All Reports

We are updating our model to incorporate the preannouncement issued on September 6th. We are also adjusting our price target to $63 to reflect the recent EV/Gross Profit multiple compression. Our updated estimates are: Q3…

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 are updating our estimates ahead of Q2FY24 report. We are raising our price target to $28 to reflect the recent prevailing trading EV/Sales multiple. Q2 FY24: We expect subscription revenue of $124m, marketplace &…

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 updating our model to reflect Q2 results and the new guidance. We are lowering our twelve month price target to $8.50 due to lower estimates and the target EV/Adjusted Ebitda multiple. For Q3…

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 believe the the guidance for Q3 revenue implies revenue ex-political growth acceleration to 25% from 23%. AS was the case in Q1, the guide may seem a touch more conservative than the Street is…

We are updating our model to reflect Q2 results and the guidance for Q3. We are lowering our price target to $7 and maintain Neutral rating. Q3 FY23: Smart TV shipments of 1.0m, Device segment revenue…

Device shipments and financials in line with expectations, Platform+ ahead but strength in advertising was telegraphed by the management during the quarter plus ROKU results were a decent read-through. Guidance looks soft but may reflect…

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….