Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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R1 was already a global programmatic platform and Unruly's SSP massively expands the reach and quality of customers.
Clearly, then, R1 already has SSP and is boosted by Unruly.
We know, in depth, how Unruly targets customers and being connected to News Corp I see no reason to question its effectiveness except in terms of business gained.
I agree that we need to see the figures once the mist has cleared.
From what I understand Unruly is an SSP, which fits in with their aim to create an end to end solution. Perhaps it’s commercially sensitive, but I don’t think we have any insight as to how clients view this or whether it’s superior to more targeted services. I think they can go a lot further to inform shareholders as to the value proposition and like for like revenue streams. It’s clear both R1 and Tremor had major client losses in 2019 but we never obtained clarity as to what happened
On balance, I think Tremor will have a good 2021 provided the economic situation stabilises. You would expect 30% revenue growth if they are to meet finncap projections, which would send them into decent profit. But between now and then there are so many risks. Once the stimulus money runs out, further economic turmoil could wipe out advertising budgets
Safi123,
I really don't see any reticence about Tremor's actual operations.
They state quite clearly that their strategy, via core growth engines, is to focus on CTV, Self-serve and PMP platforms, which they say are coming to fruition.
They believe the CTV, Self-serve and PMPs platforms are significant growth engines for the business and will define its success over the coming years.
You go to suggest that we rarely get real insight into the rationale behind acquisitions.
In the case of Unruly that is simply untrue.
In the case of RhythmOne (including the assets of YuMe) the businesses said to have been integrated seamlessly to deliver a number of unique benefits and advantages.
Tremor is a cash generative business with a strong balance sheet, despite the effects of covid.
Superb results given COVID times. This dirt cheap and due a rerate.
I don’t know if they are winning new business. I have zero expertise in this industry, but do some reading around the industry in order to try to guess where the fast changing industry is heading. Unfortunately this company is reticent about it’s actual operations, and we rarely get real insight into the rationale behind acquisitions loss/gain of customers. There are a few somewhat solid facts we can surmise about this company however:
- Finncap were expecting revenues of 280-320 million this year and bottom line losses of >60 million. The company seems on course to do better than that. Hence my surprise
- The lockdown caused a significant collapse in client revenue, meaning this companies source of income is not by any means secure. Another lockdown would logically impact revenues
- It seems this business is actually a conglomerate of multiple smaller companies with presumably their own structure, culture and systems. It behaves like a holding company rather than a single well oiled machine like TTD or S4
- The leadership have a poor track record in Matomy media, which was eventually broken up and sold off piecemeal. Their modus operandi seems to be grow by acquisition
- The reviews I’ve read on glass door from insiders (those who have worked for its various businesses) are scathing - there is a really poor opinion of tremors leadership
My overall view is negative to be honest, but it’s so cheaply priced no wonder PIs keep coming back. S4 capital for example are transparent in not counting acquisitions in their growth metrics. Tremor seem good at hiding these figures
Safi, Could you please elaborate further on how you see the Q3 update? (Agree the H1 numbers were uninspiring)
You seems to have a lot of expertise about this industry. Can Tremor outcompete its rivals given the new mix of services it now offers? I ask this because it seems they are changing their mix all the time. Is the Unruly acquisition any good, give the price paid (in shares)? I.e., does it have the potential to deliver meaningful profit going forward?
Any others who can comment on these issues pls do.
TA
Indeed above my expectations and I think also above market expectations....growth is picking up and profit too....
Sound good for me, I picked up few shares recently only because I thought the buy back program will help sooner or later but I will add even more now when funds available base on the potential recovery....very please with the update and it was long time waiting....
GLA.
Surprised no one has commented
H1 results were predictably poor - 25 million bottom line loss with break even EBITDA
Q3 results are excellent though, much better than I had expected. Proof that the underlying business model works.
I’m tempted to buy back in, but the markets just had a very bad day yesterday and tech stocks in the US are on a pullback. With talks of another lockdown I think the risk to reward is still too high. But I expect a big gain today.