April 29, 2024
Michael G. Barrett – President and CEO, David Day – CFO, Nick Kormeluk – SVP, IR. Please reply to this email to submit interest.
April 17, 2024
1×1 and small group virtual meetings with Mark Zagorsky, CEO; Nicola Allais, CFO; Tejal Engman, SVP, IR. Click to submit interest
March 24, 2024
Our Buy thesis is based on our belief that the estimates are beatable at this point and the stock price will go up after beat and raise quarters. The bear arguments that have weighed on…
March 17, 2024
We continue to believe that APP is on the way to an eventual re-rating given the expected three-year Adjusted Ebitda CAGR of 25%, improving mobile gaming ad spending trends, and strengthening competitive position. In this…
March 1, 2024
In our view, FY23 showed that the Buy thesis based on expectations of smooth, steady growth not subject to overall ad spend fluctuations is no longer applicable. It appears that the evolution of DV’s business…
February 27, 2024
We believe there are two main takeaways from the Q4 report. First, it’s safe to assume now that the bias to the guidance and estimates is to the upside. There may be room for improved…
February 19, 2024
We think that the main takeaway from TTD’s Q4 results is that the October air pocket was an isolated event with no impact on the growth in FY24. We expect bears’ arguments now to center…
February 19, 2024
Bulls and bears are asking the same question: how sustainable is the revenue growth in the Software Platform segment? We argued before that it is more durable than it may look and Q4 report delivered…
February 11, 2024
We believe that for the stock to work from here RAMP will have to show a sustained acceleration in organic revenue growth as well as the benefits of the acquisition of Habu. The company has…
February 7, 2024
We think that Q4 FY23 was the first quarter since NYT embarked on the business model transformation to digital when the news cycle proved to be a negative and instead of just helping drive digital…
February 4, 2024
In this note we argue that the bear case centered around the negative impact the introduction of Prime Video advertising will have on TTD’s revenue growth trajectory is based on what we see as low…
December 18, 2023
Our analysis of the key metrics trajectory in Q3, the first full quarter of AXON 2, gives us incremental conviction in sustainability of Software Platform revenue growth. As we show below, Q/Q progression of installs…
December 3, 2023
In this note we show that, based on what we see as fairly conservative assumptions, shopper marketing should become a legitimate contributor to growth next year. We estimate it will account for 8.6% of total…
November 26, 2023
We are upgrading ROKU shares to buy from Neutral as we now believe that room for upside to FY24 consensus forecast is enough to allow for more meaningful upward estimates revisions than we have seen…
November 12, 2023
We have seen the TTD story go through rough periods before and all of them proved to be relatively short lived. The most recent industry-wide brand advertising spending softness which impacted TTD revenue growth occurred…