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December 2, 2024

What APP can tell us about the ad revenue growth potential

By Vasily Karasyov

We believe at this point it’s clear that advertising revenue as opposed to data licensing is and will be the main revenue growth driver. In this note we argue that performance advertising solutions (RDDT refers…

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November 26, 2024

Adjusting estimates

By Vasily Karasyov

Adjusting FY25 estimates and raising the price target to $19.50. For Q4 FY24, we expect Connected TV revenue of $76m, Desktop revenue of $30m and Mobile revenue of $79m. We expect total revenue of $186m,…

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November 17, 2024

The push into e-commerce: why and how

By Vasily Karasyov

We think that FY25 will be an especially important year for the APP story. The launch of AXON 2 in FY23 and the resulting revenue ramp drove continued upward estimates revisions and a steady valuation…

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November 12, 2024

Updating estimates following Q3 FY24 report

By Vasily Karasyov

We are updating our model to reflect Q3 results. We are raising our price target to $21 and maintain Neutral rating. We now expect the following results: Q4 FY24: We are modeling Create Solutions revenue of…

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