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Obviously Americans will see the unusually cold weather as busting the global warming hoax wide open!!
Nice and toasty in the UK today.
The results end of next month should confirm whether the red flags are still there.
TU showed that adj ebitda for fy2020 is actually lower than the previous year. Revenues increased due to:
- full year contributions from Unruly, bought Jan 2020,
- rthm(8 mnth contribution for fy2019),
- the hotly contested US Elections and
- covid.
Bear points.
Facts over the past year.
1) In March 2020, they published a huge 11fold increase in debt provision.
Then 6 months later
2) In Sept 2020, they published a $30m loss
Then 3 months later
3) The CEO sells 700k shares, 1/3 of his holding.
From fy2020 results, published March 2020:
Note 16B (2)
"(2) At 31 December 2019, the Group included provision to doubtful debts in the amount of USD 22,376 thousand (31 December 2018: USD 2,822 thousand) in respect of collective impairment provision and specific debtors that their collectability is in doubt."
https://www.tremorinternational.com/wp-content/uploads/2020/03/TRMR-Final-results-310320.pdf
H1-2020 Interims, published Sept 2020, 4 months ago
$30m loss
https://www.tremorinternational.com/wp-content/uploads/2020/09/TRMR-Interim-results-Q3-2020-Trading-Update-220920.pdf
The CEO then sold 1/3 of his holding last month.
https://www.tremorinternational.com/wp-content/uploads/2020/12/TRMR-Director-Dealing-16.12.20.pdf
fy2020 Adj EBITDA lower than 2019 and missed Finncap's expectations set in March 2020.
Buy backs.
In Apr 2019, just 3 weeks after the rthm merger and in between buy backs, they announced a secondary placing. Therefore, I wouldn't read too much into buy backs.
https://www.investegate.co.uk/finncap/rns/launch-of-secondary-placing-in-taptica/201904240700048697W/
Bear points.
Facts over the past year - despite a bullish TU a year ago:
1) In March 2020, they published a huge 11fold increase in debt provision.
Then 6 months later
2) In Sept 2020, they published a $30m loss
Then 3 months later
3) The CEO sells 700k shares, 1/3 of his holding.
From fy2020 results, published March 2020:
Note 16B (2)
"(2) At 31 December 2019, the Group included provision to doubtful debts in the amount of USD 22,376 thousand (31 December 2018: USD 2,822 thousand) in respect of collective impairment provision and specific debtors that their collectability is in doubt."
https://www.tremorinternational.com/wp-content/uploads/2020/03/TRMR-Final-results-310320.pdf
H1-2020 Interims, published Sept 2020, 4 months ago
$30m loss
https://www.tremorinternational.com/wp-content/uploads/2020/09/TRMR-Interim-results-Q3-2020-Trading-Update-220920.pdf
The CEO then sold 1/3 of his holding last month.
https://www.tremorinternational.com/wp-content/uploads/2020/12/TRMR-Director-Dealing-16.12.20.pdf
fy 2020 fy2020 Adj EBITDA LOWER than 2019 and missed Finncap's expectations set in March 2020.
previous year's results:
period, revenue, adj ebitda, cash
2018, $276.9m, $44.1m, $54.4m *** no contribution from rthm
2019, $325.8m, $60.4m, $76.9m *** 8 months contribution from rthm
2020e, $404-$408m, $58-60m, $96m *** Inc full year contribution from rthm & Unruly
Facts are too often weaponized as evidence by stt1.
He has a tendency to embrace information that supports his beliefs and reject information that contradicts them.
It’s hard to conceive of a more serious flaw than confirmation bias.
"He has a tendency to embrace information that supports his beliefs and reject information that contradicts them.
It’s hard to conceive of a more serious flaw than confirmation bias."
-=-=======================================================
To some extent all investors suffer from confirmation bias. Whatever I think I will find evidence (sometimes quite tenuous) to confirm my opinion....I much prefer posters who talk about £10 per share in coming months than the likes of 'him who must not be named' who say we are doomed, doomed!!
Good shout Tricky.....he has repeated his concern about the CEO selling 1/3 of his shares about 250 times but then flippantly says that we shouldn’t read too much into buybacks!! What an absolute buffoon.
ahh - did you just wake up as the SP started to go South a bit? Didn't see you talk much when the SP was going up?! We missed you then! Keep them coming - love to hear your views ( a font of knowledge for the simples like me) lol
Bald
".I much prefer posters who talk about £10 per share in coming months "
I prefer posters who back up their opinions with links and their convictions and buy.
We've been here:
In 2016-17, previous US Election, the rthm eq sp tripled and was around 580p 4 yrs ago based on bullish comments. The broker targets were similar to now, the bullish comments etc.
Yet the same posters who held when rthm(blnx) were eq sp around £28 in Jan 2014 or 580p in 2017, aren't loading up this time.
I prefer posters who don't make assumptions based on incomparable prices, many years ago, in companies no longer in operation.
Posters who don't weaponize lots of flim-flam and don't behave in a thoroughly disreputable way.
Bear points.
Facts over the past year - despite a bullish TU a year ago:
I fully expect when the sp is falling the same bullish posters will turn bearish with the usual 'the bear points were obvious', 'wait for this year's results (AGAIN!)!!!', 'I've always said'... all in hindsight!!! ;-)
Bear Points:
1) In March 2020, they published a huge 11fold increase in debt provision.
Then 6 months later
2) In Sept 2020, they published a $30m loss
Then 3 months later
3) The CEO sells 700k shares, 1/3 of his holding.
From fy2020 results, published March 2020:
Note 16B (2)
"(2) At 31 December 2019, the Group included provision to doubtful debts in the amount of USD 22,376 thousand (31 December 2018: USD 2,822 thousand) in respect of collective impairment provision and specific debtors that their collectability is in doubt."
https://www.tremorinternational.com/wp-content/uploads/2020/03/TRMR-Final-results-310320.pdf
H1-2020 Interims, published Sept 2020, 4 months ago
$30m loss
https://www.tremorinternational.com/wp-content/uploads/2020/09/TRMR-Interim-results-Q3-2020-Trading-Update-220920.pdf
The CEO then sold 1/3 of his holding last month.
https://www.tremorinternational.com/wp-content/uploads/2020/12/TRMR-Director-Dealing-16.12.20.pdf
fy 2020 fy2020 Adj EBITDA LOWER than 2019 and missed Finncap's expectations set in March 2020.
previous year's results:
period, revenue, adj ebitda, cash
2018, $276.9m, $44.1m, $54.4m *** no contribution from rthm
2019, $325.8m, $60.4m, $76.9m *** 8 months contribution from rthm
2020e, $404-$408m, $58-60m, $96m *** Inc full year contribution from rthm & Unruly
With huge ad spend during the US Election and huge increase in CTV, why isn't there a huge increase in adj Ebitda. It's lower than fy2019!!!
There is no US Election for another 4 yrs.
Read the company accounts/newsflow.
fy2020 expectations compared v fy2019 actuals
Their revenues are higher than fy 2019 but their adj Ebitda is lower. I was expecting adj Ebitda to be significantly higher than fy2019, especially given the surge in ads due to US Elections and supposedly the huge increase in CTV.
Revenues are higher but adj ebitda is lower. 2020 includes Unruly, 2019 doesn't.
Revenues: $404-408m (2019 $325.8m)
Adj Ebitda: $58-$60m(2019 $60.4m) ** Lower than fy2019
Net cash $96m(2019 $76m)
https://www.tremorinternational.com/wp-content/uploads/2020/05/Tremor_2019_AR_WEB_SPREADS.pdf
Finncap expectations
Compared to finncap's expectations from earlier last year, they are still below those expectations.
Finncap notes - free to register.
Finncap expectations as of 31st March were:
revenue: $424.9m, now $404m-$408m, DOWN $25m
ebitda: $75.0m, now $58-60m, DOWN $15m
https://researchlibrary.finncap.com/File/View?file=62f9bbb9-4efe-49f7-a809-002552770f2a
There is no US Election for another 4 yrs and covid lockdowns will be eased as we go through the year.
They bought Unruly at the beginning of 2020, so there was no revenue contribution from them in fy2019 but will be virtually a full year's contribution in fy2020. Unruly revenue was $43m 6 months before being acquired by Trmr.
The TU figures in the TU are still below Finncap's expectations from 10 months ago.
Compared to finncap's expectations from earlier last year, they are still below those expectations.
Finncap notes - free to register.
Finncap expectations as of 31st March were:
revenue: $424.9m, now $404m-$408m, DOWN $20m
ebitda: $75.0m, now $58-60m, DOWN $15m
https://researchlibrary.finncap.com/File/View?file=62f9bbb9-4efe-49f7-a809-002552770f2a
Everyone should read the company/sector news and form their OWN opinion.
This is a very dynamic industry, plus the virus has accelerated changes that were not foreseen by anyone.
Shorters are desperate to protect their bets by claiming downward pressures.
A fight over money and it's not a pretty sight!
The results and facts over the past year FROM the company speaks for itself.
Bear points.
Facts over the past year - despite a bullish TU a year ago:
1) In March 2020, they published a huge 11fold increase in debt provision.
Then 6 months later
2) In Sept 2020, they published a $30m loss
Then 3 months later
3) The CEO sells 700k shares, 1/3 of his holding.
From fy2020 results, published March 2020:
Note 16B (2)
"(2) At 31 December 2019, the Group included provision to doubtful debts in the amount of USD 22,376 thousand (31 December 2018: USD 2,822 thousand) in respect of collective impairment provision and specific debtors that their collectability is in doubt."
https://www.tremorinternational.com/wp-content/uploads/2020/03/TRMR-Final-results-310320.pdf
H1-2020 Interims, published Sept 2020, 4 months ago
$30m loss
https://www.tremorinternational.com/wp-content/uploads/2020/09/TRMR-Interim-results-Q3-2020-Trading-Update-220920.pdf
The CEO then sold 1/3 of his holding last month.
https://www.tremorinternational.com/wp-content/uploads/2020/12/TRMR-Director-Dealing-16.12.20.pdf
fy 2020 fy2020 Adj EBITDA LOWER than 2019 and missed Finncap's expectations set in March 2020.
previous year's results:
period, revenue, adj ebitda, cash
2018, $276.9m, $44.1m, $54.4m *** no contribution from rthm
2019, $325.8m, $60.4m, $76.9m *** 8 months contribution from rthm
2020e, $404-$408m, $58-60m, $96m *** Inc full year contribution from rthm & Unruly
The figures speak for themselves. Trmr has risen on the back of the interest in tech in USA, hence why I think there's the ad tech bubble. The same happened during the .com bubble, the
Why should they do any better for fy2021?
fy2020 expectations compared v fy2019 actuals:
Their revenues are higher than fy 2019 but their adj Ebitda is lower.
2020 includes full year contribution from Unruly(nil in 2019) and Rthm(8mnths in 2019):
Revenues: $404-408m (2019 $325.8m) ** up $75m (inc full yr cont from Unruly/Rthm)
Adj Ebitda: $58-$60m(2019 $60.4m) ** LOWER than fy2019
Net cash $96m(2019 $76m): Up $20m(includes Unruly/rthm)
https://www.tremorinternational.com/wp-content/uploads/2020/05/Tremor_2019_AR_WEB_SPREADS.pdf
Finncap expectations - compared to broker expectations set in March 2020:
Finncap notes - free to register.
Finncap expectations as of 31st March were:
revenue: $424.9m, now $404m-$408m, DOWN $25m
ebitda: $75.0m, now $58-60m, DOWN $15m
https://researchlibrary.finncap.com/File/View?file=62f9bbb9-4efe-49f7-a809-002552770f2a
previous year's results:
period, revenue, adj ebitda, cash
2018, $276.9m, $44.1m, $54.4m *** no contribution from rthm
2019, $325.8m, $60.4m, $76.9m *** 8 months contribution from rthm
2020e, $404-$408m, $58-60m, $96m *** Inc full year contribution from rthm & Unruly
From stt1:
'The figures speak for themselves. Trmr has risen on the back of the interest in tech in USA'.
Not true, they have recently increased on the back of increased profits.
Plus, I can't agree with your figures, the link you posted as a pdf shows Adjusted EBITDA* increased 37% to $60.4 million in 2019.
(2018:$44.1 million).
I can agree that cash reserves are increasing and this is quite healthy.
Tricky
"Plus, I can't agree with your figures, the link you posted as a pdf shows Adjusted EBITDA* increased 37% to $60.4 million in 2019.
(2018:$44.1 million)."
My figures are perfectly clear. The figures are for fy2020 and clearly show that adj ebitda is lower than last year, fy2019, despite the fact they now have a full year contribution from Unruly and Rthm.
Revenues: $404-408m (2019 $325.8m) ** up $75m (inc full yr cont from Unruly/Rthm)
Adj Ebitda: $58-$60m(2019 $60.4m) ** LOWER than fy2019
Net cash $96m(2019 $76m): Up $20m(includes Unruly/rthm)
https://www.tremorinternational.com/wp-content/uploads/2020/05/Tremor_2019_AR_WEB_SPREADS.pdf
stt1,
Who are you kidding?
The PDF you posted is a link to 2019 which shows a 37% better (ebitda ) than 2018.
Tricky,
"The PDF you posted is a link to 2019 which shows a 37% better (ebitda ) than 2018."
Your twisting the point, as usual...
What part of the sentence don't you understand "Fy2020 comparison to last year 2019"???
Obviously the fy2019 results link will be posted to prove the my point - fy2020 adj ebitda from the TU is LOWER than last year, fy2019 adj ebitda. I'm sure you can post the fy2020 results link!!!!
Revenues: $404-408m (2019 $325.8m) ** up $75m (inc full yr cont from Unruly/Rthm)
Adj Ebitda: $58-$60m(2019 $60.4m) ** LOWER than fy2019
Net cash $96m(2019 $76m): Up $20m(includes Unruly/rthm)
https://www.tremorinternational.com/wp-content/uploads/2020/05/Tremor_2019_AR_WEB_SPREADS.pdf
previous year's results:
period, revenue, adj ebitda, cash
2018, $276.9m, $44.1m, $54.4m *** no contribution from rthm
2019, $325.8m, $60.4m, $76.9m *** 8 months contribution from rthm
2020e, $404-$408m, $58-60m, $96m *** Inc full year contribution from rthm & Unruly
I really do not have the time to keep correcting your mistakes, stt1.
2020 was well ahead of expectations, 2019 was much better than 2018.
- it's all there in black and white!
As Expected!
...everyone - daily reminder on behalf of Stt1 - 22 M provision is in the BS! lol
Look at the Pixalate rankings of Telaria(now Magnite), Pubmatic, SpotX compared to rthm(now trmr).
Bear point - lower Pixalate ranking.
Pixalate - Seller Trust rankings.
"Pixalate delivers the only Fraud Management System that mitigates your risk exposure with accredited anti-fraud solutions across display, in-app, video and OTT/CTV."
"Pixalate is the first and only data platform with a comprehensive suite of products specifically built to bring transparency to programmatic advertising. Pixalate monitors hundreds of billions of ad events in real time by tapping into the global RTB data stream, providing insights to optimize performance, benchmark supply quality, and eliminate fraud.
Together, we’re raising the bar for RTB."
https://www.pixalate.com/about/
Telaria demerged from trmr(when TAP) because of perceived conflict of interest.
Is it a coincidence that Magnite are buying SPOTX because they have a high Pixalate ranking, given Magnite have advocated transparency within Ad Tech eco system?
The Pixalate rankings also have Pubmatic, Telaria(now Magnite), Rubicon(now Magnite), SpotX(bought by Magnite) higher than Rthm(now trmr).
Pixalate rankings. Seller Trust rankings.
Rthm(trmr) no longer no1.
For CTV, on Roku/Samsung, Magnite(Telaria) have a higher trust ranking than rthm(Trmr).
Telaria demerged from Trmr(when it was TAP). Now part of Magnite.
***************************************************************************
Q1 - 2020 - CTV - ROKU
Telaria (ex TremorDSP, now merged Magnite) 1st/10
Pubmatic 4th/10
SPOTX 5th/10th
Rubicon 6/10
RhythmOne 9th/10, down 4.
************************************************************************
CTV - SAMSUNG
SPOTX 2nd/10
Telaria 4th/10
Rhythmone 10th/10
https://www.pixalate.com/sellertrustindex/video/#!Samsung
The figures speak for themselves. Trmr has risen on the back of the interest in tech in USA, hence why I think there's the ad tech bubble. The same happened during the .com bubble, the
Why should they do any better for fy2021?
fy2020 expectations compared v fy2019 actuals:
Their revenues are higher than fy 2019 but their adj Ebitda is lower.
2020 includes full year contribution from Unruly(nil in 2019) and Rthm(8mnths in 2019):
Revenues: $404-408m (2019 $325.8m) ** up $75m (inc full yr cont from Unruly/Rthm)
Adj Ebitda: $58-$60m(2019 $60.4m) ** LOWER than fy2019
Net cash $96m(2019 $76m): Up $20m(includes Unruly/rthm)
https://www.tremorinternational.com/wp-content/uploads/2020/05/Tremor_2019_AR_WEB_SPREADS.pdf
Finncap expectations - compared to broker expectations set in March 2020:
Finncap notes - free to register.
Finncap expectations as of 31st March were:
revenue: $424.9m, now $404m-$408m, DOWN $25m
ebitda: $75.0m, now $58-60m, DOWN $15m
https://researchlibrary.finncap.com/File/View?file=62f9bbb9-4efe-49f7-a809-002552770f2a
previous year's results:
period, revenue, adj ebitda, cash
2018, $276.9m, $44.1m, $54.4m *** no contribution from rthm
2019, $325.8m, $60.4m, $76.9m *** 8 months contribution from rthm
2020e, $404-$408m, $58-60m, $96m *** Inc full year contribution from rthm & Unruly
Radium,
Your post yesterday "A shrewd investor" "added 100,000 shares"
If you believe an anonymous poster is shrewd as they claim to add 100k shares then why don't you follow them, load up at 500p/600p+ and hold for the huge gains you believe will happen?
The CEO on the other hand sold 1.7m shares(17x more than your shrewd poster), a 1/3 of his holding. Do you think the CEO is not shrewd then???
I think everyone should read the company/sector newsflow and form their own opinion. It's their own money.
Bear points.
Facts over the past year - despite a bullish TU a year ago:
1) In March 2020, they published a huge 11fold increase in debt provision.
Then 6 months later
2) In Sept 2020, they published a $30m loss
Then 3 months later
3) The CEO sells 700k shares, 1/3 of his holding.
From fy2020 results, published March 2020:
Note 16B (2)
"(2) At 31 December 2019, the Group included provision to doubtful debts in the amount of USD 22,376 thousand (31 December 2018: USD 2,822 thousand) in respect of collective impairment provision and specific debtors that their collectability is in doubt."
https://www.tremorinternational.com/wp-content/uploads/2020/03/TRMR-Final-results-310320.pdf
H1-2020 Interims, published Sept 2020, 4 months ago
$30m loss
https://www.tremorinternational.com/wp-content/uploads/2020/09/TRMR-Interim-results-Q3-2020-Trading-Update-220920.pdf
The CEO then sold 1/3 of his holding last month.
https://www.tremorinternational.com/wp-content/uploads/2020/12/TRMR-Director-Dealing-16.12.20.pdf
fy 2020 fy2020 Adj EBITDA LOWER than 2019 and missed Finncap's expectations set in March 2020.
previous year's results:
period, revenue, adj ebitda, cash
2018, $276.9m, $44.1m, $54.4m *** no contribution from rthm
2019, $325.8m, $60.4m, $76.9m *** 8 months contribution from rthm
2020e, $404-$408m, $58-60m, $96m *** Inc full year contribution from rthm & Unruly
You have to laugh stt suggesting that believing an anonymous poster was a bad thing. As one of a number of people who have been encouraged by and communicated with Dags and Schroedar off public websites, they are very well researched, intelligent and transparent professionals with nothing to hide.
Now as for Stt, shall we examine his anonymity. F**k it, is it even human? Certainly evasive and completely private.
Loves dissing other people. And the more the blue corner lines up, the more he rants and multiple posts. And to think there’s no agenda. As if!!