Added to YB: 2023-05-13
Pitch date: 2023-05-13
TEAD [bullish]
Teads Holding Co.
Author Info
Clark Square Capital is a former equity analyst and now a full-time investor managing their own capital. Sign up for their newsletter
Company Info
Teads Holding Co., together with its subsidiaries, operates a technology platform that connects media owners and advertisers with engaged audiences to drive business outcomes in the United States, Europe, the Middle East, Africa, and Asia.
Market Cap
$66.8M
Pitch Price
N/A
Price Target
8.00
Dividend
N/A
EV/EBITDA
17.87
P/E
-0.12
EV/Sales
0.51
Sector
Interactive Media and Services
Category
value
Outbrain ($OB)
OB: Broken 2021 IPO ($20→<$4) at ~2.3x 2023E and ~1.3x 2024E EBITDA, ~60% of $214m mkt cap in net cash (~$120m). Defensible duopoly vs Taboola w/ unique long-dated publisher contracts. Rev/EBITDA inflecting H2'23 on easy comps, FX tailwind, new partners. Mgmt buying stock/debt below par. $8 PT (2x) on 12.5x '24E UFCF (~$25m); Taboola M&A optionality.
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