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17	member 1/07/21 1:34PM Re: Spruce Point 16
I don't have any viewpoint on RUBI, so take this with a grain of salt, but Spruce Point did something similar to a name I owned before, RLGT. The report was simply factually wrong in... login to read the rest 4 view available tags
15	member 12/23/20 4:24PM Re: Re: Thor, et al...MGNI update after this craziness 14
Thank you, Thor...appreciate this and very helpful. view available tags
14	member 12/23/20 11:33AM Re: Thor, et al...MGNI update after this craziness 13
Thanks Angus, we were a size holder since around the '17 lows in MGNI but are mostly out now after the run to the mid / high 20s. MGNI here is a lot trickier because valuation... login to read the rest 1 view available tags
12	member 12/03/20 12:52PM Re: Pubmatic IPO 11
I don't have great checks on PUBM but what I have heard is not particularly positive: relatively weak CTV offering, tried to ramp up a demand manager clone that didn't go anywhere, behind on SPO. Personally... login to read the rest 1 view available tags
11	member 12/02/20 2:26PM Pubmatic IPO
Anyone have any thoughts here? It seems MGNI is much further ahead in CTV/video opportunity but this is coming out 2-3 turns cheaper assuming it gets priced at the middle of the range. I have heard... login to read the rest view available tags
10	member 11/09/20 4:16PM Re: Re: Re: Connected TV Opportunity 7
This looks like a monster print for MGNI - revenue beat our estimate and the 23% EBITDA margin was even better than we'd modeled it. Street is so far off on next year's EBITDA it's... login to read the rest 3 view available tags
9	member 9/02/20 2:41PM Re: Re: Re: Re: Connected TV Opportunity 8
Thanks htm - and agree with you, whether low 60s or 80 is the number, the stock is cheap. Management quality is high here and there should be a real opportunity for multiple expansion as people... login to read the rest 1 view available tags
8	member 9/02/20 1:57PM Re: Re: Re: Connected TV Opportunity 7
Thanks, Thor. We are long as well and but modeling low $60's of EBITDA for 2021. Hopefully your #s end up being right. Either way, think this is very cheap with tailwinds. 2 view available tags
7	member 9/02/20 11:31AM Re: Re: Connected TV Opportunity 6
htm - I think 80m or roughly 2x street EBITDA is a conservative way to frame next year. Historical incremental EBITDA margins are 75%+ for MGNI. I have this year coming in significantly better than... login to read the rest 1 view available tags
6	member 9/02/20 10:45AM Re: Connected TV Opportunity 3
Thor - you have the stock selling at a HSD EBITDA multiple on 2021 numbers which would imply EBITDA considerably above consensus. Would you be willing to share some of your assumptions on how you view available tags
5	member 9/02/20 9:26AM Re: Xandr 4
My initial reaction: Xandr struggles under AT&T management have been reasonably well publicized and it seems unlikely that putting it on the blocks will do much for shoring up customer and employee morale. The $2bn... login to read the rest view available tags
3	member 8/20/20 10:34AM Connected TV Opportunity
First off, it must be said that Rubicon / Telaria settled on a very unfortunate name for their combined company in Magnite (MGNI), which conjures most immediately to mind kryptonite. With that out of the way,... login to read the rest 2 view available tags
1	member 5/11/20 1:22PM Thoughts?
We thought the RUBI quarter / guide was down the fairway and like the setup from here. RUBI took its medicine with their guide and set numbers appropriately. CTV is now 25% of the business in... login to read the rest 1 view available tags

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			2011	2012
Price:	350.13	EPS	$15.15	$27.00
Shares Out. (in M):	925	P/E	23.0x	13.0x
Market Cap (in $M):	324,000	P/FCF	17.3x	10.0x
Net Debt (in $M):	-66,000	EBIT	18,385	32,000
TEV (in $M):	258,000	TEV/EBIT	14.0x	8.0x

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