All Reports

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…

Another solid quarter from DV. We expect conviction in estimates to continue building throughout the year, the forecast and guidance look beatable at this point, and comps get easier in Q3 and Q4. Activation revenue…

Expectations were high heading into the print and the results prove they weren’t wrong. The revenue guidance is 4% above our estimates but 1% above the consensus which may seem like a disappointment for TTD….

We are updating our model to reflect Q1 results and the guidance for Q2. Our estimates for Q2 FY23 are: 9,226K digital-only subs at quarter end Digital-only subscription revenue of $271m Total subscription revenue of…

We are updating our model to reflect Q1 results and the guidance for Q2. Q2 FY23: Smart TV shipments of 1.0m, Device segment revenue of $253m and gross profit of $0m, Platform+ revenue of $136m,…