Dan Day, CFA, Equity Research Analyst at B. Riley Securities, joins the podcast today to discuss the digital advertising business, SSPs and his thesis on Magnite, Inc. (NASDAQ: MGNI), the world’s largest independent sell-side advertising company (according the company's website). To get in touch with Dan Day, you can reach him via email here: dday@brileyfin.com
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:35] What is Magnite, Inc. (NASDAQ: MGNI) and why is it interesting to Dan
[8:57] Take rate on SSP's (effectively the bear case on SSPs)
[14:53] Adtech trends since early 2021
[19:11] Brand integrity - how much is that important amongst SSPs
[20:25] $MGNI valuation upside
[23:55] Programmatic recession vs. the stocks were overvalued in 2021
[25:48] CTV - what it means and how it works; why its important to $MGNI
[29:24] Who is $MGNI working with on CTV / competitive landscape
[32:55] $MGNI bear case on programmatic advertising - why don't publishers build out SSPs themselves? How are publishers thinking about building vs. buying SSPs?
[44:25] Anything missed on the Bull or Bear case for $MGNI / stock compensation
[50:07] Google antitrust case - what is the bull case for $MGNI
[59:24] Odds that Google loses this trial and/or splits out SSP
[1:03:58] One thing that market generalists miss regarding $MGNI
[1:08:26] Channel checks on media industry
Today's episode is sponsored by: Stream by Alphasense
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