TRMR - Somewhat of a disappointing reaction to the IPO, with TRMR currently trading in the $18 range. I took the opportunity to add the US ADS's on Friday in the mid-$17's. The valuation for TRMR remains at a significant discount to MGNI (closest CTV ad-tech comp) and even a discount to PUBM (sell side SSP with less exposure to CTV).
TRMR's organic growth rates are top-tier, as are their EBITDA margins. A typically rule of 40 analysis for high-growth companies like TRMR would imply a revenue multiple north of 10x, yet the company trades at an EBITDA multiple of close to 13x. With 100% growth anticipated next quarter against an easy comp, I think we'll see more eyeballs and more importantly $$$$ make their way over to TRMR.
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