- We own ironSource and see it as one of the top risk/reward opportunities in the market at $8.27 today going to $22.00 by 2023YE.
- Thoma Bravo, a leading investor in the software industry, found an absolute gem of a business in ironSource and swung big with an additional $332.5 million check.
- Over the last 12 months, we have spent a lot of time reading S-1 SPAC filings, and after extensive analysis, we believe ironSource merged with the best structured SPAC.
- In an unlikely downside scenario, we see $6.00 price target, where mobile gaming ad revenue drastically slows, potentially from IDFA and margins failing to scale like a typical software business.
For further details see:
ironSource Price Target $22 Base Case For 165% Return