DoubleVerify

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

In our view, FY23 showed that the Buy thesis based on expectations of smooth, steady growth not subject to overall ad spend fluctuations is no longer applicable. It appears that the evolution of DV’s business…

In-line results with a weak Q1 guide. Seasonality implied by the guidance looks different than what the management talked about on the Q3 call. Pricing was up Y/Y in Q4. Commentary on the call will…

We are introducing Q1 FY24 estimates. Our rating and price target remain unchanged. Q1 FY24: We are modeling $48m in Measurement revenue, $84m in activation and $12m in Supply-side revenue. Our Adjusted Ebitda forecast is $39m…

We are updating our estimates following Q3 report. Our Buy rating and price target of $44 remain unchanged. Our latest estimates are: Q4 FY23: We are modeling $61m in Measurement revenue, $99m in activation and…

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 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 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…

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…

We believe that Q4 results and the guidance for Q1 and full FY23, in line with expectations (equals a raise in this environment for ad tech names), once again highlight the fact that DV offers…

Q4 results ahead of expectations, guidance for Q1 and full FY23 (!) in line with the consensus but light compared to our Street-high forecast. Although not the usual beat-and-raise, we think the stock should get…

Based on our recent conversation with industry sources we believe that digital advertising trends played out in Q4 generally in line with what the companies in our coverage universe expected when they reported Q3: no…