DV: 1Q:26 EPS Review: Solid Print but Continue to Expect Open Web Headwinds to Emerge

研报英文原文证据摘录

DV: 1Q:26 EPS Review: Solid Print but Continue to Expect Open Web Headwinds to Emerge

Equity Research

Price Target Change — May 11, 2026

Internet

DoubleVerify Holdings, Inc.

1Q:26 EPS Review: Solid Print but Continue to Expect Open Underweight

Web Headwinds to Emerge Price Target: $8.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

DV reported 1Q revenue 1% above consensus, while 2Q was guided in-line & full-year Price Target $8.00 $9.00 -11.1%

maintained. The implied 2H:26 rev guide implies an accel vs. 2Q, incorporating new EBITDA 279.1 278.2 0.3%

product ramp but potentially underestimating Open Web headwinds. Maintain U/W. (MM) 2026

EBITDA 287.9 290.4 -0.9%

1Q reported revenue / EBITDA 1% / 10% above consensus. Measurement growth (MM) 2027

accelerated to +16% Y/Y vs. 4Q:25 / FY25 +8% / +10% Y/Y. Activation revenue continued Rev. (MM) 2026 815.3 817.0 -0.2%

to decel (-1pt vs. 4Q:25), growing +6% Y/Y. Specific drivers of growth included Social Rev. (MM) 2027 856.0 863.7 -0.9%

Activation (+92% Y/Y) and CTV Measurement volumes (+28% Y/Y). Within advertiser

revenue (+9% Y/Y), volume grew +12% Y/Y offsetting price per impression -4% Y/Y. Ticker DV

EBITDA beat driven by a steep decel in NG opex to +3% Y/Y vs. +11% Y/Y 4Q:25. Upside/(Downside) to Target (23.3)%

Price (05/11/2026) $10.43

Guidance for 2Q revenue / EBITDA in-line / 1% above consensus. Revenue guide implies 52 Week Range $7.64 - 16.82

a 3pt decel on a 4pt harder comp (Measurement 6p harder, Activation 4pts). Mgmt noted Market Cap (MM) $1,712

that guidance assumes macro stays relatively stable. A slight 2Q growth decel matches Enterprise Value (MM) $1,538

guidance provided on other digital ads prints (TTD -4pts decel, PINS - 3pts, as well as

Average Daily Value (MM) $29