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They closed $17.90 or eq 643p, down 5.79%. UK closed down at 660p, so still a gap.
In other news, US Peers:
Magnite closed down 6.7%
Pub closed down 2.32%
Perion closed down 1.1%
TTD closed down 2.03%
Pubmatic $69.92 1st March, now $33.71
Perion $25 2nd March, now $16.14
Magnite $62 12th Feb, now $29.49
The Trade Desk $90 22nd Dec peak, now $60.88
"Tonight’s news about the Tremor IPO is particularly pleasing for me"
What do you think of the IPO now? Is it still pleasing for you?
trmr have dropped 120p (5%) since your post on Monday.
"“Are you loading and holding at £8 for huge gains?
He made exactly the same comment at £5….£6…….£7…..hahahahahahahaha."
What a difference 5 days makes.
Yes, so did you load up at 800p...
no wait, 700p...
no wait, 600p...
and are waiting for the huge gains??
oh and ... back to you.. "hahahahahahahaha"
"as per an apology to you, when it drops down to 80 p (that is since you have been parroting the same c....since)"
It doesn't bother me whether you accept you were wrong and apologises.
I've have mentioned the industry challenges, court cases etc since 589p (not 80p as you state) in 2017.
I've said the sp rises on bullish comments and falls on events.
Look at 2013-14, the blnx eq sp quadrupled, from eq 760p to £28 on bullish comments, then crashed 60% on the back of questionable events.
Similar happened in 2016-17, previous US Election, when the sp tripled from eq 188p to 589p on bullish comments before crashing to around 100p because of industry challenges. As expected.
Blnx IPO was at 45p, eq to 530p.
Read post of 16th June 22.08
"Is it a coincidence that you have been wrong all along about this share and you could have just be humble about it and say “sorry folks, I was wrong”"
Doesn't look like I was wrong after all, does it? Down 15% back to 660p.
However, I won't wait for an apology from you. Maybe your comment "sorry folks, I was wrong".
"do not panic the company is solid with loads of cash."
As you well know, the way inventory payments work, ad tech companies need huge amounts of cash just to keep going. The Trade Desk raised $200m, MediaMath $600m.
This was highlighted when Sizmek filed for Chapter 11.
Plus, the impact of losing Alphonso, data provider, court case isn't yet known. In the meantime, they will still need to pay their suppliers.
The ad tech model works by DSPs/SSPs, partnering with each other. It is usually the case that the company would pay their 'supplier' (other ad tech companies) around 60 days but receive their cut from 'customers' (other ad tech companies) around 90 days. That gap("inventory payments") has to be covered from their own cash or they setup credit facilities.
"Brands and agencies often pay DSPs on 90-day or even 120-day cycles. But DSPs pay SSPs between 30 to 60 days."
"DSPs shoulder this burden directly because they constantly owe money to inventory suppliers. The Trade Desk took out a $200 million loan in 2017 to preserve liquidity while it bridges inventory payments. MediaMath has raised more than $600 million, including $225 million last year."
"My point is that you use £28 as the reference point for your posts when the price only briefly hit this"
It doesn't matter if the eq sp only hit it briefly, the fact it did means it's the high.
Compare that eq sp £28 to today's Nasdaq IPO price of 683p.
The 683p is around 30% above the eq sp 589p rthm(now trmr) achieved in 2017, after the previous bullish comments following the previous US Election in 2016.
What's do you think of today's Nasdaq IPO price then?
"Got to hand it to Tosca "
I've questioned this on here as a major bear point.
Why did Tosca sell days before the IPO given they had been holding for years?
They held over 29% of rthm(now trmr) around 2016-17, during the previous US Elections.
To me, Tosca selling and Shares on Loan trebling since Dec when the CEO sold 1/3 of his holding, are red flags.
From this week:
Methbot was the start of the major industry challenges.
After Methbot Conviction, Ad Industry Zeroes In On CTV As Fraud Hotspot
The IAB, whose rules ad tech companies follow to comply with GDPR/CCPA/Privacy is being taken to court.
Ad tech players sell ads programmatically and it has been mentioned that they do not comply with GDPR/CCPA/Privacy laws.
This is likely to impact programmatic/rtb, as it did previously.
London house prices suffer biggest monthly fall in a decade as pandemic mini-boom judders to halt
I think the crucial point is whether investors notice the trebling of shares on loan since Dec, when the CEO sold 1/3 of his holding. Also Tosca selling just days before the IPO, despite holding for years.
The avg SoL have now trebled since Dec.
sep 1141573 0.92%
Oct 1547922 1.25%
Nov 1457233 1.18%
Dec 1265065 1.02%
Jan 1382006 1.11%
Feb 2158481 1.74%
Mar 2941789 2.37%
Apr 3026422 2.41%
May 4645852 3.67%
Free to register:
"when Tremor’s sp gets a little top heavy. "
It's already top heavy. Following the US Peers.
All US Peers down around 40-50% since peak, achieved during the ad tech bubble.
Pubmatic $69.92 1st March, now $34
Perion $25 2nd March, now $16
Magnite $62 12th Feb, now $31
The Trade Desk $903 22nd Dec peak, now $62 (with 10-1 split)
Ad tech is in a hype/bubble.
Only a year or so ago, there were several ad tech companies M&A at around 1/3-1/2 of sales.
In fact Trmr paid Unruly 1/3 of their sales in Jan 2020.
"For the next few weeks, the sp in the US will be driven by investor demand."
Agree. They are listing hoping to ride the US Ad tech bubble.
As predicted, they are desperately trying to list before H1 results.
And before News Corp lock in period ends next month
Given they have $130m in cash, why do they need a huge placing?
"The principal purposes of this offering are to create a public market for our ADSs, facilitate greater access to the public equity markets, increase our visibility in the marketplace, as well as to obtain additional capital. We intend to use the net proceeds from this offering for working capital, general corporate purposes and to fund incremental growth, including for possible acquisitions. However, we do not currently have any definitive or preliminary plans with respect to the use of proceeds for such purposes."
"On May 18, 2021, Tremor Video, Inc. (Tremor) filed a complaint against
Alphonso, Inc. (Alphonso) in the Supreme Court of the State of New York,
County of New York. The claim is for breach of contract, tortious interference
with business relations, intentional interference with contractual relations,
unjust enrichment, and conversion. The lawsuit arises out of Alphonsoâ€™s breach
of a Strategic Partnership Agreement and an Advance Payment Obligation and
Security Agreement (Security Agreement) with Tremor, along with related
misconduct. Tremor complaint is for damages and other relief, including an
order foreclosing on Alphonsoâ€™s collateral under the Security Agreement, from
Is it a coincidence that they are desperately trying to list before News Corp lock in period ends??? 18month lock in from Jan 2020.
"Under the terms of the Transaction, News
Corp will be subject to an 18-month lockup period."
"Tremor is doing well"
Where are the Q2/H1 expectations to show what impact losing Alphonso, data provider has had?
The IPO is as predicted.
Investigations into rtb/fraud.
In terms of doing well, the latest audited final figures, fy2020, from the company speak for themselves.
Total net revenue increased by only 12% to $184.3 million (2019: $164.0 million). Only $20m!!
Adj Ebitda up only £100k(2019 $60.4m)
These figures include a full year contribution from Unruly(2019 nil) and rthm(fy2019 8 months)
""The Company traded strongly during 2020 as a whole, achieving a 12% increase in net revenues to 184.3 million (2019: $164.0 million), primarily driven by the performance of our Programmatic activities generating an increase of 30% to $161.6 million (2019: $124.2 million) as a result of our strategic shift to focus on our Programmatic activities as a key growth driver""
Check the table in the results - fy2020 inc full year from Unruly & Rthm.
Revenues up ONLY 2%
Net revenues up ONLY 12%
GP up ONLY 10%
"I said the “the price barely touched this”. "
Now that you agree with my calc and it isn't utter BS as you originally claimed, I won't wait for an apology. I back up my posts with links.
Look at the blnkx(now rthm) IPO, 14 yrs ago, Sushovan Hussain & Mike Lynch, ex-Autonomy execs, were behind the IPO.
The IPO price was eq sp 530p (45p old money).
There are several holders here who got in at bnlx IPO and held at the eq sp around £28.
It explains why they don't want to hear of any red flags or industry challenges.
"In the absence of a TU 'PRIO'R to the IPO Launch I am NOT expecting any fire works with the IPO Launch Pricing."
They're listing before H1 results, so there is no indication of how much losing Alphonso, data provider, has impacted them.
I believe the need for a US listing became urgent around March time... The Alphonso court case filing was mid May.
Therefore, they would have known, maybe March, of the dispute with Alphonso. Companies try and resolve the differences before taking court action.
So I think once the dispute with Alphonso was known they felt the need to US list (with the placing) asap. I think because the process to list was the reason behind the early Q1 TU (10 days before Q1 end).
On 10th March, they published the fy account, without firm mention of US listing, they simply said:
"The Company continues to explore, from time to time, the possibility of transactions in the capital markets, including the potential for a dual-listing of shares in the United States. No assurance can be made that any such transaction will be completed in the near term or at all."
Yet ONLY 6 days later on 16th March , they published their draft registration for a US listing:
That tells me there was a sudden need to list within days of the fy results being published, timing which coincides with the alphonso dispute.
I've previously mentioned the ongoing investigation into rtb/programmatic/gprd/ccpa/IAB. I see these as a major challenge for all ad tech players using programmatic, including Trmr.
IAB, whose guidelines are used to comply with the rules is being taken to court. If IAB lose then I believe it will have major consequences for programmatic/rtb.