Added to YB: 2025-04-16
Pitch date: 2025-04-15
IAS [bullish]
Integral Ad Science Holding Corp.
+58.27%
current return
Author Info
P14 Capital is a former buy-side research analyst who uncovers undervalued opportunities in SMID-cap equities. Long-biased and generalist. Sign up for the newsletter.
Company Info
Integral Ad Science Holding Corp. operates as a digital advertising verification company in the United States, the United Kingdom, Ireland, France, Germany, Spain, Italy, Singapore, Australia, Japan, India, and the Nordics.
Market Cap
$1.7B
Pitch Price
$6.47
Price Target
14.19 (+39%)
Dividend
N/A
EV/EBITDA
13.98
P/E
36.77
EV/Sales
2.74
Sector
Media
Category
growth
LONG $IAS - Integral Ad Science.
IAS: Unfairly discounted at ~3x EV/EBITDA vs DV despite outperforming on 4Q results and FY25 outlook. Gaining share via mid-market expansion, pre-bid optimization (Total Visibility), and social/CTV leadership. CPM-based model resilient in downturns. Base case: re-rating to 9x FY26E EBITDA = 110% upside in 2-2.5 years. KKR buyout rumors and activist interest add optionality.
Read full article (18 min)