Magnite Inc

MGNI: XNAS (USA)
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Magnite Strong Q4 Overshadowed by Weak Guidance; $15.50 FVE; Shares Becoming Attractive Again

Business Strategy and Outlook

Magnite, formerly The Rubicon Project, has successfully transitioned from an online digital ad exchange platform to one of the leading complete independent sell-side platforms in the programmatic digital ad market. The firm continues to focus on the connected TV, or CTV, market which we estimate will grow around 21% per year in the U.S. through 2027. With publishers such as Disney, Fox, and fuboTV expanding CTV inventory, we think Magnite’s revenue growth can outpace the market.

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