8/9/24 - $pubm - Started position at $13.5
8/9/24 :: VROCKSTAR :: 
PUBM
Started position at $13.5
- ad solution with ~4% market share
- bad environment, stock now tells that story/ sufficiently punished
- cash of 165 mm (no debt) leaves this thing (after today's -30% move near ~113.5/SHR) at close to $300 mm valuation ex cash.
- round down $80 mm annualized EBITDA... to $60 mm and you're at 5x EBITDA for something that can grow DD
- FCF yield also in the low SD's
- not without some hair
- starting (an investment/ not swing) position here at $13.5 at 50 bps, would like to take to 1% if/as we get closer to $12
- below $12 and i'm starting to look at leverage (calls), but we're not there yet
LMK what you think.
V
PUBMStarted position at $13.5
- ad solution with ~4% market share
- bad environment, stock now tells that story/ sufficiently punished
- cash of 165 mm (no debt) leaves this thing (after today's -30% move near ~113.5/SHR) at close to $300 mm valuation ex cash.
- round down $80 mm annualized EBITDA... to $60 mm and you're at 5x EBITDA for something that can grow DD
- FCF yield also in the low SD's
- not without some hair
- starting (an investment/ not swing) position here at $13.5 at 50 bps, would like to take to 1% if/as we get closer to $12
- below $12 and i'm starting to look at leverage (calls), but we're not there yet
LMK what you think.
V
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