Company Notes

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…

We are downgrading MGNI to Neutral as the stock is trading in line with our price target of $13.50. We believe the shares will remain range-bound within our time horizon of twelve months for two…

We continue to think that APP offers a combination of a still cheap valuation, attractive Ebitda to FCF conversion profile, more headroom for a re-rating and optionality for top line growth reacceleration due to industry-wide…

Time will tell if the guidance for Q2 means moderating operating trends or imply incremental room for upside – we think the latter will prove to be true. Looking past Q2, we expect the contribution…

We see shopper marketing as the next major growth driver for TTD. Our analysis shows that the company’s partnership with WMT launched in Q1 FY22 is already contributing to gross billings and will increase in…

We believe that the company’s decision to shift the focus to reporting installs growth and revenue per install growth and away from metrics that are more complex and less applicable to revenue modeling is a…

Our analysis shows that The Roku Channel’s importance in driving video advertising revenue growth will only increase with time as ROKU’s access to third party inventory sources becomes more limited. We also believe that this…

We believe that Q4 results and the guidance for Q1 and full FY23, in line with expectations (equals a raise in this environment for ad tech names), once again highlight the fact that DV offers…

Q1 guidance once again shows that (i) TTD is operating and gaining share in the pocket of the connected TV market that has decoupled from the direct sold ad spend some time ago and continues…

Going into Q4 earnings we argued that If the report confirms that the management’s comments on Q3 were correct and there is no further deterioration in Software Platform top line trends, a new bull case,…