Scott Turkel
Special situations, long/short equity, momentum

Marin Software: It's Time To Know The Name

Technical things happen for fundamental reasons.

We believe Marin Software (NYSE:MRIN) will be materially higher in 12 months. We have a price target of $17, or 3.7x EV/Sales (enterprise value) which is the mid range of EV/Sales 2.8x (currently) vs. other SAAS companies of 4.5x. Comparable valuations are relative, but they only shed light on the opportunity.

In our research we do not use valuation as an investment tool. Our ideas are generated by both price and fundamental momentum.

Marin seems to be the forgotten name in SaaS (Software as a Service). The company is the leader in Managed Paid Search Advertising.

Due to the "orphan status" of forgotten names, the valuation relative to the group is significantly...

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