Digital Turbine (APPS) Initiating Coverage

Trading at distressed multiples amid short-term headwinds, potentially positioned to capture secular growth

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View: Watchlist / Neutral

Sophon Score: 78/100 (see evaluation rubric at end of note)

The stock has lost ~90% over five years due to temporary headwinds like weak digital ad spend and slow smartphone upgrades.

Mgmt targets $4B revenue / $1B EBITDA long term. Near-term pain masks a scalable, margin-rich business positioned to benefit from mobile ad tech consolidation and ecosystem shifts.

We are sitting this one out for now but keeping it on our watch list. If management’s long-term targets hold, this could be a significant multi-bagger. At this stage, we are cautiously skeptical that the recent, uneven performance is solely the result of temporary headwinds and plan to conduct more expert interviews before revisiting.

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