Member Info for stt1

Tricky/Radium,
"Private companies only take on the profitable parts of the NHS and won't touch 24/7 care or A&E services that the NHS has to provide."

That's rubbish.
NHS 111 operate 24hrs.
Urgent Care/Walk in Centres provide A&E services, which are non-life threatening.

Both NHS111 & Urgent Care/Walk in centres exist to help reduce the long waiting times in A&E depts, caused by patients with minor or non-emergency conditions, clogging up the A&E.

Both are provided by private providers like TLY.

You can always vote with your feet.
If/when you need treatment or have health concerns, ask your GP if he is self-employed and then refuse treatment if they are not.
Ask the nurse if they are agency nurse and refuse treatment if they are.
Ask the caterer/cleaner in hospital if they are directly employed by the NHS and refuse treatment if they are not.
Refuse to get your medicines/vaccines etc from private companies like Boots, Lloyds or independent pharmacies.

Talk is cheap. Actions speak louder than words.

Btw Radium, Given you've change direction on the changes within the white paper, have you realised that the changes were expected and are great for TLY.

gdog
"TRMR and PERI, while much more expensive than when I started singing the "these two are so cheap" tune, I still believe they both have a long way to run."

rthm(now trmr) were eq sp of £28 only 7 yrs ago, when posters were saying they are "Cheap".

Given you believe they are still cheap and a long way to go, are you loading up at 550p+++ and holding or just hoping others do???

Rthm(now trmr) eq sp was around 580p 4 yrs ago before the sp declined due to industry challenges.
Taptica (now trmr) sp was around 500p just couple of years ago before the sp declined.

Why is there a long way to go and are you backing your convictions?

Action speak louder than words!!

Radium,

Apart from missing the main reason the news was expected and is great news for TLY, one basic point you have missed.
The changes apply to NHS ENGLAND only.
TLY operates a diversified business model with 3 divisions, Urgent Care, Planned Care and Insourcing.

Points which might help your research:
1) The proposals were already known and so are not new. TLY were already aware of them.
2) They affect the way services are sold via CCGs in NHS ENGLAND only.
3) TLY Insourcing division operate in all 4 UK Nations and Ireland. Therefore, it doesn't impact Insourcing.
4) The proposals look at Social care, joined up care, which is great for TLY's Planned Division.

The news was expected and is great for TLY.

Pasio,
You only cover 1 small part of 'investigations into ad tech'.

To back up my comment in my last post.
"Other countries have their own authorities and have been following GDPR and coming up with their own privacy law and have authorities to enforce it"

Data privacy legislations in 2020 and trends to watch out for in 2021

"Year 2020 saw a number of significant developments around data privacy legislations around the world. The pandemic-induced “new normal” has brought up new concerns around data privacy, making the case stronger for stringent data privacy laws in 2021."

"Interestingly, the past year also witnessed encouraging progress in this aspect. While Canada, Brazil, China and New Zealand introduced legislations on the lines of Europe’s General Data Protection Regulation, we also saw privacy find its way into COVID-19 related legislations in US Congress, including the COVID-19 Consumer Data Protection Act of 2020 in the Senate and the Public Health Emergency Privacy Act in the House. In a noteworthy event in November 2020, California citizens voted for amendments to the California Consumer Privacy Act and enacted a new statute, the California Privacy Rights Act. Currently, no other American state has a law as stringent as California, but around 30 states are working on legislations that contain at least some of the terms"

https://www.geospatialworld.net/blogs/data-privacy-legislations-in-2020-and-trends-to-watch-out-for-in-2021/

Pasio,

My Point 1 states:
1) investigations into Ad tech model, gdpr/ccpa/rtb

As my point states, it covers all investigations into ad tech model. not just GDPR. These investigations are increasing and have been since 2017.
GDPR became effective since May 2018 but no enforcement action was taken immediately, as the authorities had a 'grace' period.


GDPR is just 1 privacy law, in Europe. ICO is one authority, ie UK.

Other countries have their own authorities and have been following GDPR and coming up with their own privacy law and have authorities to enforce it.

There's CCPA in California. CNIL, the French Authority to investigate .
CNIL recently fined Amazon and Google.

These sort of fines are small for companies like Amazon and Google but I expect more and more investigations...

https://www.cnil.fr/en/cookies-financial-penalty-35-million-euros-imposed-company-amazon-europe-core

https://www.cnil.fr/en/cookies-financial-penalties-60-million-euros-against-company-google-llc-and-40-million-euros-google-ireland

There are also investigations into RTB, Real Time Bidding, the process used by the ad tech eco system.

I expect more and more investigations into ad tech over the next couple of years.

As to US ad tech - Firsly, there's CCPA, which is their privacy law, similar to GDPR in EU.
Then there's Biden. I 'believe' he is the new US President!!!

https://www.businessinsider.in/tech/news/the-biden-administration-will-continue-to-scrutinize-big-tech-companies-including-google-apple-and-facebook-according-to-the-dojs-antitrust-chief/articleshow/80270694.cms

If you know how ad tech eco system works then regardless of the size of the company, ANY investigation into the bigger players will effect the smaller players.

Like the Facebook investigation from couple of years ago, which caused the sp of Trmr(when it was Taptica) to crash.

Taptica suffers from data scandal contagion
Shares in the mobile advertising group have fallen significantly since the Facebook/Cambridge Analytica story first broke
https://www.investorschronicle.co.uk/tips-ideas/2018/04/10/taptica-suffers-from-data-scandal-contagion/

But it's good you provided a reply, which is more than the regulars on here do. They seem incapable of providing a sensible reply.

Pasio,
"the only ‘risk’ is the resumption of the ICOs investigation into ad-tech"

Glad, someone agrees now! I posted about the ongoing investigation yesterday and I posted the original mention of the ongoing 'investigation' weeks ago.
Although Tricky seems unaware of the ongoing investation - see his post below! He needs to do some research and get up to date with the ad tech ecosystem, including how companies within it work. He could start by explaining the reasons for the huge increase in debt provision of $22m trmr published for fy2019!!

Tricky's post in reply about the ongoing investigation into ad tech model. 1st Feb 20:18.
"For investigations to be “due to” anything, it would have to be something that influenced the existence of the investigations."

***************************************
My post yesterday:
Mon 11.31
"“In May 2020, we paused our investigation into real time bidding (RTB) and the adtech industry, as we prioritised activities responding to the COVID-19 pandemic. We have now resumed our investigation."

https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2021/01/adtech-investigation-resumes/

I think US is in an ad tech bubble and I'm keeping an eye it and the following:
watching Ad tech companies:
1) investigations into Ad tech model, gdpr/ccpa/rtb
2) investigations into Ad tech fraud
3) court cases affecting ad tech companies

Any major newsflow and the ad tech bubble can burst.

Alongside the "facts over the past year" post re $30m loss, huge increase in debt-provision of $22m, I think there's also the other 2 points, points 2 and 3 from the list above.

Tricky
"Facts outside context makes as little sense "

So you (or in your case "We") or the others are unable to counter the facts I've posted, even by putting them into context.???

Radium,
That's a change of stance from you.

So you've gone from "The private sector is to be taken back under Public control with the latest proposed NHS reforms." in your Q1
to
"The new plans show that the private and voluntary sectors will continue to have an “important role” BUT THEIR INFULENCE WILL BE LIMITED""

So from Private sector will be taken back to they will continue to play an important but limited role.
;-)

Good, you've changed your mind, .. Keep reading.

"When you have read the White Paper (from the the above link) and fully understood its contents, come back with some real points to debate"

Yes Radium, do some research, read the White Paper. The changes were expected and are great for TLY.
Read the company/sector newsflow.

Tricky,
"twisting the facts and figures to suit your negative stance, so many times we simply do not trust you."

I've posted company/sector newsflow with links to back up my opinion.
If you ( or in your case "We" as you say) don't trust them then that's fine. Everyone is entitled to their opinion, aren't they?

These are facts, can you please counter each one of them with facts backing them up with links?

Trmr.
Facts - Bear points over the past year.

1) For fy2019(published March 2020), they announced a huge increase in debt provision to $22m from $2.8m.

2) H1-2020 (pub Sept 2020) - They announced a huge $30m loss for H1-2020.

3) Dec 2020 - The CEO then sold 1/3 of his holding last month.

4) Despite the huge increase in ad spending (US Elections, covid), their fy2020 adj EBITDA is lower than fy2019 and missed the Brokers expectations set in March 2020.

Debt provision increased substantially:
---------------------------------------------------
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

$30m loss:
--------------
H1-2020 Interims, published Sept 2020.
$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

Adj ebitda is lower than previous year, revenue increase includes fy contributuon from Unruly, acquired only a yr ago, Jan 2020:
-----------------------------------------------------------------------------------------------------------------------------
Despite the huge increase in ad spending, the fy contribution from Unruly (bought a yr ago, Jan 2020) they still failed to beat Finncap's March expectations. Their adj Ebitda is lower than their previous year, fy2019!

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

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/Vi

Radium,
I meant the changes are "excellent news" for TLY and were expected.
Below I've repeated my post from Sunday.

My strategy is:
If I can counter the bear points then it makes the bull case stronger.
If I can counter the bull points then it makes the bear case stronger.

In this instance, as the news was expected, it is great news for TLY.

Quite clearly you do not understand the changes nor NHS/TLY model.

My post from Sunday.
Radium,

You're making a fool out of yourself.
Read your 1st question and my reply. You clearly don't understand how the business model, NHS or TLY, works.

Your question:
1. The private sector is to be taken back under Public control with the latest proposed NHS reforms.

What about the thousands of GPs/Nurses/Dentists etc working as self-employed?. The NHS was formed over 70 yrs ago and self-employment is an integral part of it.

"General practitioners, dentists, optometrists (opticians) and other providers of local health care are almost all self-employed, and contract their services back to the NHS. They may operate in partnership with other professionals, own and operate their own surgeries and clinics, and employ their own staff, including other doctors etc. "

https://en.wikipedia.org/wiki/National_Health_Service_(England)

According to your Q1 all these thousands of self-employed Drs/Nurses/ etc, private providers are being brought back under NHS?
Who will pay for their pensions, holidays etc???

My answer hasn't changed, the news was expected. You will soon realise that it was expected and is nothing new.

Rusty
"What was the market valuation of Blinkx when it was at about £2.34. "

Blnx(now rthm, merged with trmr)
That £2.34 equates to around £28 now.

Rusty/Tricky,
So, are you loading up at 500p+++ and holding expecting trmr to reach the eq sp of £28 or hoping others will??

Before they announced the 2nd April placing, the sp was around 200p-210p and by the 5th Apr, then drifted to 100p mark within 3 months.

Buy backs never mean a company WILL do well. The same goes for any company who are buying back.

Rusty,
"The company were buying shares at £2, yesterday they bought back shares at more than £5.60, that in itself, tells me they still feel that there is more to come. "

Trmr have being buying back for years. In fact in 2019 they actually had a placing between buy backs!! They never used their shares held in treasury when they bought Unruly.
So given it's never meant anything previously, then why should it now?
The current buy back is scheduled to finish, next month, 31st March.

One of their buybacks, when they had a placing in between the buy backs!!

2nd April 2019, after rthm merger, they announced a $15m buy back

"In addition, the Company announces that it has approved a share buyback programme of ordinary
shares of NIS0.01 in the capital of the Company ("Ordinary Shares") for an aggregate purchase price
of up to US$15 million (the "Buyback Programme"). The Buyback Programme forms part of the
Group’s broader strategy to deliver shareholder value."
https://www.tremorinternational.com/wp-content/uploads/2019/04/Appointment-of-CEO-RhythmOne-Trading-Update-and-Commencement-of-Share-Buyback-Programme-2-April-2019.pdf

Then 3 weeks later.
24th April - Secondary Placing
https://www.investegate.co.uk/finncap/rns/launch-of-secondary-placing-in-taptica/201904240700048697W/

In fact they even bought the majority of shares in the secondary placing.

https://www.tremorinternational.com/wp-content/uploads/2019/04/Transaction-in-Own-Shares-Related-Party-Transaction-and-Total-Voting-Rights-25-April-2019.pdf

and then only 5 months later, issued a profit warning.
The profit warning from the company themselves, is there in black and white - AS EXPECTED.

" This coupled with the weakness in the Performance division year on year means that the Board believe the Company will be marginally behind full year expectations on profitability for 2019. "

The closing of rthm's operations - rthm operations not so good then? - AS EXPECTED

"Several of RhythmOne's products have been discontinued alongside its demand-side platform ("DSP"). The development of RhythmOne's data management platform ("DMP) has also been taken in-house. This initiative created an operational challenge for management, however they believe the decision will markedly benefit the company in the medium-term. The reduced development, maintenance and data centre costs form part of the wider initiative to streamline the Company's operations."

Industry Challenges continues to affect trmr - AS EXPECTED

"The performance-based division has continued to be impacted in 2019 by the well-documented headwinds which have affected both topline revenue and profitability. "

https://www.tremorinternational.com/wp-content/uploads/2019/09/TRMR-Interim-Results_Final-240919.pdf

Therefore, the buy backs don't imply anything.

Consolidation was a result of P&G demands for transparency with ad tech eco system.
Following the Methbot Fraud in 2016, P&G, the largest advertiser in the world, demanded transparency within the ad tech Eco system.
As part of this several large advertisers reduced the number of DSP/SSP they were working with. This led to M&A within Ad Tech Ecosystem. When the largest advertiser demands changes, the companies within the ad tech eco system have to either adapt or die.
This was one of the industry challenges I have previously mentioned.

True to its word, P&G has slashed the number of sites it advertises on

"At the end of 2016, back before Pritchard called out the crappy media supply chain at an Interactive Advertising Bureau conference, P&G ran ads on about 2,000 sites per month in the U.S., according to Pathmatics. By August, it whittled that number down to 900 websites."

"Aside from P&G, JPMorgan Chase and Unilever have also cut down the number of sites their ads appear on. Eliminating long-tail websites from media buys is partially done to fight fraud and domain spoofing, but another reason brands are paying more attention to their ad placement is because they are trying to protect themselves against appearing next to offensive content now that it is politically untenable to place ads on fringe sites."

"Among the many things Pritchard has clamored for in 2017 are more clarity on pricing and fees in ad tech, greater viewability and more vigilance in the fight against ad fraud,"

https://digiday.com/marketing/true-word-pg-slashed-number-sites-advertises/

Magnite: This is often mentioned as a peer to Trmr.

Telaria used to be part of Trmr, when they were Tapitica.
Telaria was demerged and now have merged with Rubicon to form Magnite.

Trmr operate a full stack, ie both sides of the ad tech model.

Telaria (Magnite) reasons for demerging from trmr.. perceived conflict of interest

"Clients were also uneasy with Tremor servicing both the buy- and sell-sides."
"There's always been a little bit of friction because we were selling agencies and advertisers different products while we were representing publishers," Zagorski said. "And the people who plug into that sell-side platform would always be somewhat hesitant to commit to it in a huge way because we had that perceived conflict."

https://adexchanger.com/digital-tv/tremor-video-sells-demand-side-business-taptica-50m/

****************************************************************************

The Trade Desk (TTD) previously quoted as saying that their one sided approach was the key to its success...other companies have also ditched both sides...

"Many companies that tried to run ad tech businesses on both sides later have sold one side off: Rubicon shut down buy-side platform Chango, with then-CEO Frank Addante admitting the acquisition was a failure. Tremor Video just sold off its buy-side business to focus on the supply side. Amobee sold its sell-side business to focus only on the buy side. The Trade Desk, which has seen its stock skyrocket post-IPO, consistently cites its single-side, agency-focused approach as a key to its success."

https://adexchanger.com/platforms/appnexus-buy-side-falls-wayside/

Telaria demerged from Trmr because the full stack model wasn't working. Likewise, TTD don't run a full stack model because they don't see it works.
They are running different ad tech models to Trmr.

******************************************************************************************

Further, Magnite (Telaria & Rubicon merger)
Telaria is splitting their CTV offering and marketing it as a seperate offering.

"Earlier this week, the ad-tech company began contacting clients and partners informing them that the former Telaria offering is now known as Magnite CTV, while Rubicon Project’s is to be known as Magnite DV+."

https://www.adweek.com/programmatic/6-months-after-merger-magnite-rebrands-its-ad-stack/

Note the 3 companies mentioned above, Magnite(Telaria & Rubicon) and The Trade Desk:

This article still hold true for The Trade Desk (TTD) and Magnite.

3 Ad-Tech Stories You Need to Know This Week

- The Trade Desk continues to profit from its point of differentiation
- Rubicon Project is still smarting from dropping its buy-side fees
- Telaria continues its sell-side turnaround journey
https://www.adweek.com/programmatic/3-ad-tech-stories-you-need-to-know-this-week-4/

Rthm/Yume takeover (both now part of trmr) was interesting.

rthm acquisition of Yume was valued at $185m - Yume paid dividends and had buy backs. Yet were acquired for $185m.

https://markets.ft.com/data/announce/detail?dockey=1323-13351613-1AT6CK1M7MR27FVF61E5DKATAQ

Yet only 18months later Rthm(+ Yume) merged with Trmr(was TAP) valuing Rthm(+ Yume) lower than rthm paid for Yume alone(just a few months earlier)!!!

"Unfortunately, things at RhythmOne have been trickier. Trading in the year to March was below market expectations Taptica said, though it still believes the acquisition was in its best interests.

The digital marketer added it had taken a ‘conservative approach’ to its new acquisition throughout its due diligence."

https://www.adexchanger.com/ad-exchange-news/taptica-to-acquire-ad-tech-roll-up-rhythmone-for-176m/

It just goes to show the valuations of companies within ad tech can change significantly within a space of a few months.

Winstanley,
Consolidation has been going on since P&G demands for transparency in 2017 and subsequent major advertisers reducing the number of DSPs/SSPs they use.
This was one of the major industry challenges previously mentioned.

There have been many since 2017, one of them was Sizmek and Rocket Fuel.
https://digiday.com/media/tip-ice-berg-sizmek-saga-spells-trouble-ad-tech/

Iwantthatone,

The news was expected and is good news for TLY.

Mathewsdad,
I think you should re-read Tilly's post and my reply.

He stated:
"Alcohol based hand gels maybe cheap but long term use can cause dermatitis".
Therefore, implying that non-alcohol hand gels are more expensive. I provided proof that they are not and as it says is suitable for 'sensitive skin', so perfect for Tilly's suffering skin!!