Company Notes

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…

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…

We don’t think that anyone doubts at this point that the company successfully transformed its business model to digital and that the digital-only subscribers goal is doable. The success of this transition was a bull…

We think yesterday’s stock price reaction will prove to be a buying opportunity. In our view, the question after Q2 print is: was it a view-changing event? We don’t believe that an in-line quarter and…

We are updating the assumptions underlying our estimates for Q3 and Q4 to reflect the current advertising trends and the potential impact of the writers’ and actors’ strikes. As a result, our estimates for Platform…

In our view, APP stock still offers a relatively inexpensive valuation with an option on Software Platform revenue growth acceleration which should lead to upward estimates revisions and a re-rating. For our thesis to play…

The Street is currently focused on sizing up potential incremental revenue resulting from ROKU opening its ad inventory to outside programmatic demand. As we discuss below, this decision is unlikely to contribute materially in the…