TTGT

Time for an update from a sober 30 year MM , voice of reason! (At least I think so) Firstly, the theories on short term trading as relates to lock up, registration, squeeze are completely secondary to my interest here, though highly entertaining. All I really care about is fundamentals, which I think are outstanding! SST( which has raised and beaten all guidance) is using 174m for 2022 and can grow that organically at 30%, which equates to nearly 400m in 2025 EBITDA. That doesn’t include acquisitions of websites, which could add significantly and the track record here is A+! A few points of great interest to me. Employees LOVE working at this company and are brilliant ! Startpage is BLOWING UP! It’s a great privacy protected way to search, better than DuckDuckGo,(uses Goog vs MSFt and more private) Very hot valuable property(1B?) Michael Blend is awesome! He’s loved by all( check employee reviews) and a pioneer in digital customer acquisition and Bill Foleys a proven winner! I believe in the programmatic world SST has a rare edge and is best in class. M. Blend has said “ I believe when it comes to buying and selling ads, we’re the best on the planet” and after much deep DD , I agree!! So 31the big question is, what’s it worth?? Well, there really aren’t any ideal “comps” to benchmark SST against but TTGT is arguably closest, though I and analysts expect it to grow much slower. I would argue 20X forward Ebitda(less debt), TTD is 50X , yet grows slower with nowhere near the “moat” of SST, which gives me 1-2-3 year price targets $31.50, $42.50 and $57.50 GLTA!

Mentions:#SST #TTGT #TTD #GLTA