Team Internet has announced a development in the Search market that negatively impacts FY25 and FY26 expected revenues and profitability but has set out a strategic response to return to long-term growth. Zeus adjusted EBITDA estimates are reduced by 37% for FY25 to $62m and by 30% to $72m in FY26. In our view, leverage remains at manageable levels (1.2x FY25 EBITDA) and the Group remains significantly cash generative during a transition year. Separately, Verdane announced that it does not inten ....
