B. Riley's Dan Day describes Supply Side Platform (SSP), CTV + Magnite $MGNI thesis

Dan Day, CFA, Equity Research Analyst at B. Riley Securities, joins the podcast today to discuss the digital advertising business, SSPs and his thesis on Magnite, Inc. (NASDAQ: MGNI), the world’s largest independent sell-side advertising company (according the company's website). To get in touch with Dan Day, you can reach him via email here: [email protected]

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:35] What is Magnite, Inc. (NASDAQ: MGNI) and why is it interesting to Dan

[8:57] Take rate on SSP's (effectively the bear case on SSPs)

[14:53] Adtech trends since early 2021

[19:11] Brand integrity - how much is that important amongst SSPs

[20:25] $MGNI valuation upside

[23:55] Programmatic recession vs. the stocks were overvalued in 2021

[25:48] CTV - what it means and how it works; why its important to $MGNI

[29:24] Who is $MGNI working with on CTV / competitive landscape

[32:55] $MGNI bear case on programmatic advertising - why don't publishers build out SSPs themselves? How are publishers thinking about building vs. buying SSPs?

[44:25] Anything missed on the Bull or Bear case for $MGNI / stock compensation

[50:07] Google antitrust case - what is the bull case for $MGNI

[59:24] Odds that Google loses this trial and/or splits out SSP

[1:03:58] One thing that market generalists miss regarding $MGNI

[1:08:26] Channel checks on media industry

Today's episode is sponsored by: Stream by Alphasense

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