Company Notes

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…

We think that Q3 results will highlight strengthening revenue trends at the Software Platform segment driven by AXON upgrade and easier comps for the key metrics, as we show below. We continue to believe that the…

We think that the deterioration in sentiment around DV since the company reported Q2 (EV/FY24 Adjusted Ebitda contracted by one third) created a buying opportunity. We argue today that the bear case which emerged after…

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…

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…