Digital Turbine, Inc.


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This is our first report on the mobile growth platform provider, Digital Turbine. Digital Turbine is now in an expansion mode as evident from its recent results as well as its acquisition-oriented strategy. Last year, it acquired three businesses, namely AdColony, Fyber, and Appreciate. The operating and gross margins have also expanded. However, in recent quarters, the investors of Digital Turbine have turned against various technology-focused assets, and its stock price also lost much value. Digital Turbine recently unveiled a single strategy and a unified corporate brand for its partners and clients. The revenue growth slowed down, likely because of seasonality as well as a slowdown in Content Media Revenue that hit the revenue growth of On-device media. However, the company succeeded in addressing the growing demands of the market for mobile advertising. The company has recently partnered with AccuWeather to scale its weather content and app globally. Another key strategic partnership was formed with Google to implement the cloud and enterprise solutions of Google to expand its footprints over the Android ecosystem. The company has successfully integrated its back-office activities, management teams, and business development efforts. We initiate coverage on the stock of Digital Turbine with a ‘Buy’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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