Liveramp Holdings Inc: Publicis to Acquire LiveRamp: Extending Its Data and Identity Advantage

Research evidence excerpt

Liveramp Holdings Inc: Publicis to Acquire LiveRamp: Extending Its Data and Identity Advantage

UpdateM

Risk Reward – Liveramp Holdings Inc (RAMP.N)

KEY EARNINGS INPUTS

Drivers 2025 2026e 2027e 2028e

Total Subscription Revenue YoY

10.8 7.8 6.8 10.2

Growth (%)

Customer Count YoY Growth (%) (6.7) 1.2 1.8 2.5

Total Revenue YoY Growth (%) 13.0 8.9 8.6 10.2

Annual Recurring Revenue YoY

7.9 7.7 9.9 10.9

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Upcoming Earnings RISKS TO UPSIDE FY Mar 2026e

Traction from new products and services such Faster shift from 3rd party cookies towards

as LiveRamp CTV and Safe Haven LiveRamp's platform Sales / 812

Meaningful international expansion Habu acquisition accelerated mid-market Revenue 812 815

penetration and customer adds ($, mm) 813

GLOBAL REVENUE EXPOSURE Strategic acquisition

APAC, ex Japan, Mainland RISKS TO DOWNSIDE 0-10% China and India EBITDA Continued 3rd cookie use drives slower 182 194

0-10% Europe ex UK adoption of first-party data products Recent ($, mm) 185

0-10% India investments in new sales hires fail to generate

0-10% Japan meaningful productivity.

0-10% MEA Any privacy or data compliance issue could Net income 146

0-10% UK pose significant brand / reputational risk ($, mm) 144 147

90-100% North America 146

Source: Morgan Stanley Research Estimate OWNERSHIP POSITIONING

View explanation of regional hierarchies here

EPS Inst. Owners, % Active 45% 2.24 2.55

($)

HF Sector Long/Short Ratio 2x 2.30

HF Sector Net Exposure 25.3%

Mean Morgan Stanley Estimates

Refinitiv; MSPB Content. Includes certain hedge fund Source: Refinitiv, Morgan Stanley Research

exposures held with MSPB. Information may be

inconsistent with or may not reflect broader market

trends. Long/Short Ratio = Long Exposure / Short

exposure.