All Reports


May 13, 2024

Updating estimates following Q1 Fy24

By Vasily Karasyov

We are updating our model to reflect Q1 results. We are lowering our price target to $25 and maintain Neutral rating. we now expect the following results: Q2 FY24: We are modeling Create Solutions revenue…

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May 10, 2024

Updating estimates following Q1 FY24

By Vasily Karasyov

We are updating estimates following Q1 report. Our rating and price target remain unchanged. We are now modeling Q2 revenue of $575m and Adjusted Ebitda of $224m. We expect full FY24 revenue of $2,391m and…

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May 9, 2024

FIRST LOOK

By Vasily Karasyov

We see Q1 results as generally in line with Adjusted Ebitda ahead of estimates due to lower than expected costs, as should have been expected. Y/Y decline of 4% in Grow Solutions revenue will probably…

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May 9, 2024

Model update following Q1 FY24 report

By Vasily Karasyov

We are raising our 12 month price target to $107 and maintain Buy rating. Our updated estimates are: Q2 FY24: we are modeling Software Platform revenue of $699m and Adjusted Ebitda of $507m, Apps revenue…

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May 8, 2024

FIRST LOOK

By Vasily Karasyov

The Software Platform delivered another blowout quarter, the guide seems to imply Y/Y revenue growth of at least 67% in Q2 (assuming constant Q/Q Apps revenue and margin and the mid point of the guide)…

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May 8, 2024

FIRST LOOK

By Vasily Karasyov

The top line beat greater than usual. The guidance is a touch lighter but we think the Street will just see as just that much more beatable. After the 3p cookies deprecation timetable shift, the…

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May 8, 2024

Updating estimates following Q1 FY24 report

By Vasily Karasyov

We are updating our model to reflect Q1 FY24 results and the guidance for Q2 . Our rating and price target remain unchanged. Our estimates for Q2 FY24 are: 10,063K digital-only subs at quarter end…

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May 8, 2024

FIRST LOOK

By Vasily Karasyov

The quarter looks generally in line with expectations, in our view. Digital advertising revenue growth was on the low end of the guidance given last quarter (softness in display and podcasts) but the outlook for…

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May 7, 2024

FIRST LOOK

By Vasily Karasyov

We are hosting an NDR with Mark S. Zagorski – CEO, Nicola Allais – CFO, and Tejal R. Engman – SVP, IR on May 10th Please click to register Q2 guidance below expectations, full FY24…

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May 2, 2024

Dropping coverage

By Vasily Karasyov

We are dropping coverage of the following stocks. As a result, our ratings, price targets, estimates and disclosures should no longer be relied upon. FOXA last published rating and price target: Buy, $51.00 DISCA last…

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April 29, 2024

CEO & CFO Non-Deal Roadshow on May 9th

By Vasily Karasyov

Michael G. Barrett – President and CEO, David Day – CFO, Nick Kormeluk – SVP, IR. Please reply to this email to submit interest.

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April 26, 2024

Updating estimates

By Vasily Karasyov

We are updating our estimates following Q4 report. Our rating and price target remain unchanged. Q2 FY24: We expect Platform revenue of $804m and gross profit of $426m, Devices revenue of $131m and gross profit of…

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April 25, 2024

FIRST LOOK

By Vasily Karasyov

A beat but the Q2 guide looks somewhat cautious again for what it’s worth. A couple of less obvious points that stand out. First, The Roku Channel now is now the #3 app on the…

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April 17, 2024

CEO & CFO NDR on May 10th

By Vasily Karasyov

1×1 and small group virtual meetings with Mark Zagorsky, CEO; Nicola Allais, CFO; Tejal Engman, SVP, IR. Click to submit interest

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April 13, 2024

Connected TV: arranging the ducks back in a row

By Vasily Karasyov

We saw a number of important developments in connected TV in Q1 including the launch of Prime Video ad-supported tier, DIS announcement of a direct, i.e. bypassing SSPs integration with DSPs and WMT’s acquisition of…

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