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    Tim Nollen

    Research Analyst at Macquarie Group

    Tim Nollen is Director and Senior Analyst for Media, Entertainment, Advertising, and Ad Tech at Macquarie Group, where he specializes in analyzing major global advertising holding companies and technology-driven media companies. He covers companies such as Walt Disney, Magnite, and Criteo and has delivered a performance track record that includes a 41.7% success rate and standout returns, notably generating a 772% return on an APP stock call between 2024 and 2025. Beginning his career at Bear Stearns and later J.P. Morgan, Nollen joined Macquarie in London in 2009, relocated to New York in 2011, and has since built over a decade of expertise covering both European and U.S. markets. He is recognized for his deep sector knowledge and sell-side research leadership in the media and advertising ecosystem.

    Tim Nollen's questions to OMNICOM GROUP (OMC) leadership

    Tim Nollen's questions to OMNICOM GROUP (OMC) leadership • Q4 2024

    Question

    Tim Nollen of Macquarie Group asked about the integration status of Flywheel and how the IPG business would fit into Omnicom's consolidated structure, such as the Omnicom Advertising Group (OAG).

    Answer

    Chairman and CEO John Wren confirmed the Flywheel integration is complete and the team is actively involved in new business pitches. He explained the plan for IPG is to follow the OAG model: maintain distinct brands in top markets while consolidating operations in smaller markets to drive efficiency.

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    Tim Nollen's questions to OMNICOM GROUP (OMC) leadership • Q3 2024

    Question

    Tim Nollen of Macquarie Group asked for more details on the new Omnicom Advertising Group, questioning if it represents a move toward a more integrated company and whether its goal is top-line synergy or cost savings. He also inquired about Omnicom's activity in both on-site and off-site retail media and how Flywheel enhances those capabilities.

    Answer

    CEO John Wren clarified that the Omnicom Advertising Group (OAG) aims to centralize technology and AI investments to create better tools for its distinct agency brands, focusing on waste avoidance and product improvement rather than cost-cutting. He compared it to the formation of Omnicom Media Group, which enabled the creation of Omni. On retail media, Wren positioned Flywheel as the definitive leader in on-site media with key retailers, giving Omnicom a significant competitive advantage.

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    Tim Nollen's questions to Walt Disney (DIS) leadership

    Tim Nollen's questions to Walt Disney (DIS) leadership • Q4 2024

    Question

    Tim Nollen requested an update on the divestiture of assets in India and asked what Disney's business presence in the country will look like following the partial sale to Reliance.

    Answer

    CFO Hugh Johnston expressed excitement for the partnership with Reliance, a major presence in India. He confirmed that post-deal, Disney will retain a percentage ownership in the high 30s, with Reliance managing the business operations. He also noted that the financial implications of this transaction were already incorporated into the company's forward-looking guidance.

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    Tim Nollen's questions to PubMatic (PUBM) leadership

    Tim Nollen's questions to PubMatic (PUBM) leadership • Q3 2024

    Question

    Tim Nollen of Macquarie Group requested more detail on PubMatic's curation work in CTV, asking how its approach is differentiated and whether the growth in CTV inventory is increasing demand for such services.

    Answer

    CEO Rajeev Goel explained that as targeting moves to the sell-side, PubMatic's Connect platform excels at inventory packaging and data layering, citing examples of using political or commerce data on CTV inventory. He confirmed that the surge in CTV supply is forcing sellers to adopt more sophisticated monetization strategies beyond direct deals, thereby increasing demand for curation and marketplace solutions where PubMatic is well-positioned.

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    Tim Nollen's questions to MAGNITE (MGNI) leadership

    Tim Nollen's questions to MAGNITE (MGNI) leadership • Q3 2024

    Question

    Tim Nollen inquired about the industry's transition toward more bidded programmatic buying in CTV and its potential impact on Magnite's take rates.

    Answer

    CEO Michael Barrett confirmed a shift toward biddable programmatic, driven by buyer demand and a surplus of CTV inventory. He stated this trend is positive for Magnite's economics, as the company's CTV take rate is currently at the low end of its historical range due to the prevalence of lower-rate, publisher-sold deals. Increased biddable activity is expected to improve the take rate over time.

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    Tim Nollen's questions to MAGNITE (MGNI) leadership • Q3 2024

    Question

    Tim Nollen asked about the industry's shift toward more biddable programmatic buying in CTV, and whether this transition would make CTV accretive to Magnite's overall take rate.

    Answer

    CEO Michael Barrett confirmed the trend, stating that a surplus of CTV inventory is pushing publishers toward biddable models that buyers prefer. He agreed that this shift should improve Magnite's economics over time. He clarified that historical take rate pressure was due to a mix of lower-rate, publisher-sold programmatic deals, and as more biddable inventory is activated, the take rate profile for CTV is expected to improve.

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    Tim Nollen's questions to Criteo (CRTO) leadership

    Tim Nollen's questions to Criteo (CRTO) leadership • Q3 2024

    Question

    Tim Nollen revisited the topic of third-party cookies, asking how dependent the now-growing retargeting business is on them and if there was an update on the financial impact of cookie deprecation, referencing a previously withdrawn forecast.

    Answer

    CEO Megan Clarken asserted that Criteo no longer plans its business around cookie demise, having shifted to a multi-pronged addressability strategy. Chief Product Officer Todd Parsons added that while more cookies are helpful, the strategy is not tied to them and addresses the entire buyer journey. CFO Sarah Glickman declined to provide a new 2025 forecast, stating the company will update assumptions once Google's plans are finalized.

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    Tim Nollen's questions to INTERPUBLIC GROUP OF COMPANIES (IPG) leadership

    Tim Nollen's questions to INTERPUBLIC GROUP OF COMPANIES (IPG) leadership • Q3 2024

    Question

    Tim Nollen inquired about the scope of internal reorganizations, the status of the R/GA and Huge divestitures, the potential for other sales, and the company's appetite for M&A.

    Answer

    CEO Philippe Krakowsky stated that the sale process for R/GA and Huge is 'well down the tracks' and that the company is open to other dispositions to improve its asset mix. Regarding M&A, he confirmed that IPG will 'lean in' and consider acquisitions to scale capabilities, particularly in retail media, commerce, and specialized data, noting that competitors have benefited from such strategies.

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