Tim Watts, CFO at Shield Therapeutics #STX presenting at our Life Sciences Investor Briefing Watch Now
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Thanks Tardis,...I completely forgot....bye here and lets hope better luck with the new name.ta,ta.
Thanks Tardis - off we go then!
Taptica is now Tremor International Ltd. Ticker: TRMR.
New discussion board is up and running.
Taptica owns Tremor Video DSP’s plan, built on over 10 years of experience in delivering best-in-class video solutions protecting advertisers’ investment in video. The plan includes:
Brand-Safe Delivery - Powered by contextual intelligence tools such as Grapeshot pre-bid brand safety verification, which uses machine learning to ensure only brand-safe supply is surfaced on all campaigns.
Real-Time Fraud Verification - Excludes fraudulent inventory in real-time through verification partners like DoubleVerify to ensure intelligent bidding, as well as pre-bid bot and site fraud blocking.
Transparent Supply Chain -which includes a commitment to exclusively buy-authorized inventory as per the IAB Tech Lab’s ads.txt protocol. In addition, Tremor Video DSP has been awarded the 'Certified Against Fraud' Seal for full compliance with Trustworthy Accountability Group’s (TAG) 'Certified Against Fraud' Program.
We all know about the history of R1's anti-fraud measures and, agreeing with wouterius, Taptica now have Yume to bolster the video advertising potential of Tremor Video DSP, plus a lot more to strengthen their hand.
Surely not the signs of a company trying to do dodge the issues or hide behind murky business plans.
It s very cheap because it has a pe of 4 in still very strongly growing sector, where competitors with a pe of 40 are present; that s where we can go when proper results are established and confirmed for a couple of periods.
It s very cheap because tap basically paid for yume and got the rest of rhythmone for free. We will have additional integration costs now, but i'm most curious for the result end of next year , when r1 has contributed to earnings for a whole year.
We have a profitable growth company with some serious potential growth accelerators , but still valued at pe of 4. All this baby needs now is time; 2 years in my view to show its full potential.
When do you believe the big value will show itself?
It’s definitely still cheap if you’re an ex-RTHM holder. Rock bottom in fact! I approve of the buyback - shows confidence in the company’s performance and cash generation. The management were quite clear that the company continues to be cash generative. This will re-rate come interim results IMO.
True...perhaps were a wee bit slow to take full advantage of that lows,but it's probably still cheap enough now as far that they see it......
Shame they didn’t do that at 83p but hey ho
1 million in one transaction on Friday....biggest so far I think. they must expect the SP to continue rising,hence making the most of the current IMHO.
I think that Taptica indeed wanted to to strengthen their video and CTV credentials and platform but the following statements from Mr. Druker emphasized the perceived need for transparency and fraud detection:
“The combination of RhythmOne and Tremor Video DSP aims to unlock advertiser demand in this area and will deliver a complete ecosystem to serve marketers effectively – strong audiences, verification and fraud tools, engagement, connecting data with smart creative and more,” Druker said.
“There has been a gap in the market – when it comes to programmatic video, marketers need a specialized solution that connects the dots between the buy- and sell-side[s] to reduce costs and increase efficiency,” Druker said. “This is one of the things that has been holding advertisers back from committing spend to CTV. While CTV has gone mainstream, the industry is seeing the same phenomenon that happened with mobile adoption: Ad spend lags behind consumption.”
U.S. advertisers spent nearly $48 billion on programmatic advertising in 2018, according to eMarketer. But despite its incredible growth, some marketers remain concerned about brand safety, malicious activity, poor quality data and a lack of transparency. And as CTV advertising continues to scale, it’s not without its own hiccups. Solutions such as the one that Taptica is assembling provide deeper transparency into the programmatic ad buying process...
"I suspect one of the reasons that Taptica wanted to acquire R1 was to achieve its verifiable anti-fraud stance and Pixalate ratings."
You might have thought so, but one of the curiosities from the AGM was the chairman's apparent complete ignorance of R1's pixalate ranking achievement. So while the road show presentation paid lip service to "brand safety technology" I suspect that wasn't a key factor in the Taptica board's decision to do the deal.
It seems to me that the acquisition was much more driven, from the Taptica side, by the perceived need to strengthen their video and CTV credentials and platform.
I suspect one of the reasons that Taptica wanted to acquire R1 was to achieve its verifiable anti-fraud stance and Pixalate ratings. Presumably if these had been in place before the Uber/Fetch issue then they (Tap) would have proof of at least their ability to provide superior, verifiable traffic etcetera.
A lot can go a drift in an industry where not every company, such as Uber, wants to pay for the highest levels of clean traffic, of course.
We don't even know whether Fetch was tasked with achieving such clean 'traffic' or what level of purity was demanded/paid for in the contract.
This brings me round to mentioning that since Tap now operate across the supply and demand platforms, at least they must be able to cut out third-party fraud.
Uber started out trying to sue Fetch as the 'parent' but now resorts to an attempt at suing the 'children/grand children' in the purported crime of 'fraud'. This shows how important it is to use trusted partners who 'employ' trusted partners at all levels across and down through the chain; a tall order considering all the complexities involved (would all of them not also need to have top-level anti-fraud measures in place and verifiable?).
Or just employ a company which has all the team 'in-house', as does Taptica by now and keep an eye on them by demanding scrutiny of the fees and performance achieved, via external audit.
I also suspect that a company, such as Uber, perhaps does not care so much about 'fraud' as such but starts to throw lawsuits about if it does not get what it thinks it is paying for - its pound of flesh.
Perhaps it got what it paid for after all!
what we need now is to get a couple of years of time to bring out the value of what is intrinsically there.
-So no getting taken over on the cheap
-And a focus on building the company, which seems to be what is happening right now.
This company could be worth ten, twenty times as much in a couple of years if a growth trajectory can be reinstated.
Everyone (shareholders big and small, employees, management,...) should get/take the chance to participate on this now (especially the long suffering small shareholders... )
Thanks for the insight. Guess it’s not as straightforward as I imagined.
'This lawsuit is complete BS by Uber. Firstly, Uber is not a client of these publishers and has no agreement with them. Secondly, the evidence brought in the lawsuit is nonsense.
1. Not passing device ids - everyone in ad-tech knows that there isn't traffic with 100% device identifiers, and in addition it is up to the advertiser /agency to state that that they want traffic only with device identifiers + set attribution accordingly like many advertisers do. Uber/Fetch did not do that. In addition, them measuring DAU is also not accurate, without having an SDK within the app you cannot measure DAU, and even App-Annie and other tools dont have their SDK in EVERY app.'
Directors know less about a company's outlook than executives. Key executives are the CEO and CFO.
People running the company know the most about where it is heading.
Sometimes when companies are known to be in trouble or are contentious, a cluster of the directors buy a few shares to try to reassure the market that all is well.
This may not be a good sign, after all and could just be seen as a desperate attempt, along with an ongoing buyback, to shore up the sp.
Plus any interpreted positive signals from insider buying that increase the sp would make the buyback more expensive, at these early stages.
Damned if they do or don't, timing is important and also buys from top officials have to be approved by the company secretary.
Insiders are also prohibited from buying or selling shares if they possess any undisclosed inside information such as news of a possible takeover, a significant share issue or the win or loss of a particularly large contract. In the months surrounding the results.
There is an important distinction between insider information and insider knowledge.
Directors have insider knowledge at all times.
got to agree with your thoughts safi123, would very much like to see director buying again, that would really help invester confidence
I share your sentiment. I am hoping for a further extension of buybacks in September H1 results, and resumption of dividends next March at the full year results, by which time R1 should be contributing to profits.
But I would add if the board believe the company is so undervalued, they should be accumulating themselves right? Director buying would be a huge buy signal, but unfortunately they haven’t shown any inclination. Im not aware of any restriction to director buying during a buyback.
Past couple of days have even enormous volumes, but I can’t make sense of it. 4 million shares were traded but the buyback only accounted for 150,000. Today 3 million shares traded, mostly in large chunks, but I expect the buyback again to be only 150,000. Meanwhile the share price has only modestly risen, suggesting either the holdings are being transferred between institutions, or someone is accumulating. Hopefully a holdings RNS next week will shed some light.
I really was expecting 300p at this point, but clearly the Uber news has disrupted the momentum.
I`m now taking the daily volume of shares being bought back by the company as a big positive, the reason being I believe is :-
The company sees the low price as an incentive to purchase large amounts as quick as poss, not only to purchase more shares for the money they have, but I feel they know the company is doing ok and that when a trading statement comes out, the shares are going to climb, therefore buying less at the higher price.
I still think this company is very undervalued, and so do the management, but I also believe they are doing everything in their powers to get the share price up to a level they believe it should be at.
I also believe at this moment in time, that they are concentrating on working flat out to fully integrate RTHM into Taps way of doing things, speaking to RTHM customers and getting a trusting relationship with them.
I dont believe TAP are doing anything else but trying to make the transition as quick and good as can be, once all intergrated and a sense of normality has returned, TAP will then re introduce the DIVI and take a look at where they want to go now.
All my thoughts
Buyback is quite aggressive at the moment, which is good. Keep it up til next trading update then figures should look after the SP themselves.
Which was the SP before the recent storm....strong and quick ricovery suggest that this is now the new base line and once we get performance improving update things should get much better....hopefully.
For any company performing buybacks:
A buyback that is successful will also help to offset the directors stock options/ employee share schemes or incentives they’ve set up inside the company.
The signal to the markets would surely be even stronger if top managers were additionally buying up (small amounts) of stock for themselves but this would perhaps require judgement in timing.
a lot of those were errors which were cancelled off