Ipo teads ekonomicheskaja model 2125557 ipo teads (экономическая модель)

IPO Teads (economic model)

Ipo teads (экономическая модель)

Ticker: TEAD

Advertising aggregator for advertisers, agencies and publishers.

to 28.07.2021 20:00 [MSC]

Revenue

2019: 509,5m | 2020: 540,3m | 6%

20Q1: 95,6m | 21Q1: 126,6m | 32.5%

Profit

2019: 55,3m | 2020: 111,5m | 101.8%

20Q1: -1,0m | 21Q1: 28,0m

Express withdrawal

Weak growth, but accelerating revenue. Excellent profit growth.

Debts

0.4 debt / equity, at a rate of less than 2, excellent indicator.

Financial calculation

Score for 1 year + neighborhood, ie. 1, 25 years.

Shares in circulation.: 238,10m

Revenue

2019: 509,5

21Q1: 571.3

Annual growth: 9,6%

Profit

2019: 55,3

21Q1: 140.6

Costs based on calculations

2019: 454,2

21Q1: 430,7

Annual growth: -4,2%

Excellent Unit Economics, revenue grows faster than expenses.

Further, taking into account the growth rate, we calculate 10 years of average annual growth and 10 years of terminal stage by 4%. Profit is reduced according to the rules for calculating discounted cash flows every year by 14,63 %, as it will be easier to invest in the index, rather than taking risks with this startup.

Fair price per share $19.
IPO range: $18 -21.

Solution: do not participate, there is no growth potential to a fair price and the country is not the USA.

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