14 July 2025 | 12:59AM HKT Bilibili Inc. (BILI) Buy Investor Day 2025: Confidence to deliver above industry ads growth; Improving game visibility with new pipeline announced; Buy | BILI | 12m Price Target: $23.60 | Price: $21.46 | Upside: 10.0% | | --- | --- | --- | --- | | 9626.HK | 12m Price Target: HK$183.00 | Price: HK$171.90 | Upside: 6.5% | We attended Bilibili Investor Day 2025 in Shanghai on July 11, where management shared company strategy and latest progress across different business. Overall we s ...

Core Insights - Lamar Advertising (LAMR) shares have increased by 18.4% over the past three months, outperforming the industry growth of 10.1% [1][8] - The company has a strong presence in outdoor advertising across the U.S. and Canada, supported by a diversified tenant base, which contributes to stable revenues [1][3] - The focus on expanding digital capabilities and acquisitions positions the company for long-term growth [2][4][5] Company Performance - Lamar completed 10 acquisitions worth $22.1 million in the first quarter of 2025, enhancing its market position [4] - The company operates approximately 5,100 digital billboards, making it the largest network of digital displays in the U.S. [5] - Lamar has raised its dividend eight times in the last five years, with a five-year annualized dividend growth rate of 24.17% [6][8] Shareholder Value - The company has repurchased common stock worth $150 million year to date, with an additional $150 million approved for repurchase, totaling $250 million remaining under the program [9] - These share repurchase efforts are aimed at enhancing shareholder value and boosting investor confidence [9] Industry Trends - Out-of-home (OOH) advertising is experiencing rapid growth and increasing market share compared to other media forms [4] - Higher technology investments are expected to further support the growth of OOH advertising in the coming years [4]

Industry Overview - The digital advertising market is expected to grow at a compound annual growth rate (CAGR) of 15.4% from 2025 to 2030, driven by mobile penetration, social media proliferation, and programmatic advertising expansion [2] - Video advertising is projected to remain the dominant format as brands increasingly leverage visual storytelling [2] The Trade Desk (TTD) - TTD reported revenues of $616 million in Q1 2025, a 25% year-over-year increase, exceeding management's guidance of at least $575 million [4] - Adjusted EBITDA for TTD was $208 million, reflecting a 34% margin compared to $162 million and a 33% margin in the previous year [4] - Customer retention rate was over 95% for the reported quarter [4] - TTD's net cash from operating activities was $291.4 million, with free cash flow at $230 million [5] - Adjusted earnings per share increased by 27% year-over-year to 33 cents [5] - The Kokai platform is utilized by two-thirds of clients, achieving lower cost per conversion by 24% and lower cost per acquisition by 20% [5] - TTD's revenue is heavily reliant on North America, with 88% of revenues coming from this region, limiting international market expansion [7] - Total operating costs surged by 21.4% year-over-year to $561.6 million, which may impact profitability if revenue growth does not keep pace [8] Criteo (CRTO) - Criteo's AI-driven Performance Media business and capabilities in Retail Media are strong growth drivers [9] - The Commerce Media Platform includes both demand-side and supply-side solutions, allowing Criteo to capture value across the ad tech value chain [9] - Criteo's media spend was $4.3 billion over the last 12 months, with $919 million in Q1 2025 [10] - Retail Media on-platform revenues grew by 17% year-over-year, supported by partnerships with 70% of the top 30 U.S. retailers [10] - Criteo onboarded 300 new brands in Q1, bringing the total to over 3,800 for Retail Media [11] - The company launched a new AI-powered automation toolset, Commerce GO!, designed to streamline campaign launches [12] - Criteo differentiates itself by offering direct retailer access and a transparent platform built around first-party data [13] Share Performance and Valuation - Year-to-date, CRTO has declined by 33.6%, while TTD has seen a decline of 37.1% amid macroeconomic uncertainties [14] - Valuation metrics indicate TTD is overvalued with a Value Score of F, while CRTO has a Value Score of A [16] - TTD's forward 12-month price/earnings ratio is 38.32X, significantly higher than CRTO's 5.97X [17] Analyst Estimates - Analysts have revised CRTO's earnings estimates downward for the current quarter, indicating a trend of negative revisions [18] - TTD has experienced relatively lower downward revisions in earnings estimates compared to CRTO [20] Investment Recommendation - Criteo is positioned as the stronger investment option due to its better valuation, focus on partnerships, and expanding retail media presence [22]

Q1 2025 INVESTOR PRESENTATION DISCLAIMER Important Information About This Presentation This presentation is for informational purposes and does not constitute an offer to sell, a solicitation to buy, or a recommendation to purchase any equity, debt or other financial instruments of Integral Ad Science Holding Corp. ("IAS," "we," "us," or the "Company") or any of its affiliates. The listing of customers and associated marks provided in this presentation are meant to represent a sampling of customers that use ...