TTTPF ($8.00) - Announced full year 2020 results, though full annual report is not out yet. The second half and Q4 performance really stand out, and with other CTV ad-tech based comparables (MGNI, PERI, TTD, etc) guiding and reporting strong Q1 figures, I'd expect Tremor to post some eye-popping y/y growth comparables in Q1 and Q2 over COVID impacted 2019 results. Relative to the US-listed ad-tech players (MGNI, TTD, PUBM), Tremor is quite conservatively valued, with and EV / EBITDA multiple that is a fraction of those other companies.
I particularly liked this little tidbit, which I believe would significantly close the valuation gap between Tremor and those other comps:
"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."
With its acquisition of SpotX, MGNI has really increased its exposure to video and CTV. An acquisition of Tremor would only further that leadership position. The market seemed to reward MGNI on the SpotX announcement and I think an acquisition of Tremor would be looked upon favorably as well. Realistically though, there may need to be a period of digestion here before MGNI is ready to make another deal. Pubmatic may be another potential buyer, as they are currently lacking from a video/CTV offering standpoint. Should be an interesting year in the ad-tech space...
