All Reports

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…

Digital-only subs only slightly worse than expected but ad revenue and Ebitda well ahead, digital-only ARPU up Q/Q and Y/Y as expected plus a solid guidance for Q3. Looks like the stock should get credit…

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…

Total revenue is only ~$133m ahead of our estimate which is a smaller beat than usual with Activation revenue ahead nicely but Measurement revenue softer than expected. Adjusted Ebitda is better. Full year guidance unchanged….

We are updating our model following Q2 results. We are raising our price target to $94 to reflect updated estimates and the current EV/Gross Profit multiple and maintain Neutral rating. Our updated estimates are: Q3…

Another beat in the Platform segment. It seems that the forward commentary in the Shareholder Letter is a touch more optimistic this quarter: in addition to the now usual language about the macro uncertainty it…

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…

We are updating our estimates ahead of Q1 FY24 report. Introducing Q1 FY24 estimates We expect subscription revenue of $120m, marketplace & other revenue of $27m and total company revenue of $147m. We are modeling…

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 think that the results and the guidance for Q1 and full FY24 are better than feared following the management’s comments on the previous earnings call. The Marketplace revenue line which is levered to the…

We are updating our model to reflect Q1 results and the guidance for Q2. Our revised price target of $36 is based on the current EV/FY24 Adjusted Ebitda multiple of 23x applied to our FY25…

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…