DV.xlsx

	C	F	G	H	I	J	K	L	M	N	O	P	Q	R	T	V	W	Y
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6			2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
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10	Total number of customers							2000
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12	Number of $1M plus customers					78	93	110
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14	Media transactions measured
15	Measured transaction fee
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18	Revenue		183	244	333	452	573	657	750	825	908	998	1098	1208
19	growth			33%	36%	36%	27%	15%	14%	10%	10%	10%	10%	10%
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21	Cost of revenue		25	36	54	78	107	117	137
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23	product dev		32	47	63	95	125	153	180
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25	S&M		38	62	77	107	126	168	180
26	as a % of rev		21%	25%	23%	24%	22%	26%	24%
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28	G&A		27	53	81	79	88	92	100
29			15%	22%	24%	17%	15%	14%	13%
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31	D&A		22	25	30	34	41	45	60
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33	EBIT		39	21	28	59	86	82	93					242
34	EBIT margin		21%	9%	8%	13%	15%	12%	12%						20%
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36	Interest Expense		5	5	1	1	1.1	1.1
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38	Other Income						-11	-7
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40	Taxes		12	0	0	16	24	33	30						30%
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42	NI	0	22	16	27	42	49.9	40.9	63					169
43	NI margin		12%	7%	8%	9%	9%	6%	8%					14%		If DV were able to get to IAS margins, they'd be makng about 150m in NI today. That tracks. 20% NI margin.
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45	$ spent on Acquisitions						67
46																	Multiple in 5 years	20
47																	Market cap in 5 years	3382
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49																	Market cap today	1627
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51																	Upside	108%
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