Mirriad Advertising


Market Cap£45m

Last Close 16.25p

Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, improving the viewer experience by limiting commercial interruptions while delivering dramatically increased reach and impact for advertisers. Mirriad operates in the United States, Europe and China.

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Investment summary

Mirriad is making significant progress in building partnerships on the content supply side and with blue-chip advertisers and agencies, particularly in the important North American market. Newly defined KPIs will help clarify further headway here. Technical development continues to focus on offering full programmatic delivery, which is key to Mirriad’s innovative advertising solution becoming totally assimilated into the ecosystem. FY21 results were as flagged in February’s trading update, with year-end net cash of £24.5m. We have reinstated illustrative forecasts, remaining cautious on our assumptions of the speed of industry adoption.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 2.2 (8.6) (9.1) (4.2) N/A N/A
2021A 2.0 (11.6) (12.0) (3.9) N/A N/A
2022E 3.3 (15.0) (15.2) (5.4) N/A N/A
2023E 7.8 (12.9) (13.0) (4.7) N/A N/A
Industry outlook

With the ever-growing challenges of reaching ad-avoiding audiences and the withdrawal of third-party cookies from FY23, brand owners are looking for more innovative solutions to engage with their target audiences, while content providers are looking to build and protect their ad revenues. To take full advantage, Mirriad needs to integrate with a programmatic advertising ecosystem, with seamless identification and monetisation of ad inventory and a scalable platform readily compatible with agencies’ working practices.

Last updated on 30/06/2022
Content on Mirriad Advertising
Mirriad Advertising – US momentum accelerating
TMT | research Update | 12 May 2022
Mirriad Advertising – Targeting the US big guns
TMT | research Flash note | 22 April 2022
Executive interview – Mirriad Advertising
TMT | Edison TV | 2 March 2022
View more
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Share price graph
Balance sheet
Forecast net cash (£m) 8.5
Forecast gearing ratio (%) N/A
Price performance
Actual (20.7) (5.8) (65.8)
Relative* (17.4) (1.4) (65.6)
52-week high/low 49.0p/15.6p
*% relative to local index
Key management
Stephan Beringer CEO
David Dorans CFO
Ryan Mendy IR