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News Focus
Silver North Intersects 1.83 metres True Width of 1,088 g/t Silver, 3.90 g/t Gold (click to learn more)
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VerticalScope Holdings Inc T.FORA

Alternate Symbol(s):  VFORF

Communication Services
VerticalScope Holdings Inc. is a technology company. The Company is engaged in building and operating a cloud-based digital platform for online communities. The Company helps people with common interests to connect, explore their passions and share knowledge about the things they love. The Company has built a portfolio of approximately 1,200 online communities and over 90 million monthly active users. It has communities of interests in automotive, outdoor, power sports, home, health and technology. It offers services, including influencers/enthusiasts, lifestyle videos, why-buy videos, list videos, written content and distribution. The Company also has a particular interest in purchasing online communities in various consumer categories. Its flagship Alloutdoor content site is home to passionate outdoor enthusiasts who share their experiences, discuss gear and research product purchases on everything from fishing, to hunting to camping and more.


TSX:FORA - Post by User

VerticalScope Holdings Inc
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•••
Post by retiredcfon Nov 13, 2024 7:52am
62 Views
Post# 36309815

TD

TDCurrently have a $16.00 target. GLTA

RECORD MAU AND REVENUE GROWTH ACCELERATED IN Q3

THE TD COWEN INSIGHT

The main comp (Reddit) has been on a tear, so FORA should be viewed as an attractive alternative to more value-conscious investors who want exposure to the growth in community forum audiences.

Event: Q3/24 results.

Impact: SLIGHTLY POSITIVE

Revenue growth accelerated to 15% Y/Y in Q3 versus 14% in Q2, powered by digital advertising growth up 22% (versus +20% in Q2). Monthly active users on the company's sites also increased to a new record high (see figures in Figure 1). Management signaled that advertising revenue growth is off to a strong start in Q4. We see no reason why this stock should remain below $10, and we still look forward to news on how VerticalScope can sell its data to LLM platforms for cash and AI partnership benefits.

EBITDA and FCF both came in slightly below our estimates, but margins remain above 40%. Some technology scaling costs (likely cloud fees) and compensation accruals (owing to the strong YTD results) accounted for the slight miss, which are factors that give us little concern as long as engaged users on the authentic sites continue to translate into strong revenue growth. FCF was also sufficient to fund both share buybacks and debt reduction in the quarter, with leverage down to 1.3x EBITDA.



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