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Tremor quoted on its Trading Statement of a week ago:
The Company now expects trading for the full year ended 31 December 2020 to be ahead of market expectations, with revenues and Adjusted EBITDA now expected to be in the range of $340-360 million and $30-36 million respectively.
Morning Star quotes:
Third quarter trading boosted by significant client interest in key businesses, such as Connected TV, Self-service and Private Marketplaces.
Revenue is set to be in the range of USD340 million to USD360 million, up 4.4% to 10% from USD325.8 million
FinnCap quotes:
Tremor has announced in today’s trading update that its platform has continued to gather further momentum since H1 20 results on 22 September, and it now expects FY20 revenue and EBITDA to be in the range of $340-360m for revenue and $30-36m for EBITDA. This leads us to upgrade our FY20 revenue forecasts by +6% to $350m from $330m, and upgrade our FY20 EBITDA by +32% to $33m from $25m at an incremental margin of 40%. This reflects that Tremor’s platform benefits from strong operational gearing that translates to EFCF, and we increase our FY20 net cash to $79m from $71m. This strengthening momentum for Tremor’s differentiated platform reflects that it is capitalising upon a rebound and shift in advertising spend through the success of the initiatives it launched in 2019and the successful integration of Unruly, and we explain these factors in more depth from p9 of our 22 September report. Today’s announcement also marks the second upgrade to our Tremor forecasts since COVID-19 impacted the advertising market and Tremor in Q2, and this reflects that Tremor has adopted a prudent approach to its guidance. Applying a similar approach to our estimates, we conservatively do not change ourFY21 forecasts, and this means that we continue to forecast FY21 organic revenue growth to $420m or +20% YoY,with organic EBITDA growth to $55m or +67%YoY. This conservative, strong FY21 organic growth means that Tremor looks substantially undervalued on 7x FY20 EV/EBITDA or 5x NTM,and a NTM EFCF yield of 6%;vs peers on13-19x EV/EBITDA with NTM EBITDA growth of 18-47%,and EFCF yields of 1-2%.
Liffey/Nonnymass,
It's suits some posters not to mention/discuss last week's TU, given it wasn't good.
Morningstar article:
40-50% fall in profits..compared to last year!!!!! Ouch..
Tremor Warns Of Annual Profit Fall Despite Revenue Growth
"Israel-based advertising technologies firm - Expects adjusted earnings before interest, tax, depreciation and amortisation to be between USD30 million to USD36 million for 2020, down 40% to 50% from USD60.4 million."
https://www.morningstar.co.uk/uk/news/AN_1603287173201506500/in-brief-tremor-warns-of-annual-profit-fall-despite-revenue-growth.aspx
Finncap notes:
If you read the Finncap forecasts from 31st March and compare with the June and current note:.
They reduced expectations significantly in June and since have increased them but still significantly lower than 6 months ago.
All they have done is significantly reduce expectations half way through the year then increase them slightly since.
Therefore, their expectations are still significantly below 31st March levels.
Finncap notes - free to register.
Fact:
Finncap expectations as of 31st March were:
revenue: $424.9m, now $330m, DOWN $95m
ebitda: $75.mm, now $33m, DOWN $40m
https://researchlibrary.finncap.com/File/View?file=62f9bbb9-4efe-49f7-a809-002552770f2a
3 years results:
This shows they're only expecting an increase of $25m over fy2019 and a significant fall in adj ebitda, despite a full year contribution from Rthm and Unruly.
period, profit/loss, cash
2018 276.9m 44.1m 54.4m *** without any contribution from rthm
2019 325,8m 60.4m 76.9m *** with 8 month contribution from rthm
2020e 350m, 33m, *** $25m increase, yet with FULL YEAR contribution from rthm & Unruly
Read the company newsflow.
I quite agree. I read about Trump everyday in my 2 newspapers. It's enough. I sure don't want to read about him here!!