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September 19, 2023

Updating estimates, maintaining Neutral rating

By Vasily Karasyov

We are updating our model to reflect Q2 results and the new guidance. We are lowering our twelve month price target to $8.50 due to lower estimates and the target EV/Adjusted Ebitda multiple. For Q3…

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September 18, 2023

Initiating coverage

By Vasily Karasyov

We are initiating coverage of U at the time when the company is undergoing a business model transformation following the acquisition of IS in November last year. In our view, for the stock to work…

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August 13, 2023

This valuation is unsustainable, the stock will re-rate; PT to $50

By Vasily Karasyov

If, as we expect, AXON 2 continues to drive revenue growth acceleration in the coming quarters, the current valuation multiple of 11x EV/FY24E Adjusted Ebitda will have to expand, in our view. The most likely…

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August 10, 2023

So much for disintermediation

By Vasily Karasyov

We see the following main take aways from Q2 results and the management’s commentary: (i) the business is going well across the board, (ii) the company’s competitive position in the programmatic value chain is getting…

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