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Not sure what the comparisons to Perion et al. actually mean.
Is Tremor overvalued in some respects but overvalued in others?
TRMR relative to PERI 4.63 GBP?
Are we overvalued then?
Oops, I thought the sales comp below looked low. TRMR is changing the way they report revenues, as stated in their recent release of fully audited 2020 numbers.
Subtracting CAC (customer acquisition costs) gives me, I believe, a better comp. This brings TRMR relative to PERI to 4.63 GBP.
Gross profit brings me to a similar valuation as above. I already posted that once before, but it appeared for a while, then disappeared.
Hey Eddie,
On a side by side comp, using the metrics you cited, I get PERI vs TRMR at Friday's closing prices for PERI, using trailing 12 months numbers (I can't count on PERI guidance): TRMR should be 2.12 GBP compared to PERI on a basis of sales, and TRMR should be 6.03 GBP when compared to PERI on an EBITDA basis.
I used $1.37 / GBP
PERI EBITDA 2020 of $32.8 million US and a market cap of $600 million (US) ($17.73 per share X 33.85 million shares currently outstanding)
PERI sales 2020 were $328.1 million US
TRMR EBITDA $60.513 million US full year 2020
TRMR Sales $211.92 US full year 2020
TRMR shares outstanding 133,532,339
Maybe I got something wrong, but I double checked my numbers and came up with the same numbers twice. Perhaps I made the same mistake twice...which is not my usual MO.
Both still very compelling, at least for me, given the space we're in.
My PERI vs TRMR numbers do not agree with eh9's on ADVFN. I've not checked in at the ADVFN board in several years, so I am not sure about his metrics. I could be mistaken about my numbers (for the first time in my life). (Oops, forgot about the beeeeaaaaaatch to whom I was once married.)
I'll double check my math (as we say in the states) and get back on this a bit later.
Curtesy of a Poster (eh9) on ADVFN Board The TREMOR share price comparable to its US Peers has been projected using TWO metrics of a) "Net Sales" and b) "EBITDA" as on 9th April 21
Tremor POST NASDAQ IPO TARGET price in £pounds calculation by 'Net Sales' multiples in comparison to TTD= £62… Pubmatic= £30 ….Magnite= £33
Tremor POST NASDAQ IPO TARGET price in £pounds calculation by 'EBITDA' multiples in comparison to TTD = £280….. Pubmatic= £133….. Magnite= £93….. Perion= £12
I have NOT tested the maths behind the above calc , but the above said poster has so far published these calcs every few weeks as the SP has been changing for our Peers and the accuracy of his calc formula has NOT been challenged by anyone yet.
IF the above proportional SP relationships are correct ( Based on the two metrics alone) then one can assume that if/when we begin to make an appearance on NASDAQ Tremors stock initially should have some good manoeuvre room to the Upside.
Of course, the above is still quite circumstantial and simplistic and a lot of other variables would determine where our SP would rest in the medium term.
I guess That’s where Stifel and Tremor's ability to create the necessary favourable marketing "Pull & Push" in the US ,as well as, availability of ample Liquidity and ease of stock purchase by US investors would come to its own.
Does anyone have further thoughts about other variables and influencing factors coming in to play?