TTTPF - Tremor: R1 Merger Clouds H1 Trading Update But Outlook Is Bright - Reiterate A Buy Rating
Investment thesis
Tremor (TTTPF) ('TRMR' on the LSE), formerly Taptica International, has recently completed a $176M all-share equity merger with Rhythmone (‘R1’). The rationale was to leverage the combined global network and video advertising capabilities to hoist the enlarged group to a new height.
Expectations are high for the H1’19 trading update as the merger promises $20M costs synergy, top line expansion and perhaps even more buyback. Any positive results from these would rally Tremor's share price off its lows.
However, the H1’19 update reminded investors that the execution of the merger is