PubMatic (PBM), mcap=$1.3bn, price $17.51 vs $23.6

Pitch: Sell-side advertising platform enabling publishers to monetize ad space inventory. Reasonably valued at 15x EBITDA given 30%+ historic growth and 25% forward growth. Continues to gain market share. Strong GMs in the 70%+ range indicate pricing power.

Valuation: Trades at 15x 2021 EBITDA, with 25% fwd growth (below 31% and 53% growth for ’20 and ’21). EBITDA expected to comp at 17% CAGR, resulting in 11x fwd EBITDA valuation.

Exp. gain: Not specified.

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