Ford Equity International Rating and Forecast Report

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Outlook: Monetising its widening reach

RNTS Media (RNTS) has acquired four mobile ad tech companies over the last two years, creating one of Europe’s leading groups. With the platforms, systems and people now in place, the focus is now on integrating and monetising its much expanded network.

Update: Inneractive acquisition puts RNTS on the map

The proposed acquisition of Inneractive, a rapidly growing mobile SSP, will put RNTS firmly on the map among the larger listed ad tech groups. By connecting with the Fyber platform, it can offer a significantly wider audience reach to advertisers and deeper demand to publishers. With the first €100m of last year’s €150m convertible bond issue fully deployed, the EV/Sales valuation is becoming easier to digest.

Update: Heyzap - accelerates growth

RNTS Media’s acquisition of Heyzap adds scale, as well the potential to accelerate the launch of new products on Fyber’s ad exchange. This is key to driving conversion to the exchange, which is already responding positively to the launch of video last year, but still has some way to go to bring the group to break-even.

Update: Geared up for growth

Fyber recently enhanced its mobile video product and added other products on the Fyber ad exchange. Initial results are promising and with a widening network of developers using its mediation solution, it should be able to rapidly build share in these new products and reaccelerate growth, which has slowed over the first half of the year.

Update: Scaling up with acquisitions

FY14 revenue growth of 55% for RNTS Media softened in Q1 to 23% as the market moved towards rewarded video. Having built out the leading mediation platform for RV during FY14, the relaunch of this format on its ad exchange over the summer and the integration of the recent Falk Realtime acquisition should re-ignite growth from H215. RNTS plan a €150m convertible bond issue to finance acquisitions and scale its platform, which should prove a support to the current EV/Sales rating.

Institutional Comment: Daily comment

Initiation: Leading app-centric mobile ad-tech company

RNTS Media (RNTS) has acquired Fyber, a leading mobile advertising technology company, which now makes up the bulk of group revenues. We expect strong growth (40%+) in line with the fast-growing mobile advertising industry, with the potential for acceleration as developers, advertising partners and new advertising formats are added to the network. A rationalisation of the legacy group structure is needed, but with Fyber at its core, the group offers rare exposure to one of the highest-growth, co...