Nexxen International: Cheap For A Reason Until Programmatic Growth Reaccelerates

Nexxen is analysed as a cheap, cash-generative AdTech platform with an improving programmatic mix and aggressive share repurchases. I explain why the stock remains a Hold despite its low EV/EBITDA multiple: FY25 revenue was flat, CTV declined, and profitability weakened in Q4. The key question is whether Nexxen's programmatic core can grow fast enough in FY26 to offset shrinking non-programmatic revenue and drive visible total revenue growth.