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Facts over the past year.
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.
https://uk.advfn.com/cmn/fbb/thread.php3?id=44523916&from=4143&to=4143
Where's the growth? They bought Unruly a year ago in Jan 2020, so revenues include contribution from them. The CEO sold a 1/3 of his holding in Dec, just 2 months ago.
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.
Traders don't read the bull-bear bla-bla!
They set up automated trades to pick out the patterns and buy or sell accordingly.
No use trying to blame genuine posters on here when it is nothing to do with us.
You'd be stupid to think otherwise.
The markets set the test and we win or lose accordingly.
Okay, some large trades may tip the balance but even that is taken into account by automated trades and the activity is calmed.
I don't know anyone who is holding at £28 from 7 years ago and that figure is highly misleading when you consider the changes along the way.
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
Remember the company's broker's, Finncap, current target is 800p, which is only slightly above the current sp.
Read the posts.
There are several posters who have sold out or are looking to sell out when they reach BREAK-EVEN. As they looking for break-even, they obviously were holding at higher prices.
There are some PIs who were holding blnx(now rthm) when their eq sp was £28 in Jan 2014. ie Those who held from Autonomy days or bought pre-2014.
They are also several posters, who were holding rthn when the eq sp was 590p in 2017.
Blnx/Rthm: Rthm now merged with trmr
In 2013-14, the blnx sp quadrupled, from eq 760p to £28 on back of bullish comments, video is everything etc and then crashed 60% on the back of questionable EVENTS.
In 2016-17, previous US Election, rthm eq sp tripled from eq 188p to 589p on bullish comments before crashing due to EVENTS/industry challenges. As expected.
Currently, the sp has risen on bullish comments. Trmr reduced expectations significantly in June and then published TU showing expectations were higher than the 'reduced' expectations. They still below the original fy2020 expectations set in March, following last year's results.
All they have done is significantly reduce expectations half way through the year then increase them on the 'reduced' expectations, following the hotly contested US Elections/covid.
There is no US Election for another 4 yrs.
Finncap notes - free to register.
Fact:
Finncap expectations as of 31st March were:
revenue: $424.9m, now $400m, DOWN $25m
ebitda: $75.mm, now $60m, DOWN $15m
Adj EBITDA:
Despite the huge increase in CTV, their adj EBITDA is still lower than fy2019!!
Revenues:
Their fy2020 revenue has only increased by around $80m. However, it includes a full year contribution from Rthm and Unruly, whereas fy2019 there was only 8months and none, respectively.
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
Bear points.
Sizmek, who also offered CTV, filed for Chapter 11 Bankruptcy in 2019. They owed $millions to various companies, including rthm(now merged with trmr).
Trmr's debt provision increased 11fold in 2019 from $2m to $22m. I think this is as a result of Sizmek filing for Chapter 11. Because of the way ad tech model works, DSPs/SSPs partner with each other, so if 1 folds, others are left without money they were expecting. There is a domino effect.
https://digiday.com/media/tip-ice-berg-sizmek-saga-spells-trouble-ad-tech/
Facts over the past year.
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.
https://uk.advfn.com/cmn/fbb/thread.php3?id=44523916&from=4143&to=4143
Have to admire stt's perseverance
sorry, there is nothing to admire about stt1. And anyone who does admire him, needs to see a physciatrist.
Some profit-taking and auto-trading, with support fluttering around the 650 level.
Not selling any of mine!
Rusty,
Can we please ignore the idiot...
I have alredy filtered tricky and eddie for constantly replying to him.
I will either leave this board or filter anyone who mentions him..... pretty ****ed off
JR
Here's an idea. Why don't we all filter every other contributor....so we can all live in blissful ignorance and never encounter a differing opinion?!
Filtering TrickyD and Eddie is just plain daft (IMO).
Yes Jrise, totally agree, when I talked about not being on his own, the aforementioned were filtered months ago for exactly the same reason. I will refrain from mentioning it. Apologies Rusty
Bald,
If you can't tell the difference between differing opinions and constant idiotic repetitive drone, I might as well leave.
JR
jrlse Don't leave the board just use the filter button and have dialogue with people you know can, and will have a reasoned conversation.
Has deputy dawg slept in today ?
It is president's day!
Thanks for that Rusty. You are right. Throwing the baby out with etc..
JR
What then is to stop 'revenge-filtering'?
Should I filter all who filter me?
It all causes bad feeling and it seems childish.
People should be pulling together, not behaving like shrinking violets,
no names mentioned, I'm far too polite.
Hey Rusty,
I just read the one about sleeping in. Sleeping in, to me, is being up anytime after 06:00hr Pacific Time.
I did not sleep in today...just operating in a different environment than usual. That and our markets are closed today, as was also mentioned earlier.
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.
https://uk.advfn.com/cmn/fbb/thread.php3?id=44523916&from=4143&to=4143
Gdog,
Just looked you up!
Hope you OK!
Is that the Hilton Garden Hill on SW parkway?
Good luck, buddy!
JR
doggy,
You mean you've had to seek refuge in a hotel - must be bad out there!
Hey JR,
That's me, buddy. I actually live on the Willamette River, in the thriving metropolis of Butteville, Oregon. Check it out via Goog maps (duhhhh).
https://en.wikipedia.org/wiki/Butteville,_Oregon
I lie
is a very special place. At least to me it is; it suits my passions very well. I am totally into cooking, and I am surrounded by vegetable farms, hops farms, and vineyards.
Very close to / adjacent to Champoeg Park. Besides the fact that my heritage is English (my Welsh friends hate that about me), we've more than a bit of shared history:
https://en.wikipedia.org/wiki/Champoeg,_Oregon
By the middle 1840s, the question of the possession of the disputed Oregon Country between the United States and the United Kingdom began to loom large. On May 2, 1843, a meeting was held at the town to determine whether a provisional government should be established. The measure passed by 52 to 50. A group of nine representatives was named to create a provisional government with Champoeg as its capital. A petition to the United States Congress was drafted and sent to Washington, D.C. with William Gilpin, who had helped draft the petition and came to the Willamette Valley with the expedition of John C. Frémont. On his journey eastward to deliver the petition, Gilpin evangelized for the settlement of the Pacific Northwest, helping to spread "Oregon fever". He presented the petition to Congress in 1845. The question of possession of the Oregon Country was settled the following year in the 1846 Oregon Treaty. When the Oregon Territory was organized in 1848, however, Champoeg was not chosen as the capital.
I don't know from where the below "I lie" came, but I am not lying.
I never lie. Ha.
OK, that was a doozy.
I don't need to lie...I live it.
Hey Milhous,
It was pretty wicked. I just left my house. It's 43 degrees F inside. Thanks but no thanks.
I am going to buy a generator for future events...although they say this is a once in 50 year event. I've lived in the house I built here since 1988, and it's never been this bad.
Finally warming today. All the ice has caused trees to topple onto power lines. It's a major effing mess out there.
doggy,
Relatives near San Antonio tell me the roads are closed because Texans don't know how to drive on ice.
They've never seen it before.
Their wells are frozen but they are 'hunkering down'.
Some Americans still believe the virus is a hoax, even some of the medics.
Probably even more think Trump will return one day.
I believe part of the problem is that they don't salt the bridges, which are sheets of ice.
'Apparently' Texans sue the councils for making their cars rusty....or probably nearer the truth is that they simply don't have any salt in Texas or gritting machinery.