TTTPF - Tremor continues to operate at a high level. Reported preliminary Q1 metrics, usually their weakest quarter, but the results are blowing out expectations and prior year. Their programmatic business is up 90% year over year! EBITDA of $25 million plus. They are now officially pursuing a dual listing in the US with expected timing in Q2. Q2 and Q3 results will look amazing with 100%+ growth relative to COVID impacted levels in 2020.
Tremor trades at 6x net revenue versus 20x for MGNI. Tremor is growing at a much higher rate and actually has better margins. I can see them posting $300 mil of net revenue in 2021... current market cap is $1.25 billion. If it trades up to Magnite’s valuation, this is a $35-$40 stock by the end of the year.
Magnite is currently at a pro forma revenue of $350 million, and a $6.7 billion market cap.
Tremor is currently my largest position and I added 35% more today after the results. This valuation gap with Magnite and Pubmatic will resolve, particularly once Tremor is listed here in the US.
