Integral Ad Science Q1: Strong Results Warrant A Higher Valuation

  • Q1 revenue growth of 17% was well ahead of guidance, which was for 13% year-over-year growth. Full-year guidance calls for revenue growth of 12%, with an adjusted EBITDA margin of 35%. Shares are valued at just 9.4 times FCF, representing a large and unwarranted discount compared to DoubleVerify.