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  • 12 May 22
Additional network roll out costs should lead to an improved margin

Q1 revenues were in line with the consensus, up by 3.7% yoy. EBITDA adjusted for 2021 one offs was up by 5.5% yoy. The group is becoming a “normal” telco with capex at 15% of sales: this means that, over the long term, its EBITDA margin will be closer to 30% than to 20% on the access activity. And ultimately EBITDA less capex could improve from 10% to 15% of sales. We maintain our opinion at Add.

Companies: United Internet AG
  • 09 Nov 21
Solid growth while building its 5G network

Q3 EBITDA was up by 8.8% yoy. It is in line with the ambitious target already given by management but very reassuring as the H1 EBITDA was up by only 2.1%. But the key point remains, indeed, 5G. This could not only boost mobile revenues but also the EBITDA margin beyond the 20% level. UI has found in Rakuten a strong partner for the construction of its 5G network. Thanks to Rakuten, UI should build an innovative “OpenRan” network.

Companies: United Internet AG
  • 11 May 21
A solid Q1 and still preparing for the future

A solid Q1, although the group confirmed 2021 should be a year of moderate growth. The group is indeed preparing for the future with good agreements on the mobile and fixed side with TEF Deutschland and DT. The stock price remains, however, at a correct price (at 7x the EBITDA), given a weak dividend due to its investment in building a 5G network. However, we are now back to Add as the stock has corrected by c.10% since mid-February.

Companies: United Internet AG
  • 15 Feb 21
Only slow growth in 2021 but the future looks bright

With the two agreements with Telefonica Deutschland and Deutsche Telekom, the group strengthens its fundamentals over the long term. The stock price remains, however, at its price (at 7.3x the EBITDA) if we stick to the short term as, for 2021, United Internet anticipates sales growth of only c.2.5% while EBITDA should increase by 3.5%.

Companies: United Internet AG
  • 06 Nov 20
EBITDA impacted as expected by TEF Deutschland's invoiced wholesale price increase

No real surprise in the Q3 figures of United Internet after the profit warning at the end of September. EBITDA declined by 12% yoy due to the invoiced wholesale price increase of Telefonica Deutschland which was at the heart of UI’s profit warning. We remain at Buy on the stock which is still at its price at the end of September.

Companies: United Internet AG
  • 21 Sep 20
Again, a profit warning

A bad surprise this weekend as UI released a communication regarding its negotiations with TEF Deutschland on its MVNO agreement. TEFD has maintained its high voice prices from July 2020 and the group is therefore revising sharply downward (by 7%) its EBITDA estimates for 2020.

Companies: United Internet AG
  • 28 Aug 20
Brief reminder of the H1 results released two weeks ago

The group released two weeks ago its H1 figures which were slightly better than expectations as the negative impact of COVID-19 was only 1% on revenues and 2% on EBITDA. The stock had, however, already recovered more than the ground lost since mid-March, nearly doubling to exceed slightly the €40 level (35% above the €30 level of the four months preceding the crisis). The stock seems now correctly valued and we are at Reduce on it.

Companies: United Internet AG
  • 28 Mar 19
Still a solid EBITDA growth for 2019 but maybe no... dividend

United Internet has eventually achieved its 2018 guidance with full-year revenues up by 10.1% yoy (pro forma excluding the consolidation of Strato and Drillisch) and an EBITDA at €1.2bn perfectly in line with the consensus and management’s objectives and up by 10.5% yoy pro forma. Note Q4 revenues and EBITDA were up by 9.7% and 10.6% respectively, two correct growth figures that put the slowdown recorded in Q3 into perspective. The outlook for 2019 is quite good. If the revenue growth is limite

Companies: United Internet AG
  • 13 Nov 18
Still solid organic growth

United Internet has released a correct Q3, although with growth numbers slightly lower than in H1. Q3 revenues have increased by 8.8% yoy in pro forma (vs 10.9% in H1) while EBITDA has grown by 6.6% yoy (vs 10.8% in H1). Remember that in reported terms both revenue and EBITDA growth during the first 9m were slightly above 25% due to the consolidation of Strato and Drillisch.

Companies: United Internet AG
  • 20 Aug 18
Takeover of Austria’s leading webhosting firm Word4You

United Internet AG has reached an agreement with Austrian webhosting company World4You concerning the 100% acquisition of the company by United Internet subsidiary 1&1 Internet SE. World4You is the leading webhoster in Austria and has over 100,000 customers. The move will strengthen the international activities of United Internet’s Business Applications segment pooled with 1&1 Internet SE, a company held jointly by United Internet (66.7%) and Warburg Pincus (33.3%).

Companies: United Internet AG
  • 13 Aug 18
On track to reach targets for 2018

Revenues in Q2 18 increased by 27.6% to €1.28bn compared to €1.00bn in Q2 17. On a pro forma basis, taking into account the consolidation of Strato and Drillisch, revenues grew 10.2%. EBITDA increased 32.4% to €287m in Q2 18 from €217m in the same period last year with a pro forma growth of 13.0%. The EBITDA margin increased slightly from 21.9% in Q2 17 to 22.5% in Q2 18 on a pro forma basis. EBIT grew by 19.8% to €191m in Q2 18 with the EBIT margin slightly improving against Q1 18 from 14.4% to

Companies: United Internet AG
  • 16 May 18
Tele Columbus – a takeover candidate for UI?!

The Vodafone Liberty Media deal will change the competitive landscape of cable network providers in Germany if the deal is approved by the regulators. United Internet is opposing the deal because of the dominant market positions of Deutsche Telekom and Vodafone. A takeover might be a valid option United Internet is the major shareholder of Tele Columbus with a stake of 28.52% in the company. In January 2016, UI acquired 9.8% in the company and, in February, 15.31% for a total of around €266.4

Companies: United Internet AG
  • 14 May 18
Growth driven by acquisitions

Revenues increased 33.4% to €1.27bn and excluding acquisitions 11.6% EBITDA increased 30.7% to €278.2m and excluding Strato and Drillisch 8.7% The EBITDA margin declined from 22.4% to 21.9% Net profit after discontinued operations and minorities declined 8.5% to €83.4m Minorities increased from €1.6m to €32.3m due to the 33% stake of Warburg Pincus in Business Applications and the 27% stake in Consumer Access

Companies: United Internet AG
  • 22 Mar 18
Results driven by acquisitions

Revenues increased 10.5% to €4.2bn EBITDA margin excluding one-off items increased from 21.8% to 23.6% The number of fee-based customers jumped 36.3% or 6.1m to 22.89m (5.2% organically) Dividend increase from €0.80 to €0.85 per share In the current year, revenues are expected to reach €5.2bn and EBITDA €1.2bn

Companies: United Internet AG
  • 20 Nov 17
Q3`17 results dominated by Drillisch consolidation

In Q3`17, revenues increased 7.5% to €1.05bn and the gross margin improved from 33.6% to 38.2%. EBIT including extraordinary items of €303.9m jumped to €489.9m. Adjusted EBIT increased 12.9% to €186m. The EBIT margin improved from 16.8% to 17.6%. In the first nine months, revenues increased 6.4% to €3bn and, excluding consolidation effects of Strato/ProfitBricks €64.5m, Drillisch €54.6m, regulation €33.2m and negative currency effects of €6m, revenues increased 3.5%. Adjusted EBITDA increased

Companies: United Internet AG

United Internet AG

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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on United Internet AG. We currently have 103 research reports from 3 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
19May22 10:20 DGAP-AHD DGAP-PVR: United Internet AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
18May22 13:13 DGAP-AHD DGAP-PVR: United Internet AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
18May22 12:58 DGAP-AHD DGAP-PVR: United Internet AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
17May22 07:53 DGAP-AHD DGAP-PVR: United Internet AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
12May22 06:29 EQS-News DGAP-News: United Internet gets off to good start in 2022
12May22 06:29 EQS-News DGAP-News: United Internet mit gutem Start in 2022
27Apr22 09:00 DGAP-AHD DGAP-AFR: United Internet AG: Preliminary announcement of the publication of quarterly reports and quarterly/interim statements
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  • 20 May 22
Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

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  • 24 May 22
Hybridan Small Cap Feast 24/05/22

*A corporate client of Hybridan LLP Dish of the day Joiners: EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help

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  • 20 May 22
Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

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  • 18 May 22
Morning Note – 18 May 2022


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  • 25 May 22
Kromek - US federal entity order for nuclear security D3S-ID detectors

Kromek has announced that it has received an order from a US federal entity for the D3S-ID wearable nuclear radiation detector, which provides an early warning system for potential radiation threats. The order is worth $0.65m and is to be delivered in the coming months. This is the second order for the D3S-ID from this customer, following the award of a $1.6m two-year contract in September 2021, and provides further endorsement of Kromek’s capabilities within a market over which Kromek has visib

Companies: Kromek Group Plc
  • 17 May 22
FY22 AOP ahead of expectations

Having updated in April that FY22 revenues and operating profits were expected to be in line with consensus, Eckoh today updates that operating profits grew strongly in the period and will now be ahead of consensus. Revenues are expected to be in line. We suspect this means operating profits will be slightly above £5.0m compared to our forecasts of £4.9m. This de-risks our FY23 forecasts, where we are looking for AOP of £7.7m. We are forecasting FY23 AOP of £5.9m from the existing business, up f

Companies: Eckoh plc
  • 24 May 22
Spin out of OpenDialog

TPXimpact has announced that it has spun out OpenDialog alongside a £4m raise by Dowgate Capital; TPXimpact will retain a 17% holding in OpenDialog at a post-new money valuation of £12.7m.

Companies: TPXimpact Holdings PLC
  • 17 May 22
FY22 in line, further strong growth expected in FY23

Despite lingering lockdown headwinds, FYJan22 saw continued strong growth for Smartspace’s two SaaS businesses, SwipedOn (visitor, employee and desk management) and Space Connect (meeting room and desk management), driving combined ARR up 64% organic to £4.9m. SwipedOn ARR grew 57% yoy (>85% of total ARR) with Space Connect ARR up almost threefold. Encouraging trading through to end April (ARR rose to £5.5m) underpins Smartspace’s continued expectations for “further strong growth in FY23”. Key d

Companies: Smartspace Software Plc
  • 18 May 22
Hybridan Small Cap Feast 18/05/22

Dish of the day Joiners: Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne

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  • 11 May 22
1Spatial - Going to California with Caltrans on my mind

1Spatial continues its US expansion with the announcement of a contract win to support replacing the Transportation System Network (TSN) for the California Department of Transportation (Caltrans). The contract is worth c $1.4m over four years, including US$0.7m in software licence revenue, and was won in partnership with Rizing, a global SAP partner. The US market is a key growth engine for 1Spatial and the Caltrans win shows its strategic plan continues to bear fruit. This contract follows othe

Companies: 1Spatial Plc
  • 24 May 22
SHORE CAPITAL - FDM+ (FDM) - House Stock at 972p - AGM trading update


Companies: FDM Group (Holdings) plc
  • 25 May 22
LIBERUM: CEO Video - Louis Hall, Cerillion PLC*


Companies: Cerillion Plc
  • 27 Apr 22
LIBERUM: 1Spatial* - Strong FY22 Results


Companies: 1Spatial Plc
  • 19 May 22
WH Ireland: Immotion (IMMO) - 54 month 40 Seat VR Theatre contract signed with Milwaukee County Zoo

Immotion is a leading Virtual Reality (VR) experience provider. Following on from the 24 seat Pittsburgh Zoo contract in April, the group's announcement this morning that it has signed another and even larger major zoo contract provides further confirmation of the strength of demand for its new Gorilla Trek offering. Under the agreement with Milwaukee County Zoo, Immotion will install a 40 seat VR Theatre experience, which attracts around 1.3m visitors per annum. The attraction will be located a

Companies: Immotion Group Plc
  • 24 May 22
Scaling up

H1 revenues declined modestly to £0.8m due to the already flagged expiration of a legacy contract. Investment in direct sales and marketing led to an increased operating loss of £2.8m (PY £2.2m) as Actual Experience transitions from start-up to scale-up. Admin expenses are expected to fall in H2 as product investment is now largely complete and marketing expenditure is reduced. Management sees market conditions (hybrid working) as favourable and its new Digital Workplace Management System (DWMS)

Companies: Actual Experience plc