Getty Images Based in the US, Magnite ( MGNI ) is one of the largest advertising companies providing a sell-side or supply side ( SSP ) platform to enable publishers monetize their advertising space across channels, such as connected TV (CTV), desktop, or mobile. MGNI was initially founded as Rubicon Project back in 2007, but it went through a series of venture capital funding and corporate action...
Getty Images Based in the US, Magnite ( MGNI ) is one of the largest advertising companies providing a sell-side or supply side ( SSP ) platform to enable publishers monetize their advertising space across channels, such as connected TV (CTV), desktop, or mobile. MGNI was initially founded as Rubicon Project back in 2007, but it went through a series of venture capital funding and corporate actions over the years, and following a merger with another company Telaria, it changed its name into Magnite. Today, MGNI has two main revenue streams, the CTV, its primary growth engine that includes products such as ClearLine and LiveScheduler, and DV+, its legacy business that includes its mobile and desktop ads platform. As of Q4 2025, CTV business has made up almost half of the total business and been the fastest-growing segment for MGNI. Since going public, MGNI has seen significant volatility, peaking at around $61 per share during the 2021 ad-tech surge, but then facing a sharp decline over the next year and traded as low as $7 per share in late 2022. Though the stock has been on track for a recovery, with some momentum towards Q4 last year as the stock reached a 1-year high of $26 per share around August, share performance has been weak YTD, with the stock most recently trading around $12 per share, down -25% within the same period. I initiate my coverage with a buy rating. My 1-year price target of $13.7 suggests that MGNI appears undervalued. Financial Reviews Based on the latest Q4 2025 results, I found MGNI’s fundamentals improving. The underlying top-line growth, for instance, has been healthy for the most part. In Q4, MGNI saw a revenue of $205.4 million, a 6% YoY growth, which while seems minimal, does not tell the whole story just yet. Q4 earnings call However, if we zoom in to the metric that measures the net revenue for an SSP like MGNI, the contribution ex-TAC, it appears that MGNI delivered a double-digit 16% YoY growth when the impact from cyclical politica...
Georgia wants to lower income taxes. Some of the world’s biggest companies are standing in the way. A state Senate bill that would all but exempt many lower- and middle-income earners from state income tax is stalling in the Georgia House, stymied by opposition from corporations that stand to lose billions in tax breaks. Both chambers of Georgia’s legislature are controlled by Republicans. The leg...
Georgia wants to lower income taxes. Some of the world’s biggest companies are standing in the way. A state Senate bill that would all but exempt many lower- and middle-income earners from state income tax is stalling in the Georgia House, stymied by opposition from corporations that stand to lose billions in tax breaks. Both chambers of Georgia’s legislature are controlled by Republicans. The legislation, which passed Georgia’s upper chamber 32-18 last month, would cut the state’s flat income-tax rate for individuals and corporations from 5.19% to 4.99% starting this year. It would also exempt the first $50,000 of earnings for individual filers and the first $100,000 for married couples from income tax beginning in 2027. If the measure were to become law, Georgia could see a $5.1 billion decline in revenue in fiscal 2028, equivalent to about 13% of its budget, according to the Georgia Budget & Policy Institute . That would be an even bigger hit than a nearly 10% drop in revenue in 2009, during the Great Recession. To help pay for the tax reductions, the bill proposes ending dozens of incentives and exemptions for businesses including data centers, cigarette exporters, medical-equipment manufacturers and banks. Manufacturing giants including Hyundai Motor Group , Rivian Automotive Inc. and Kia Corp. have accepted incentive packages with property-tax breaks, sales-tax exemptions and job tax credits to open large warehouses and plants in Georgia. A Rivian spokesperson said the EV maker will “continue to work closely with state and local partners in Georgia” and remains “committed to building a state-of-the-art manufacturing facility in Stanton Springs.” Kia declined to comment and Hyundai didn’t respond to requests for comment. Amazon.com Inc. , Meta Platforms Inc. and Microsoft Corp. operate data centers in Georgia, taking advantage of sales and use tax exemptions on some high-tech equipment. The exemptions would be phased out under the Senate bill. Microsoft decline...
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does ServisFirst (SFBS) have what it takes? Let's find out.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does ServisFirst (SFBS) have what it takes? Let's find out.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does East West Bancorp (EWBC) have what it takes? Let's find out.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does East West Bancorp (EWBC) have what it takes? Let's find out.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does First Financial Corp. (THFF) have what it takes? Let's find out.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does First Financial Corp. (THFF) have what it takes? Let's find out.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Regions Financial (RF) have what it takes? Let's find out.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Regions Financial (RF) have what it takes? Let's find out.
GameStop celebrates its first birthday as a company that can hold bitcoin as a treasury asset, by saying it booked a more than $130 million loss on its digital assets last year.
GameStop celebrates its first birthday as a company that can hold bitcoin as a treasury asset, by saying it booked a more than $130 million loss on its digital assets last year.
Funded by Google co-founder Sergey Brin and other tech elites who oppose a wealth tax, campaigns are paying $15 for every valid signature they collect.
Funded by Google co-founder Sergey Brin and other tech elites who oppose a wealth tax, campaigns are paying $15 for every valid signature they collect.
在媒体详细报道了一家自闭症治疗服务提供商的做法两周后，美国印第安纳州官员表示，该州正禁止这家全美收费最贵机构之一的 Piece by Piece Autism Centers 向该州的医疗补助计划（Medicaid）请款。 根据媒体对医疗补助计划账单记录的分析，这家自闭症治疗服务提供商在2023年获得了全美最高的单名患者费用——平均约34万美元。 Piece by Piece之所以能做到这一点，部...
在媒体详细报道了一家自闭症治疗服务提供商的做法两周后，美国印第安纳州官员表示，该州正禁止这家全美收费最贵机构之一的 Piece by Piece Autism Centers 向该州的医疗补助计划（Medicaid）请款。 根据媒体对医疗补助计划账单记录的分析，这家自闭症治疗服务提供商在2023年获得了全美最高的单名患者费用——平均约34万美元。 Piece by Piece之所以能做到这一点，部分原因在于将其标价提高到一定水平，使其能够就高中毕业生即可提供的服务，向该州收取高达每小时640美元的费用。账单记录显示，从2019年到2023年，印第安纳州为自闭症治疗服务直接向Piece by Piece支付了5800万美元。 Piece by Piece的创始人米切尔（Meghann Mitchell）在上个月的一次采访中，她为自己公司的收费做法辩护称：“我认为印第安纳州当时并没有真正进行任何监管，或者说监管很少。” 房产记录显示，随著该公司向医疗补助计划请款的金额飙升，米切尔在佛罗里达州的萨尼贝尔岛购置了一处价值250万美元的住宅，并在印第安纳州的蒂珀卡努河畔购置了一栋价值60万美元的滨水房屋。 米切尔曾表示，政府医疗项目、私营保险公司和一家第三方审计机构进行的审计均未发现Piece by Piece存在欺诈或故意不当行为的证据。 印第安纳州家庭与社会服务管理局（FSSA）的副幕僚长巴洛（Marcus Barlow）说：“他们显然滥用了印第安纳州纳税人的钱，然后还到处炫耀，所以我们终止了与他们的合作。”该机构负责监管该州的医疗补助计划。 在本周致Piece by Piece的信函中，该州表示将撤销该公司所有七个中心的提供商协议。此举将在60天后生效，届时这些中心将被禁止向医疗补助计划请款。媒体看到的这些信函称，该终止决定可提起上诉。 在本周早些时候发给员工的一封邮件中，米切尔称印第安纳州的这家机构之所以单独针对该公司，是因为该公司“最近收到了一些负面报道”。根据媒体看到的这封邮件，她说该公司打算对该州的决定进行抗争，并表示公司没有做错任何事。 多年来，印第安纳州一直按自闭症治疗服务提供商自定标价的40%进行报销，这实际上是允许他们自行决定费率。 在2024年该体系进行改革之前，Piece by Piece和其他提供商都曾大幅提价以获取更高的报销款。 米切尔在给员工的...
The NBA’s board of governors voted to move forward with the cities as targets for its first expansion since 2004. Here’s what it means for the future of the league The NBA has moved a step closer to adding teams in Seattle and Las Vegas. The league’s board of governors met this week and voted to explore bids and applicants for teams exclusively in those two cities, beginning the process for its fi...
The NBA’s board of governors voted to move forward with the cities as targets for its first expansion since 2004. Here’s what it means for the future of the league The NBA has moved a step closer to adding teams in Seattle and Las Vegas. The league’s board of governors met this week and voted to explore bids and applicants for teams exclusively in those two cities, beginning the process for its first expansion in more than two decades. Bids are expected to be in the $7bn to $10bn range per franchise. Continue reading...
designer491/iStock via Getty Images Introduction Palomar Holdings ( PLMR ) relies on successfully separating income growth from catastrophic risk fluctuations, transforming the business into a low capital needs, commission-based model. Even though shares are traded with around a 16.5x P/E ratio, such a valuation doesn‘t reflect fundamental business quality improvement and is 60% lower than the his...
designer491/iStock via Getty Images Introduction Palomar Holdings ( PLMR ) relies on successfully separating income growth from catastrophic risk fluctuations, transforming the business into a low capital needs, commission-based model. Even though shares are traded with around a 16.5x P/E ratio, such a valuation doesn‘t reflect fundamental business quality improvement and is 60% lower than the historical five year average of the company. The main value engine is the Palomar Frontier platform and the rapidly expanding civil liability segment, which in 2025 helped reach 25.9% adjusted ROE, well above most of the specialized insurers results. The company‘s ability to maintain a very low 72.7% combined ratio proves that even with high reinsurance costs, pricing power remains strong, and data-proven underwriting discipline allows it to avoid big losses. In 2026, the Gray Surety acquisition was completed, allowing us to diversify income even more, lowering historical dependency on earthquake insurance, which now only makes up 28% of the portfolio. The market‘s scepticism about the catastrophic risk exposure is excessive because the company is successfully moving a big part of the risk to reinsurers, while also generating stable cash flows. The management's forecasted $260-275 million net income for 2026 confirms that the Palomar 2x strategy, anticipating a doubling of profits within three years, will be achieved ahead of time. Current valuation doesn‘t match the forecasted 24% yearly income growth, which is why the share price doesn‘t reflect the company‘s potential in generating returns and business diversification level. Business overview Palomar Holdings business model is providing specialized asset and civil liability insurance, using data-proven underwriting and risk transfer strategies. Currently, the company is undergoing product rotation, lowering historical dependency on earthquake insurance while expanding casualty, crop, and surety segments. In 2025, GWP reache...
After weeks of start and stop negotiations between Congressional Democrats and the White House, there's an emerging proposal to fund the majority of DHS and tackle ICE enforcement funding separately. (Image credit: ROBERTO SCHMIDT)
After weeks of start and stop negotiations between Congressional Democrats and the White House, there's an emerging proposal to fund the majority of DHS and tackle ICE enforcement funding separately. (Image credit: ROBERTO SCHMIDT)