Observed Signal · Dec 13, 2024 · Technical Release · Source: Quo Vadis News · Impact: 3/5 · Sentiment: Neutral
3Q24 AdTech Portfolio Update
Quo Vadis unveils the 3Q24 AdTech portfolio update, detailing a major overhaul of its equal-dollar portfolio model to extend historical visibility in the public adtech space and refresh agency holdings. The new method starts from the 2013 Criteo IPO and uses a simple $100-per-new-company investment, with benchmarking against NASDAQ and the S&P 500 to assess returns and beta. The update notes significant M&A activity (Cadent acquiring Ad Theorent for $324M; MediaOcean acquiring Innovid for $500M) and flags Zeta Global’s class-action suit and privatization chatter around IAS and Roku. 3Q24 winners include Magnite (+70% YTD), Nexn International (+41%), Viant (+35%), and Buzzfeed (+12%), while The Trade Desk accounted for ~98% of portfolio gains. The piece also discusses Omnicom’s IPG merger, Publicis’ data-centric positioning, and S4 Capital’s productivity metrics with projected ROIC growth toward 2026.
Portfolio methodology update with notable adtech M&A activity and industry implications.
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Key Takeaways & Evidence Grounding
- New equal-dollar portfolio methodology starts from October 2013 (Criteo IPO) and uses a $100-per-new-company rule with NASDAQ/S&P 500 benchmarking.
- Cadent acquired Ad Theorent for $324 million (45% premium) and MediaOcean acquired Innovid for $500 million (nearly 100% premium).
- Zeta Global is involved in a class-action lawsuit alleging violations of securities laws; stock has lost $2.7B in market cap since the news.
- 3Q24 winners: Magnite up 70% YTD, Nexn International up 41% YTD, Viant up 35% YTD, Buzzfeed up 12% YTD; The Trade Desk contributed 98% of gains.
- Omnicom acquires IPG; Publicis positioned as a data landowner; S4 Capital: 1H24 invested capital $1.56B; ROIC ≈2%; projected ROIC ~22% by 2026 with ~$1.9B invested capital and ~$200M+ free cash flow.
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