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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.
在充滿挑戰的宏觀環境下,分析師下調了對Tremor International Ltd(納斯達克股票代碼:TRMR)的估計和目標股價,原因是前景疲軟。
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·詹姆斯分析師安德魯·馬克維持Tremor的跑贏大盤評級,並將目標股價從13美元下調至11美元,以應對他在22下半年和2023年更爲保守的前景。
Tremor reported Q2 top-line results below expectations, though EBITDA margins of ~55% of contribution ex-TAC were better than forecast, he said.
他說,Tremor公佈的第二季度業績低於預期,儘管息稅折舊攤銷前利潤率約佔除TAC繳款的55%,好於預期。
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,由於越來越多的宏觀擔憂正在推動廣告商在該平台上的支出放緩,該公司對下半年的前景也遠低於預期。
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強調了下半年及以後的幾個利好因素,包括FIFA世界盃(海信的錦標賽贊助應該會提振Vidaa)、美國的政治支出以及AVOD的持續增長。但是,分析師認爲,宏觀經濟放緩可能會超過這些因素。
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還預計將在第三季度完成對Amobee的收購,並預計合併後的公司將在23財年產生除TAC之外的5億美元捐款,同時推動每年5000萬美元的運營成本協同效應。
Despite the 2H expectations reset, Tremor trades at a significant discount to peers in space experiencing considerable consolidation, he added.
他補充說,儘管下半年的預期重啓,但與經歷大量整合的太空同行相比,Tremor的交易價格仍有大幅折扣。
RBC Capital analyst Matthew Hedberg maintained Tremor with an Outperform and lowered the price target from $20 to $17 on reduced estimates.
加拿大皇家銀行資本分析師馬修·赫德伯格將Tremor維持在跑贏大盤的水平,並因估計值下調而將目標股價從20美元下調至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,在充滿挑戰的宏觀經濟中,Tremor表現出了盈利能力的防禦能力,儘管出現了頭線失誤,但ADJ-Ebitda利潤率仍爲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.
盈利能力之外的亮點來自CTV,其支出增長了30%。他補充說,指導方針似乎謹慎考慮了宏觀不利因素,同時對可能有利於第四季度的順風保持保守。
Laura Martin from Needham reiterated a Buy rating on Tremor, with a price target of $16, and shared key takeaways.
來自Needham的勞拉·馬丁重申了對Tremor的買入評級,目標股價爲16美元,並分享了關鍵要點。
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,視頻收入將佔2022年TRMR總收入的80%以上。其次,CTV將佔程序化細分市場收入的50%左右,這將比其AdTech競爭對手更快地推動收入增長。
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約有65%的淨收入將來自自助服務。第四,截至12月31日,TRMR擁有新聞集團(納斯達克股票代碼:NWSA)某些視頻廣告單元的專有權。
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 每月約有 10 億獨立用戶(即覆蓋面廣)。2022年淨收入中約有50%將來自廣告商同時使用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 每天處理 1000 億個廣告請求和 500 太字節的數據,並提供 2.5 億次廣告曝光量,這表明大數據 AI 工程和廣告技術堆棧能力水平很高。
Price Action: TRMR shares traded higher by 3.97% at $8.38 on the last check Wednesday.
價格走勢:週三最後一張支票,TRMR股價上漲3.97%,至8.38美元。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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