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August 12, 2024

Updating estimates following Q2 FY24 report

By Vasily Karasyov

We are updating our model to reflect Q1 results. We are lowering our price target to $17 and maintain Neutral rating. we now expect the following results: Q3 FY24: We are modeling Create Solutions revenue of…

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August 12, 2024

Updating estimates following Q2 FY24 report

By Vasily Karasyov

We are raising our 12 month price target to $107 and maintain Buy rating. Our updated estimates are: Q3 FY24: we are modeling Software Platform revenue of $754m and Adjusted Ebitda of $558m, Apps revenue…

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August 9, 2024

Updating estimates following Q2 FY24 report

By Vasily Karasyov

We are updating estimates following Q2 report. Our rating and price target remain unchanged. We are now modeling Q3 revenue of $618m and Adjusted Ebitda of $248m. We expect full FY24 revenue of $2,432m and…

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August 8, 2024

FIRST LOOK

By Vasily Karasyov

The question now is how much upside there is to Q3 and Q4 estimates and what will Fy25 look like as get get closer to it. Q2 results and guide for Q3 once again show…

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August 8, 2024

Updating estimates following Q1 FY25 report

By Vasily Karasyov

We are updating our model following Q1 FY25 report. We maintain Neutral rating and adjust our price target to $23.50 to reflect the recent valuation multiple compression. Q2 FY25: We expect subscription revenue of $176m, marketplace…

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August 8, 2024

Updating estimates following Q2 FY24 report

By Vasily Karasyov

We are updating our model following Q21 report, our revised forecast is below. Our price target and rating remain unchanged. For Q3 FY24, we expect Connected TV revenue of $63m, Desktop revenue of $27m and…

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August 7, 2024

FIRST LOOK

By Vasily Karasyov

The beat is smaller than in previous quarters since AXON 2 launched but in line with the company’s message of Software Platform revenue growing in the mid-single digits Q/Q absent software improvements similar to the…

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August 7, 2024

Updating estimates following Q2 FY24

By Vasily Karasyov

We are updating our model following Q2 FY24 results. We are raising our price target to $58 to reflect our updated forecast. Our estimates for Q3 FY24 are: 10,445K digital-only subs at quarter end Digital-only…

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August 7, 2024

FIRST LOOK

By Vasily Karasyov

Digital-only net adds were 2x better than we expected and up 43% v. Q1. Digital-only ARPU came in as expected. The release calls out growth in digital display at the NYTG and The Athletic ad…

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August 6, 2024

Initiating coverage

By Vasily Karasyov

We are initiating coverage of RDDT with a Buy rating and 12 month price target of $67. Our thesis is straightforward: we believe that the recent and continuing product and monetization improvements will drive upside…

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August 2, 2024

Updating estimates

By Vasily Karasyov

We are updating our estimates following Q2 report. Our rating and price target remain unchanged. Q3 FY24: We expect Platform revenue of $851m and gross profit of $463m, Devices revenue of $159m and gross profit of…

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August 1, 2024

FIRST LOOK

By Vasily Karasyov

Another quarter of beating the estimates and guiding to basically in-line revenue in Q3. A few things stand out: (i) the Shareholder Letter this time highlights initiatives to accelerate Platform revenue growth; (ii) The Roku…

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July 30, 2024

FIRST LOOK

By Vasily Karasyov

Looks like Q2 print may be the first step in the turnaround of DV story. We would like to hear the management’s comments on the problem customers and early thoughts on what growth could be…

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July 25, 2024

Q2 FY24 estimates

By Vasily Karasyov

We are introducing Q2 FY24 estimates. We are not providing other forward estimates as we currently expect the acquisition by WMT to close before VZIO reports Q3. Q2 FY24: Smart TV shipments of 1.0m, Device segment…

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July 15, 2024

Model update

By Vasily Karasyov

Q1 FY25: We expect subscription revenue of $134m, marketplace & other revenue of $38m and total company revenue of $172m. We are modeling adjusted gross profit of $128m and non-GAAP operating income of $25m. FY25: We expect…

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