Innovid (NYSE:CTV) - Share price, News & Analysis

CTV fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

CTV Stock Overview

Innovid Corp. operates an independent software platform that provides ad serving and creative services.

Rewards

Trading at 82.2% below our estimate of its fair value

Earnings are forecast to grow 102.33% per year

Revenue grew by 34.3% over the past year

Risk Analysis

Volatile share price over the past 3 months

Innovid Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Innovid
Historical stock prices
Current Share Price	US$1.97
52 Week High	US$10.00
52 Week Low	US$1.83
Beta	0
1 Month Change	-60.12%
3 Month Change	-67.97%
1 Year Change	-80.14%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-80.30%

Recent News & Updates

Jun 10

Innovid: A Compelling CTV Stock

Innovid is the latest company that got caught in the SPAC sell off with share price down almost 80% from its SPAC price. The ad tech company is showing strong growth as advertisers are now shifting their ad spend from cable to connected tv. CTV is currently one of the fastest-growing industries which provides a huge opportunity for Innovid. Current valuation is compelling when factoring in its growth rate and margins. I believe the company is a buy.

Shareholder Returns

	CTV	US Media	US Market
7D	-5.3%	3.1%	6.6%
1Y	-80.1%	-33.0%	-18.4%

Return vs Industry: CTV underperformed the US Media industry which returned -33% over the past year.

Return vs Market: CTV underperformed the US Market which returned -18.4% over the past year.

Price Volatility

Is CTV's price volatile compared to industry and market?
CTV volatility
CTV Average Weekly Movement	12.8%
Media Industry Average Movement	9.0%
Market Average Movement	8.1%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.2%

Stable Share Price: CTV is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 13% a week.

Volatility Over Time: CTV's weekly volatility (13%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

Founded	Employees	CEO	Website
2007	396	Zvika Netter	https://www.innovid.com

Innovid Corp. operates an independent software platform that provides ad serving and creative services. The company offers advertising services for the creation, delivery, and measurement of TV ads across connected TV, mobile TV, and desktop TV environments to advertisers, publishers, and media agencies. It also provides creative management; advertising measurement; identity resolution; and publisher solutions.

Innovid Fundamentals Summary

How do Innovid's earnings and revenue compare to its market cap?
CTV fundamental statistics
Market Cap	US$260.22m
Earnings (TTM)	-US$70.32m
Revenue (TTM)	US$98.14m

2.7x

P/S Ratio

-3.7x

P/E Ratio

Is CTV overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CTV income statement (TTM)
Revenue	US$98.14m
Cost of Revenue	US$20.27m
Gross Profit	US$77.87m
Other Expenses	US$148.19m
Earnings	-US$70.32m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.53
Gross Margin	79.35%
Net Profit Margin	-71.65%
Debt/Equity Ratio	3.0%

How did CTV perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is CTV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CTV?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CTV. This is calculated by dividing CTV's market cap by their current preferred multiple.
What is CTV's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$260.22m

CTV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.3x
Enterprise Value/EBITDA	-54.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does CTV's PS Ratio compare to its peers?

CTV PS Ratio vs Peers

The above table shows the PS ratio for CTV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	2.5x

Forward PS

Price-To-Sales vs Peers: CTV is expensive based on its Price-To-Sales Ratio (2.7x) compared to the peer average (2.5x).

Price to Earnings Ratio vs Industry

How does CTV's PE Ratio compare vs other companies in the U.S. Media Industry?

Price-To-Sales vs Industry: CTV is expensive based on its Price-To-Sales Ratio (2.7x) compared to the US Media industry average (1.1x)

Price to Sales Ratio vs Fair Ratio

What is CTV's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CTV PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.7x
Fair PS Ratio	3.6x

Price-To-Sales vs Fair Ratio: CTV is good value based on its Price-To-Sales Ratio (2.7x) compared to the estimated Fair Price-To-Sales Ratio (3.6x).

Share Price vs Fair Value

What is the Fair Price of CTV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CTV ($1.97) is trading below our estimate of fair value ($11.04)

Significantly Below Fair Value: CTV is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CTV's PEG Ratio to determine if it is good value.

Discover undervalued companies

Future Growth

How is Innovid forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

102.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CTV is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: CTV is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CTV is expected to become profitable in the next 3 years.

Revenue vs Market: CTV's revenue (30.2% per year) is forecast to grow faster than the US market (8.4% per year).

High Growth Revenue: CTV's revenue (30.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if CTV's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Innovid performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-163.6%

Last years earnings growth

Earnings and Revenue History

Quality Earnings: CTV is currently unprofitable.

Growing Profit Margin: CTV is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if CTV's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Unable to compare CTV's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CTV is unprofitable, making it difficult to compare its past year earnings growth to the Media industry (18.8%).

Return on Equity

High ROE: CTV has a negative Return on Equity (-8.37%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Innovid's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: CTV's short term assets ($90.8M) exceed its short term liabilities ($25.8M).

Long Term Liabilities: CTV's short term assets ($90.8M) exceed its long term liabilities ($29.9M).

Debt to Equity History and Analysis

Debt Level: CTV has more cash than its total debt.

Reducing Debt: Insufficient data to determine if CTV's debt to equity ratio has reduced over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CTV has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if CTV has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.

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Dividend

What is Innovid current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate CTV's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CTV's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CTV's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CTV's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as CTV has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure

CEO

Zvika Netter (48 yo)

15.42yrs

Tenure

US$4,311,827

Compensation

Prof. Zvika Netter Co-Founded Innovid, Inc. (Innovid Media Ltd.) in 2007 and serves as its Chief Executive Officer since January 2007 and serves as its Director since 2021. Prof. Netter is responsible for...

CEO Compensation Analysis

Compensation vs Market: Zvika's total compensation ($USD4.31M) is above average for companies of similar size in the US market ($USD1.69M).

Compensation vs Earnings: Zvika's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: CTV's management team is considered experienced (3.3 years average tenure).

Board Members

Experienced Board: CTV's board of directors are not considered experienced ( 1.4 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Insufficient data to determine if shareholders have been diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/26 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31