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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
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  "notes": "Uses a combination of quote-based contradiction and a quantitative bridge table to prove the thesis.",
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      "text": "DV does not disclose the contribution to revenues from acquisitions to calculate organic growth. The CFO recently referenced M&A as accelerating organic growth. However, based on our analysis we disagree and find that absent the contribution from OpenSlate and Meetrics that organic revenue growth decelerated in 2022.",
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      "text": "organic revenue growth: 31.8% - 32.6%",
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      "text": "DV does not disclose the contribution to revenues from acquisitions to calculate organic growth. The CFO recently referenced M&A as accelerating organic growth. However, based on our analysis we disagree and find that absent the contribution from OpenSlate and Meetrics that organic revenue growth decelerated in 2022.",
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      "text": "CFO Allais: \"And while we're not providing 2022 guidance here, we currently expect OpenSlate to contribute between $15 million and $18 million of revenue in 2022.\" — OpenSlate Nov 2021; Barclays Analyst: \"And then like M&A for you is more tuck-in, it's not like -- there's nothing transformational you can do there?\" — Barclays Conf. Dec 2022; CEO Zagorski: \"I just don't think we need to do transformational right now. We've got so much core growth to do right now. It sounds like how do we make it go faster.\" — Barclays Conf. Dec 2022; CFO Allais: \"And I think that accelerates organic growth and just kind of continues our opportunity for what we are looking for.\" — Barclays Conf. Dec 2022",
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      "text": "Source: Year End 2022 Presentation, Q3 2021 Conf Call and financial filings",
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      "text": "DV's Estimated Organic Growth",
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