Magnite is a digital advertising industry company that has made inroads into the fast-growing Connected TV (“CTV”) space (thanks to its April 2020 merger with Telaria). The company is now the world’s largest sell-side platform (“SSP”) for buying and selling advertising inventory available across multiple channels, including mobile, desktop and CTV. Magnite experienced demand erosion in 2020 as the global pandemic resulted in reduced ad spending. However, revenues have started to re-accelerate, and the share price has been rebounding dramatically off 2020 lows. What’s more, there is a massive total addressable market opportunity ahead. In this report, we analyze Magnite’s business model, its market opportunity, challenges, current valuation, and conclude with our opinion on investing (including a specific trading idea).