9% 43.9%
y/y margin expansion 225bps 134bps 197bps
Underlying net income** 83 103 142
Underlying EPS (USD cents) 15.0 19.2 26.7
y/y Underlying EPS growth 29.4% 28.1% 38.9%
Underlying FCF*** 105 134 170
Total capital expenditure**** (59) (61) (68)
Specially Disclosed Items***** (11) (9) (7)
No of estimates contributing 11 11 11

1. 2022 y/y revenue growth based on Network only revenue of USD345m, in line with guidance

 

Definitions

*Underlying EBITDA: is defined as earnings from operations before interest, taxes, depreciation and amortisation, gain on the disposal of a subsidiary and unrealized FX (gains) / losses.

**Underlying Net Income : represents the Group’s profit for the year, adjusted for gain on the disposal of a subsidiary.

***Underlying FCF: is calculated as underlying EBITDA adjusted for changes in other working capital balances, taxes paid and total capital expenditure.

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

*****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.

 

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 Hannes Leitner
JP Morgan Sandeep Deshpande
Morgan Stanley Alastair Nolan
Peel Hunt Gautam Pillai