Integral Ad Science Holding Corp.

IAS

Services-Computer Programming, Data Processing, Etc.

Mkt Cap

$1.567B

PE

552.26

Debt

$125M

Cash

$86.73M

EV

$1.605B

FCF

$105.7M

Market Cap

$1.567B

P/E Ratio

552.26

Debt

$125M

Cash

$86.73M

EV

$1.605B

FCF

$105.7M

Charts data: {"Earnings":[{"time":"2019-12-30","value":-51348000},{"time":"2020-12-30","value":-32374000},{"time":"2021-12-30","value":-52437000},{"time":"2022-12-30","value":15373000},{"time":"2023-12-30","value":7238000}],"Sales":[{"time":"2019-12-30","value":213486000},{"time":"2020-12-30","value":240633000},{"time":"2021-12-30","value":323513000},{"time":"2022-12-30","value":408348000},{"time":"2023-12-30","value":474369000}],"Net Margins":[{"time":"2019-12-30","value":-0.24052162671088503},{"time":"2020-12-30","value":-0.13453682578864912},{"time":"2021-12-30","value":-0.16208622219199847},{"time":"2022-12-30","value":0.03764681105331727},{"time":"2023-12-30","value":0.015258164003128367}],"Assets":[{"time":"2020-12-30","value":849579000},{"time":"2021-12-30","value":1129537000},{"time":"2022-12-30","value":1168683000},{"time":"2023-12-30","value":1191724000}],"Stockholders Equity":[{"time":"2019-12-30","value":459672000},{"time":"2020-12-30","value":553717000},{"time":"2021-12-30","value":767190000},{"time":"2022-12-30","value":808216000},{"time":"2023-12-30","value":909456000}],"ROE":[{"time":"2019-12-30","value":-0.11170573800449016},{"time":"2020-12-30","value":-0.05846668966276997},{"time":"2021-12-30","value":-0.06834943104055058},{"time":"2022-12-30","value":0.019020905302542884},{"time":"2023-12-30","value":0.007958603824704}],"ROA":[{"time":"2020-12-30","value":-0.016337503634152917},{"time":"2021-12-30","value":-0.02922436361093085},{"time":"2022-12-30","value":0.01894440151863251},{"time":"2023-12-30","value":0.01628145443072389}]}

Integral Ad Science Holding Corp. operates as a digital advertising verification company in the United States, the United Kingdom, France, Germany, Italy, Singapore, Australia, France, Japan, and India. The company provides IAS Signal, a cloud-based technology platform that offers return on ad spend needs; and deliver independent measurement and verification of digital advertising across devices, channels, and formats, including desktop, mobile, connected TV, social, display, and video. Its digital media quality solutions offer ad fraud detection and prevention, viewability, brand safety and suitability, contextual targeting, inventory yield management, and reporting. In addition, the company offers Quality Impressions, a metric designed to verify that digital ads are served to a real person rather than a bot, viewable on-screen, and presented in a brand-safe and suitable environment in the correct geography; Context Control solution that delivers contextual targeting and brand suitability capabilities; pre-bid programmatic and post-bid verification solutions for advertisers; and optimization and verification solutions for publishers. It serves advertisers and agencies, publishers, and supply side platforms. The company was founded in 2009 and is headquartered in New York, New York.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21

DCF

Discounted Cash Flow Valuation of Integral Ad Science Holding Corp.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$105.7M	$137.4M	$174.8M	$217.6M	$264.7M	$314.7M	$365.4M	$414.2M	$457.9M	$493.5M	$518.2M	$5.182B
DCF		$119.5M	$132.2M	$143.1M	$151.4M	$156.5M	$158M	$155.7M	$149.7M	$140.3M	$128.1M	$1.281B
Value	$2.715B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -34%

Earnings Stability -75%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Data are missing

Years	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-24%	-13%	-16%	3.8%	1.5%	0.59%
ROA	-	-1.6%	-2.9%	1.9%	1.6%	0.94%
ROE	-11%	-5.8%	-6.8%	1.9%	0.8%	0.31%

What is the average Net Margin?

The average Net Margin over the past 5 years is +1.53%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +1.63%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +0.8%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Under the assumption that FCF does not diminish and debt does not increase, the current years to repay the debt are acceptable.

Data are missing

Years	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-	3.94	3.19	1.20	1.18
Debt Equity	-	0.63	0.32	0.28	0.17	0.14
MIN
Graham Stability	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 1.18.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	12-2020	12-2022	Trend
Revenue	25%	16%	0.21%
Net Income	-	-53%	0%
Stockholders Equity	18%	13%	-5.7%
FCF	57%	84%	-2%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is -.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +0.21%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is 0%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -5.7%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -2.04%.