Observed Signal · May 23, 2023 · Earnings Report · Source: Quo Vadis News · Impact: 4/5 · Sentiment: Positive
Quo Vadis AdTech18 Portfolio Review: 4Q22
Quo Vadis analyzes its AdTech18 portfolio performance for Q4 2022. The basket rose 8% in the quarter, with 6 of 18 holdings in the black and Zeta Global the only name with positive returns. The report notes that several positions face weak business models or opaque economics amid a market shifting toward targeted, premium inventory. The Trade Desk posted a gross ad spend of $7.74B for the quarter, below expectations of around $8B, and a DCF-based fair value estimates roughly $18.50 per share despite the stock trading near $56. Criteo is rumored to be pursuing a sale with Evercore advising; Tremor is evaluating options after acquiring Amobee for $239M, and Amobee carried net operating loss carryforwards of about $315M. Acuity and Roku were temporarily pressured by SVB deposit news but have shown resilience. The piece underscores ongoing volatility in programmatic, highlights portfolio dynamics, and frames adtech earnings and valuations within a longer-term lens.
Earnings-like portfolio update with notable holdings and potential M&A activity
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Key Takeaways & Evidence Grounding
- QV AdTech18 portfolio rose 8% in 4Q22.
- 6 of 18 holdings were in the black; Zeta Global was the only name with positive returns.
- Trade Desk gross ad spend was $7.74B in 4Q22, below a rough $8B target; fair value modeled at $18.50 per share while price hovered around $56.
- Criteo rumored to be seeking a buyer; Evercore Inc. advising on the process.
- Tremor is in talks to be taken out; Tremor acquired Amobee for $239M; Amobee had net operating loss carryforwards of about $315M.
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Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Tubi and Roku Channel to Remain Separate After Fox Acquisition
Fox Corporation's planned $22 billion acquisition of Roku will not merge Tubi and The Roku Channel. Instead, both free ad-supported streaming services will continue to operate independently, preserving distinct brands, libraries, and user experiences. The key integration step is that Roku will take over ad sales management for Tubi, creating a unified sales structure across both platforms. This move is designed to offer advertisers a single point of contact for reaching both live-leaning and on-demand-leaning audiences. Fox cites different usage patterns – The Roku Channel focuses on live channels, while Tubi emphasizes on-demand movies and series – as the reason for keeping them separate. The deal is expected to close this year, pending shareholder and regulatory approvals, and the ad sales integration will only take effect after closing.
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YouTube TV Adds Discovery+ as Paid Add-On
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