Update shared on25 Sep 2025
Fair value Decreased 6.85%Integral Ad Science's consensus price target has been sharply reduced and ratings downgraded following its agreed $10.30 per share acquisition by Novacap, which caps further upside and reflects limited deal competition, with the fair value now set close to the offer price.
Analyst Commentary
- Downgrades across the board to Hold/Market Perform reflect the agreed cash acquisition of Integral Ad Science by Novacap at $10.30 per share, capping upside to the takeout price.
- Bearish analysts see little likelihood of a competing bid given the deal's terms and a limited pool of potential buyers.
- Price targets have universally converged to the Novacap offer price, sharply reduced from prior, higher target levels in response to the definitive transaction.
- Some see the private equity acquisition as a positive resolution, highlighting that shares have struggled to gain traction since IPO despite Integral Ad Science's competitive position in AdTech.
- Analysts note the transaction points to a broader trend of sponsor-led take-private deals and strategic M&A within AdTech, with positive read-throughs for sector peers.
What's in the News
- Novacap Management Inc agreed to acquire Integral Ad Science Holding for approximately $1.9 billion ($10.30 per share in cash); IAS will become a private company, with shareholder and board approval secured, pending regulatory clearances.
- IAS advanced digital media decarbonization by enabling advertisers to measure ad impression emissions at no extra cost in partnership with Good-Loop, integrating sustainability metrics with its media quality solutions, and setting SBTi-verified Net Zero emissions targets.
- Company raised full-year 2025 revenue guidance to $597–$605 million and projected Q3 2025 revenue of $148–$150 million.
- IAS received the first Ethical Artificial Intelligence Certification from the Alliance for Audited Media, highlighting responsible AI adoption and data governance across its digital ad measurement products.
- Formed a strategic partnership with Snap Inc. and Lumen Research to provide customized attention measurement for Snapchat campaigns, introducing proprietary Snapchat attention metrics within the IAS Signal platform.
Valuation Changes
Summary of Valuation Changes for Integral Ad Science Holding
- The Consensus Analyst Price Target has fallen from $13.04 to $12.14.
- The Future P/E for Integral Ad Science Holding has fallen from 26.76x to 24.93x.
- The Consensus Revenue Growth forecasts for Integral Ad Science Holding remained effectively unchanged, at 11.4% per annum.
Disclaimer
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