CentralNic delivered 2022 results slightly ahead of our upgraded estimates and expects to surpass expectations for the year ahead. Strong gross margins indicate that signs of increased competition or pricing pressure in the Online Marketing division are limited. Indeed, the division’s organic growth accelerated to 86% from 65% in 2021. The company’s strong growth appears set to continue, particularly with a new management team that is more focused on developing new growth opportunities. We belie ....
