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Latest Reports

May 24, 2023

FIRST LOOK

By Vasily Karasyov

We think that the results and the guidance for Q1 and full FY24 are better than feared following the management’s comments on the previous earnings call. The Marketplace revenue line which is levered to the…

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May 15, 2023

Estimates update following Q1 FY23 report

By Vasily Karasyov

We are updating our model to reflect Q1 results and the guidance for Q2. Our revised price target of $36 is based on the current EV/FY24 Adjusted Ebitda multiple of 23x applied to our FY25…

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May 12, 2023

THE green shoot; reiterate BUY

By Vasily Karasyov

We continue to think that APP offers a combination of a still cheap valuation, attractive Ebitda to FCF conversion profile, more headroom for a re-rating and optionality for top line growth reacceleration due to industry-wide…

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May 11, 2023

Shopper marketing rising

By Vasily Karasyov

Time will tell if the guidance for Q2 means moderating operating trends or imply incremental room for upside – we think the latter will prove to be true. Looking past Q2, we expect the contribution…

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