Company Notes

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…

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…

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that the Buy thesis based on expectations of smooth, steady growth not subject to overall ad spend fluctuations is no longer applicable.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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

In our view, there are two main takeaways form Q3 results. First, there is little doubt that Q4 guidance is beatable. Second, the main question is by how much and what does it mean for…

We think that Q3 results and the guidance for Q4 illustrate well our thesis that neither bull nor bear case is likely to emerge as long as the current operating trends continue. On the positive…