Edison Investment Research Limited
London, UK, 13 August 2021
Mirriad Advertising (MIRI): Ad industry game changer
Mirriad Advertising is shifting up a gear, with its AI-driven, in-content advertising gaining credibility with brands, agencies and platforms, helped by December's £26m fund raise. A Tier 1 global content platform signed up in Q420 (subject to an NDA) and in June, Tencent upgraded to a full commercial contract. A major global food and beverage company has been working with Mirriad to insert assets into content and has extended the co-operation. The offering is being positioned as an integral element of marketing budgets, with the additional prospect of ad insertion into live TV. We initiate forecasts showing scaling revenues and reducing EBITDA loss.
Traditional multiples are helpful given the limited visibility. A reverse DCF suggests the current share price is factoring in FY23-30 revenue CAGR of 31%, assuming EBITDA margins reach 25% for that period (WACC: 10%, 2% terminal growth).
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