Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Despite the tough macroeconomic backdrop, digital advertising spend will continue to rise in 2023, largely driven by programmatic spend.</li><li>Connected TV (CTV) continues to surge and is expected to be the fastest-growing channel in 2023, growing at nearly 15% Y/Y, according to the Interactive Advertising Bureau (IAB).</li><li>Social media advertising spend will decrease in 2023, according to eMarketer’s ad spending forecast, with a reduction of $16.21 billion due largely to a rising focus on privacy and transparency.</li></ul>

Despite the tough macroeconomic backdrop, digital advertising spend will continue to rise in 2023, largely driven by programmatic spend.Connected TV (CTV) continues to surge and is expected to be the fastest-growing channel in 2023, growing at nearly 15% Y/Y, according to the Interactive Advertising Bureau (IAB).Social media advertising spend will decrease in 2023, according to eMarketer’s ad spending forecast, with a reduction of $16.21 billion due largely to a rising focus on privacy and transparency.

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>XPER used the CES event this year to make several news announcements, but the biggest news for XPER was the one released by Roku Inc. (ROKU).</li>
<li>The ROKU announcement causes TiVo being the only independent TV operating system. We believe this could result in XPER establishing greater market share for its TVOS than originally expected</li>
<li>During CES Verstel introduced a series of TVs under multiple brands that would use TiVo TVOS. Additionally, XPER revealed more automakers that are releasing car models with AutoSense and AutoStage</li>
</ul>


XPER used the CES event this year to make several news announcements, but the biggest news for XPER was the one released by Roku Inc. (ROKU).
The ROKU announcement causes TiVo being the only independent TV operating system. We believe this could result in XPER establishing greater market share for its TVOS than originally expected
During CES Verstel introduced a series of TVs under multiple brands that would use TiVo TVOS. Additionally, XPER revealed more automakers that are releasing car models with AutoSense and AutoStage


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>This is our first report on streaming major, Roku.</li><li>The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.</li><li>As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.</li></ul>

This is our first report on streaming major, Roku.The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.

Roku Inc: Expansion Of Free Streaming In Mexico & Other Drivers

<ul><li>Roku is witnessing a slow period as a significant slowdown is seen in TV advertising spending because of the macroeconomic environment that is pressuring the platform business growth of Roku in the short term.</li><li>However, the active accounts of the company and the TV advertising market share of the company continue to increase.</li><li>Roku remains differentiated by its unique assets, proprietary Roku TV OS, innovative advertisement platform for connected TV, and The Roku Channel.</li></ul>

Roku is witnessing a slow period as a significant slowdown is seen in TV advertising spending because of the macroeconomic environment that is pressuring the platform business growth of Roku in the short term.However, the active accounts of the company and the TV advertising market share of the company continue to increase.Roku remains differentiated by its unique assets, proprietary Roku TV OS, innovative advertisement platform for connected TV, and The Roku Channel.

Roku Inc: The Buzz & Other System Enhancements

<ul>
<li>This is our first report on streaming major, Roku.</li>
<li>The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.</li>
<li>As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.</li>
</ul>


This is our first report on streaming major, Roku.
The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.
As one of the industry's top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.


Roku Inc.: Initiation of Coverage – Business Strategy

United States

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

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Roku (ROKU US)

WTR Tech Talks: Adtech 101

Despite the tough macroeconomic backdrop, digital advertising spend will continue to rise in 2023, largely driven by programmatic spend.

Water Tower Research

XPER: CES and a New Catalyst

The biggest news from CES was Roku (ROKU) launching its own line of TVs, which could lead to some of ROKU's current customers looking for other...

BWS Financial Inc

Roku Inc: Expansion Of Free Streaming In Mexico & Other Drivers

This is our first report on streaming major, Roku. The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by...

Baptista Research

Roku Inc: The Buzz & Other System Enhancements

Roku is witnessing a slow period as a significant slowdown is seen in TV advertising spending because of the macroeconomic environment that is...

Baptista Research

Roku Inc.: Initiation of Coverage – Business Strategy

This is our first report on streaming major, Roku. The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by...

Baptista Research

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