DoubleVerify


December 21, 2023

Introducing Q1 FY24 estimates

By Vasily Karasyov

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…

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November 13, 2023

Model update

By Vasily Karasyov

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…

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September 26, 2023

BUY; the recent bear case should be put to rest soon

By Vasily Karasyov

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…

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August 2, 2023

Not a view-changing event; reiterate BUY

By Vasily Karasyov

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…

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July 31, 2023

FIRST LOOK

By Vasily Karasyov

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….

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May 15, 2023

Estimates update following Q1 FY23 report

By Vasily Karasyov

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…

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May 10, 2023

FIRST LOOK

By Vasily Karasyov

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…

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March 2, 2023

Attention TMT buysiders! Proof points keep building up, it’s time to take a closer look

By Vasily Karasyov

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…

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March 1, 2023

FIRST LOOK

By Vasily Karasyov

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…

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January 4, 2023

This one is easier than others

By Vasily Karasyov

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…

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November 8, 2022

FIRST LOOK

By Vasily Karasyov

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August 5, 2022

Step by step

By Vasily Karasyov

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August 3, 2022

FIRST LOOK

By Vasily Karasyov

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