1、CrispIdea|R E S E A R C HRoku,IncE Q U I T Y R E S E A R C H Technology|Internet-Based Services|Jul 14,2025Roku,IncStrengthening position across the streaming value chainWe recommend“Hold”rating and upgrading our target price to$94.The target price is based on EV/Rev of 2.26x and forward-looking P/S

2、 of 2.72x for FY26 This provides an upside potential of 7%on a CMP of$88.06.Our estimates are based on the following factors:1)Device Expansion and Operating System Reach 2)Advertising Capabilities and Programmatic Access and 3)Content Development and Subscription IntegrationDevice Expansion and Ope

3、rating System Reach:Rokus hardware segment continues to function as a strategic entry point for platform growth.Its devices,including Roku-branded TVs and streaming players,are designed to support broader adoption of the Roku OS,particularly in markets where smart TV upgrades are ongoing.Although th

4、e segment operates on narrower margins,it plays a role in enabling direct access to Rokus content interface and advertising infrastructure,while also helping to onboard new households to the platform.The company recently introduced new products aimed at improving the streaming experience,such as the

5、 Roku Smart Projector and updated streaming sticks with improved energy efficiency.These devices support expansion in existing and new geographies and are designed for compatibility with a range of display formats.By continuing to invest in both hardware and operating system partnerships,Roku seeks

6、to maintain relevance in a competitive environment while supporting platform monetization through increased activation and usage.Advertising Capabilities and Programmatic Access:Rokus advertising strategy centers on delivering reach,relevance,and measurability across its platform.The company has int