Magnite Inc Stock Research

Market Summary

USD9.10+0.10

Delayedas of 29 Mar 2023, 11:24 am

1.11%

MGNI Alerts

2 major insider sales recently.
Big fall in earnings (Y/Y)
Losses in recent quarter

MGNI Stock Price

MGNI RSI Chart

MGNI Valuation

Market Cap

1.2B

Price/Earnings (Trailing)

-9.25

Price/Sales (Trailing)

2.09

EV/EBITDA

17.19

Price/Free Cashflow

7.46

MGNI Price/Sales (Trailing)

MGNI Profitability

Operating Margin

46.77%

EBT Margin

-23.50%

Return on Equity

-16.47%

Return on Assets

-4.81%

Free Cashflow Yield

13.41%

MGNI Fundamentals

MGNI Revenue

Revenue (TTM)

577.1M

Revenue Y/Y

8.75%

Revenue Q/Q

20.29%

MGNI Earnings

Earnings (TTM)

-130.3M

Earnings Y/Y

-8.1K%

Earnings Q/Q

-49.17%

Price Action

52 Week Range

5.5914.68

(Low)(High)

Last 7 days

-5.1%

Last 30 days

-18.3%

Last 90 days

-11.5%

Trailing 12 Months

-34.9%

MGNI Financial Health

Current Ratio

1.18

Debt/Equity

0.92

Debt/Cashflow

0.22

MGNI Investor Care

Shares Dilution (1Y)

1.36%

Diluted EPS (TTM)

-0.98

Peers (Alternatives to Magnite)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AMZN	995.9B	514.0B	4.00%	-42.46%	-365.88	1.94	9.40%	-108.16%
BKNG	100.7B	17.1B	3.78%	11.78%	32.93	5.89	55.96%	162.49%
MELI	60.1B	10.5B	3.45%	-2.32%	124.78	5.71	49.06%	480.72%
EBAY	23.1B	9.8B	-4.88%	-26.74%	-18.21	2.36	-6.00%	-109.33%
ETSY	13.1B	2.6B	-15.35%	-24.17%	-18.92	5.12	11.73%	-479.56%
MID-CAP
SSTK	2.6B	827.8M	-3.54%	-24.71%	33.61	3.09	7.04%	-17.17%
SMALL-CAP
RVLV	1.9B	1.1B	2.21%	-52.96%	32.89	1.75	23.56%	-41.21%
MGNI	1.2B	577.1M	-18.33%	-34.88%	-9.25	2.09	23.20%	-200596.92%
SFIX	532.6M	1.8B	-0.21%	-55.24%	-1.8	0.29	-16.43%	-882.41%
LQDT	459.5M	285.6M	1.67%	-31.33%	11.29	1.61	6.38%	-18.68%
QUOT	304.0M	364.5M	-13.46%	-54.15%	-3.62	0.83	-29.59%	-31.65%
GRPN	108.5M	674.1M	-50.00%	-81.83%	-0.71	0.16	-37.99%	-248.09%
RMBL	95.3M	1.9B	-33.52%	-83.00%	2.03	0.05	240.28%	230.65%

Financials for Magnite

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	2.5%	577,069,000	562,956,000	549,012,000	525,773,000	468,413,000
S&GA Expenses	-1.9%	200,081,000	203,959,000	206,371,000	197,817,000	170,406,000
R&D Expenses	1.7%	93,757,000	92,227,000	88,152,000	83,226,000	74,449,000
EBITDA	-16.2%	51,195,000	61,072,000	58,694,000	24,576,000	-
EBITDA Margin	-18.2%	0.09	0.11	0.11	0.05	-
Earnings Before Taxes	-37.2%	-135,597,000	-98,845,000	-103,046,000	-128,875,000	-94,988,000
EBT Margin	-33.8%	-0.23	-0.18	-0.19	-0.25	-
Interest Expenses	-2.6%	-29,260,000	-28,526,000	-28,790,000	-26,816,000	-19,848,000
Net Income	-39.4%	-130,323,000	-93,485,000	-93,413,000	-31,651,000	65,000
Net Income Margin	-36.0%	-0.23	-0.17	-0.17	-0.06	-
Free Cahsflow	7.3%	161,735,000	150,718,000	147,719,000	125,883,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	7.2%	2,712	2,529	2,622	2,522	2,713
Current Assets	22.9%	1,326	1,079	1,142	1,010	1,178
Cash Equivalents	28.7%	326	254	233	205	230
Net PPE	19.0%	45.00	38.00	35.00	34.00	-
Goodwill	0.0%	978	978	978	978	970
Liabilities	11.8%	1,921	1,719	1,801	1,685	1,832
Current Liabilities	22.4%	1,125	919	1,002	887	1,029
LT Debt, Current	0%	4.00	4.00	4.00	4.00	-
LT Debt, Non Current	0.1%	723	722	721	721	720
Shareholder's Equity	-2.4%	791	811	821	838	881
Retained Earnings	-7.5%	-524	-488	-464	-439	-394
Additional Paid-In Capital	1.2%	1,319	1,304	1,289	1,278	1,283
Shares Outstanding	0.5%	134	133	133	132	132

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	11.7%	193	172	163	149	127
Share Based Compensation	2.7%	64.00	62.00	57.00	50.00	41.00
Cashflow From Investing	0.3%	-65.15	-65.36	-87.65	-719	-691
Cashflow From Financing	22.9%	-30.17	-39.13	-33.80	306	678
Buy Backs	160.7%	16.00	6.00	6.00	6.00	6.00

Risks for MGNI

What is the probability of a big loss on MGNI?

100%

Probability that Magnite stock will be more than 20% underwater in next one year

92.7%

Probability that Magnite stock will be more than 30% underwater in next one year.

68.1%

Probability that Magnite stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MGNI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Magnite was unfortunately bought at previous high price.

Drawdowns

Returns for MGNI

Cumulative Returns on MGNI

-9.4%

7-Year Cumulative Returns

38.0%

5-Year Cumulative Returns

14.5%

3-Year Cumulative Returns

What are the long-term rolling returns for MGNI?

FIve years rolling returns for Magnite.

Annualized Returns

Which funds bought or sold MGNI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	unchanged	-	280,154	738,017	0.01%
2023-03-17	American Portfolios Advisors	reduced	-16.39	-5,165	8,377	-%
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-12.51	58,503	204,503	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	9,584	13,228,200	13,313,200	0.01%
2023-03-06	Rockefeller Capital Management L.P.	added	43.12	18,000	31,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-82.05	-1,310,300	533,704	-%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-20.26	3,620,000	16,305,000	0.03%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	unchanged	-	11,770	31,770	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-30,000	-	-%
2023-02-21	Empowered Funds, LLC	reduced	-23.64	78,391	420,391	0.03%

Latest Funds Activity

Are funds buying MGNI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MGNI

No. of Funds

Magnite News

Schedule 13G FIlings of Magnite

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	granahan investment management, llc	7.81%	10,419,013	SC 13G/A
Feb 09, 2023	vanguard group inc	9.32%	12,436,899	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 01, 2023	blackrock inc.	6.7%	8,905,372	SC 13G/A
Nov 10, 2022	edenbrook capital, llc	5.17%	6,893,079	SC 13D
Feb 14, 2022	granahan investment management, llc	6.44%	8,482,357	SC 13G
Feb 09, 2022	fmr llc	-	0	SC 13G
Feb 03, 2022	blackrock inc.	6.3%	8,309,705	SC 13G/A
May 21, 2021	rtl group gmbh	9.6%	0	SC 13G/A
May 10, 2021	bertelsmann se & co. kgaa	9.6%	12,374,315	SC 13G

MGNI Fair Value

Magnite fair value in different scenarios

The table shows the Fair Value estimates for Magnite for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	1.30 -85.71%	1.77 -80.55%	3.30 -63.74%	9.61 5.60%	18.66 105.05%
Current Inflation	1.28 -85.93%	1.71 -81.21%	3.07 -66.26%	8.54 -6.15%	16.32 79.34%
Very High Inflation	1.25 -86.26%	1.63 -82.09%	2.78 -69.45%	7.28 -20.00%	13.58 49.23%

Historical Magnite Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Magnite

View All Filings

Date Filed	Form Type	Document
Mar 17, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 02, 2023	3	Insider Trading
Mar 02, 2023	4	Insider Trading
Feb 22, 2023	10-K	Annual Report
Feb 22, 2023	8-K	Current Report
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading

Latest Insider Trading transactions for MGNI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-15	BARRETT MICHAEL G.	sold	-629,250	8.39	-75,000	ceo
2023-03-01	Evans Katie Seitz	sold	-858,923	10.99	-78,155	chief operating officer
2023-02-28	Buonasera David	acquired	-	-	46,873	chief technology officer
2023-02-15	Evans Katie Seitz	sold (taxes)	-213,209	13.27	-16,067	chief operating officer
2023-02-15	Gephart Brian	sold (taxes)	-51,089	13.27	-3,850	chief accounting officer
2023-02-15	BARRETT MICHAEL G.	sold (taxes)	-234,587	13.27	-17,678	ceo
2023-02-15	Day David	sold (taxes)	-235,397	13.27	-17,739	chief financial officer
2023-02-15	Saltz Aaron	sold (taxes)	-80,031	13.27	-6,031	chief legal officer
2023-02-15	Soroca Adam Lee	sold (taxes)	-197,988	13.27	-14,920	chief product officer
2023-02-15	Buckley Sean Patrick	sold (taxes)	-204,371	13.27	-15,401	chief revenue officer

About Magnite

Michael G. Barrett

www.rubiconproject.com

880

Magnite, Inc. operates an independent sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties, to manage and monetize their inventory; and provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory. It markets its technology solutions to buyers and sellers through a sales teams that operate from various locations. The company was formerly known as The Rubicon Project, Inc. and changed name to Magnite, Inc. in July 2020. Magnite, Inc. was incorporated in 2007 and is headquartered in New York, New York.

MGNI Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 577,069	$ 468,413	$ 221,628
Expenses:
Cost of revenue	307,165	201,662	77,747
Sales and marketing	200,081	170,406	76,030
Technology and development	93,757	74,449	51,546
General and administrative	81,382	64,789	52,987
Merger, acquisition, and restructuring costs	7,468	38,177	17,552
Total expenses	689,853	549,483	275,862
Loss from operations	(112,784)	(81,070)	(54,234)
Other (income) expense:
Interest (income) expense, net	29,260	19,848	(50)
Other income	(5,318)	(4,450)	(3,665)
Foreign exchange (gain) loss, net	(1,129)	(1,480)	2,220
Total other (income) expense, net	22,813	13,918	(1,495)
Loss before income taxes	(135,597)	(94,988)	(52,739)
Provision (benefit) for income taxes	(5,274)	(95,053)	693
Net income (loss)	$ (130,323)	$ 65	$ (53,432)
Net income (loss) per share:
Basic (in USD per share)	$ (0.98)	$ 0	$ (0.55)
Diluted (in USD per share)	$ (0.98)	$ 0	$ (0.55)
Weighted average shares used to compute net income (loss) per share:
Basic (in shares)	132,887	126,294	96,700
Diluted (in shares)	132,887	136,261	96,700

MGNI Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 326,254	$ 230,401
Accounts receivable, net	976,506	927,781
Prepaid expenses and other current assets	23,501	19,934
TOTAL CURRENT ASSETS	1,326,261	1,178,116
Property and equipment, net	44,969	34,067
Right of use lease asset	78,211	76,986
Internal use software development costs, net	23,671	20,093
Intangible assets, net	253,501	426,615
Goodwill	978,217	969,873
Other assets, non-current	7,383	6,862
TOTAL ASSETS	2,712,213	2,712,612
Current liabilities:
Accounts payable and accrued expenses	1,094,321	1,000,956
Lease liabilities - current portion	21,172	19,142
Debt, current	3,600	3,600
Other current liabilities	5,939	5,697
TOTAL CURRENT LIABILITIES	1,125,032	1,029,395
Debt, non-current, net of debt issuance costs	722,757	720,023
Lease liabilities, non-current	66,331	66,487
Deferred tax liability, net	5,072	13,303
Other liabilities, non-current	1,723	2,647
TOTAL LIABILITIES	1,920,915	1,831,855
Commitments and contingencies (Note 16)
STOCKHOLDERS' EQUITY
Preferred stock, $0.00001 par value, 10,000 shares authorized at December 31, 2022 and December 31, 2021; 0 shares issued and outstanding at December 31, 2022 and December 31, 2021	0	0
Common stock, $0.00001 par value; 500,000 shares authorized; 134,006 and 132,553 shares issued at December 31, 2022 and December 31, 2021, respectively, and 134,006 and 132,204 shares outstanding at December 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	1,319,221	1,282,589
Accumulated other comprehensive loss	(3,151)	(1,376)
Treasury stock at cost, 0 and 349 shares outstanding at December 31, 2022 and December 31, 2021, respectively	0	(6,007)
Accumulated deficit	(524,774)	(394,451)
TOTAL STOCKHOLDERS' EQUITY	791,298	880,757
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,712,213	$ 2,712,612