MGNI - February 16, 2021

2021年2月16日

Magnite is an independent sell-side advertising company that leverages omnichannel advertising. MGNI was formed in 2020 from the merger of Telaria and Rubicon, and now is a growing competitor in the CTV, mobile, and desktop ad space. The company has reported Q3 2020 revenues of 61M, 18% of which are attributable to the attractive CTV segment. The company is expecting strong CTV growth in Q4 2020 between $72-75 million. MGNI supported 23% EBITDA margins in Q3 and expects this to expand to 30% margins in Q4 2020. MGNI is not net income profitable yet. MGNI was on our watchlist back at the 30 level and has since doubled. It is consolidating in a tight flag pattern as we see institutions begin to size into this over the past few weeks. Looking for a push and break to a short term target of 75.