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Analysts Remain Cautious On Tremor Despite Its Tailwinds, Cut Price Target By 15%
Analysts Remain Cautious On Tremor Despite Its Tailwinds, Cut Price Target By 15%
Analysts cut their estimates and price targets on Tremor International Ltd (NASDAQ:TRMR) over a softer outlook amid a challenging macro environment.
Raymond James analyst Andrew Marok maintained Tremor with an Outperform rating and cut the price target from $13 to $11 to account for his more conservative outlook in 2H22 and 2023.
Tremor reported Q2 top-line results below expectations, though EBITDA margins of ~55% of contribution ex-TAC were better than forecast, he said.
The company's outlook for 2H22 was also well below expectations, as mounting macro concerns are driving a slowdown in advertiser spend on the platform, he noted.
Tremor highlighted several tailwinds for 2H and beyond, including the FIFA World Cup (for which Vidaa should see a boost from Hisense's tournament sponsorship), U.S. political spending, and the continued growth of AVOD, he noted. However, the analyst thinks the macro slowdown will likely outweigh these factors.
Tremor also expects to close the Amobee acquisition in Q3 and expects the combined company will generate $500 million in contribution ex-TAC in FY23 while driving $50 million in run rate annual cost synergies.
Despite the 2H expectations reset, Tremor trades at a significant discount to peers in space experiencing considerable consolidation, he added.
RBC Capital analyst Matthew Hedberg maintained Tremor with an Outperform and lowered the price target from $20 to $17 on reduced estimates.
In a challenging macro, Tremor showed the defensibility of its profitability with an adj-EBITDA margin of 55% despite the top-line miss, he pointed out.
The bright spot outside of profitability came from CTV, which saw spending grow by 30%. Guidance seems prudent accounting for macro-headwinds while remaining conservative around tailwinds which could benefit Q4, he added.
Laura Martin from Needham reiterated a Buy rating on Tremor, with a price target of $16, and shared key takeaways.
Firstly, Video revenues will represent over 80% of TRMR's total revenues in 2022. Secondly, CTV will represent about 50% of Programmatic segment revenues, which should drive faster revenue growth than its AdTech competitors.
Thirdly, about 65% of TRMR's net revenues will come from self-service in 2022. Fourthly, TRMR has exclusive rights to some News Corp (NASDAQ: NWSA) video ad units through December 31.
TRMR has about 1 billion unique users/month (i.e., broad reach). About 50% of 2022 net revenues will come from advertisers using TRMR's DSP and SSP together (i.e., end to end).
TRMR handles 100 billion ad requests and 500 terabytes of data each day and delivers 250 million ad impressions, suggesting a high level of big data AI engineering and ad tech stack competence.
Price Action: TRMR shares traded higher by 3.97% at $8.38 on the last check Wednesday.
Analysts cut their estimates and price targets on Tremor International Ltd (NASDAQ:TRMR) over a softer outlook amid a challenging macro environment.
分析师下调了他们的估计值和价格目标Tremor 国际有限公司纳斯达克股票代码:TRMR)在充满挑战的宏观环境中前景疲软。
Raymond James analyst Andrew Marok maintained Tremor with an Outperform rating and cut the price target from $13 to $11 to account for his more conservative outlook in 2H22 and 2023.
雷蒙德·詹姆分析师安德鲁·马克维持Tremor的评级为跑赢大盘,并将目标股价从13美元下调至11美元,以应对他在22下半年和2023年更为保守的前景。
Tremor reported Q2 top-line results below expectations, though EBITDA margins of ~55% of contribution ex-TAC were better than forecast, he said.
他说,Tremor公布的第二季度业绩低于预期,尽管息税折旧摊销前利润率约占除TAC缴款的55%,好于预期。
The company's outlook for 2H22 was also well below expectations, as mounting macro concerns are driving a slowdown in advertiser spend on the platform, he noted.
他指出,由于越来越多的宏观担忧正在推动广告商在该平台上的支出放缓,该公司对下半年的前景也远低于预期。
Tremor highlighted several tailwinds for 2H and beyond, including the FIFA World Cup (for which Vidaa should see a boost from Hisense's tournament sponsorship), U.S. political spending, and the continued growth of AVOD, he noted. However, the analyst thinks the macro slowdown will likely outweigh these factors.
他指出,Tremor强调了下半年及以后的几个利好因素,包括FIFA世界杯(海信的锦标赛赞助应该会提振Vidaa)、美国的政治支出以及AVOD的持续增长。但是,分析师认为,宏观经济放缓可能会超过这些因素。
Tremor also expects to close the Amobee acquisition in Q3 and expects the combined company will generate $500 million in contribution ex-TAC in FY23 while driving $50 million in run rate annual cost synergies.
Tremor还预计将在第三季度完成对Amobee的收购,并预计合并后的公司将在23财年产生除TAC之外的5亿美元捐款,同时推动每年5000万美元的运营成本协同效应。
Despite the 2H expectations reset, Tremor trades at a significant discount to peers in space experiencing considerable consolidation, he added.
他补充说,尽管下半年的预期重启,但与经历大量整合的太空同行相比,Tremor的交易价格仍有大幅折扣。
RBC Capital analyst Matthew Hedberg maintained Tremor with an Outperform and lowered the price target from $20 to $17 on reduced estimates.
加拿大皇家银行资本分析师马修·赫德伯格将Tremor维持在跑赢大盘的水平,并由于降低了预期,将目标股价从20美元下调至17美元。
In a challenging macro, Tremor showed the defensibility of its profitability with an adj-EBITDA margin of 55% despite the top-line miss, he pointed out.
他指出,在充满挑战的宏观经济中,Tremor表现出了盈利能力的防御能力,尽管出现了头线失误,但ADJ-Ebitda利润率仍为55%。
The bright spot outside of profitability came from CTV, which saw spending grow by 30%. Guidance seems prudent accounting for macro-headwinds while remaining conservative around tailwinds which could benefit Q4, he added.
盈利能力之外的亮点来自CTV,其支出增长了30%。他补充说,指导方针似乎谨慎考虑了宏观不利因素,同时对可能有利于第四季度的顺风保持保守。
Laura Martin from Needham reiterated a Buy rating on Tremor, with a price target of $16, and shared key takeaways.
劳拉·马丁来自尼德姆重申了对Tremor的买入评级,目标股价为16美元,并分享了关键要点。
Firstly, Video revenues will represent over 80% of TRMR's total revenues in 2022. Secondly, CTV will represent about 50% of Programmatic segment revenues, which should drive faster revenue growth than its AdTech competitors.
首先,视频收入将占2022年TRMR总收入的80%以上。其次,CTV将占程序化细分市场收入的50%左右,这将比其AdTech竞争对手更快地推动收入增长。
Thirdly, about 65% of TRMR's net revenues will come from self-service in 2022. Fourthly, TRMR has exclusive rights to some News Corp (NASDAQ: NWSA) video ad units through December 31.
第三,到2022年,TRMR约有65%的净收入将来自自助服务。第四,TRMR对某些人拥有专有权新闻集团(纳斯达克股票代码:NWSA)视频广告单元截至12月31日。
TRMR has about 1 billion unique users/month (i.e., broad reach). About 50% of 2022 net revenues will come from advertisers using TRMR's DSP and SSP together (i.e., end to end).
TRMR 每月约有 10 亿独立用户(即覆盖面广)。2022年净收入中约有50%将来自广告商同时使用TRMR的DSP和SSP(即端到端)。
TRMR handles 100 billion ad requests and 500 terabytes of data each day and delivers 250 million ad impressions, suggesting a high level of big data AI engineering and ad tech stack competence.
TRMR 每天处理 1000 亿个广告请求和 500 太字节的数据,并提供 2.5 亿次广告曝光量,这表明大数据 AI 工程和广告技术堆栈能力水平很高。
Price Action: TRMR shares traded higher by 3.97% at $8.38 on the last check Wednesday.
价格走势:在周三的最后一张支票上,TRMR股价上涨3.97%,至8.38美元。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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