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Criteo S.A. (0I4T.L)

LSE - LSE Delayed price. Currency in USD
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29.50+2.39 (+8.82%)
At close: 02:31PM BST

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  • o
    Great results and guidance - up more than 7% pre-Market - this is a keeper
  • h
    If🌱I🌱exchange🌱an🌱apple🌱with🌱you,🌱I🌱still🌱have🌱an🌱apple. During peaceful moments watch for danger.
  • R
    yahoo somehow fabricated a positive EPS 0,58 instead of -0,56 ...unbelievable
  • n
    Chrome cookie phase-out delay positive for Criteo, says Truist
    After Google (GOOGL) announced that it is delaying the phase-out of third-party cookies in Chrome to the second half of 2024 from the second half of next year in an effort to give the ecosystem and stakeholders more time to test and adopt privacy-preserving alternatives, Truist analyst Matthew Thornton said he views the development as positive for Criteo (CRTO). The analyst, who noted that he was assuming third-party cookies would be phased out of Chrome and mobile IDs phased out of Android starting in the second half of 2023, estimates pushing the phase-outs by a year would lift his FY23 and FY24 revenue estimates by 7% and 9%, respectively, if all else is held equal. Thornton has a Buy rating and $35 price target on Criteo shares.
  • G
    This is my good boy
  • a
    Multiple positive catalysts on horizon:

    1) Company will have reached trough revenues this year while generating positive free year will see modest revenue growth resulting in higher valuation.

    2) Google anti-trust lawsuit will lift CRTO.

    3) New products next year will accelerate the transformation.

    4) Private Equity will pay attention once revenue growth becomes reality......could see takeover interest materialize.

    5) Company’s worst quarter behind, and coming two quarters will show greater free cashflow !

    6) Huge technical resistance at $15....once it gets taken out, next stop will be $20. Analysts should upgrade the stock in early 2021 as vaccine provides ramp in travel related ads etc.:

    7) Proof of company doing well without browser cookies will materialize next year !

    8) Company will catch up to TTD.....and as word spreads, momentum will drive this much higher.
  • J
    For investors looking for a solid stock that has multiple bagger near term and long-term opportunity, please take the time to read the analysis that I put together.

    TTD Price/Sales Valuation – 48x
    MGNI Price/Sales Valuation – 22x (without Spotx)
    MGNI Price/Sales Valuation – 14x (with Spotx)
    PUBM Price/Sales Valuation – 22x
    CRTO Price/Sales Valuation – 1x (extremely undervalued)

    I just want to start off with the fact that I am heavily invested in TTD, MGNI, PUBM, and now CRTO. I have been invested in ad tech for over 3 years and entered TTD at $40, RUBI at $4, Telaria at $8 (RUBI and Telaria merged to become MGNI), PUBM right when they went public at $27 and now I have just recently started my positions with CRTO at $30. Between all 4 companies I listed, I am now most bullish and have the highest conviction on CRTO and let me explain why below.

    CRTO is a proven DSP (just like TTD) with a long track history dating back to 2005. If you are in the ad industry, you know who they are and you know they are a well-respected company that everyone works with. In terms of industry counterparts, they can also be compared to MGNI and PUBM for valuation purposes. When doing so, they are clearly undervalued because they have been under the radar for a long time. BUT, I don’t believe they will be for long with the recent run up and interest in ad tech.

    Their revenue in 2020 is over 2 billion. To put that into perspective, that means that they sold 2.5 times more digital ads than TTD (836 million in 2020) and 10x more digital ads than MGNI (221 million in 2020) and 15x more digital ads than PUBM. They are actually much larger than both TTD, MGNI, and PUBM combined, but only has a market cap of 2 billion compared to TTD’s 38 billion market cap, MGNI’s 5 billion market cap, and PUBM’s 1.4 billion market cap.

    The financials and fundamentals clearly show a very undervalued stock that is ready to run with the rest of the market as soon as they start getting discovered. It is now starting to get the attention of investors and has recently had a price increase from $12 to $35 in the last 6 months. That’s already a 3x gain for the early investors, but this is just the start as it has a ton of valuation to catch up on compared to the rest of its industry counterparts like TTD, MGNI and PUBM. Keep in mind that at currently levels based on Price/Sales valuation, TTD is valued 48x more expensive, MGNI is valued 22x more expensive, and PUBM is valued also at 22x more expensive than CRTO.

    CRTO is also holding onto 400 million in cash and on top of that has been buying back its own stock shares for the past couple of years. They have also just brought in a dream team of industry execs and rehauled its management in preparation for big forward-looking growth strategies. This show internal conviction.

    I truly believe TTD, MGNI, PUBM and CRTO are industry leaders and all great companies in their own rights, the difference is that TTD is trading at a premium (48x Price/Sales Valuation). MGNI still has room to grow especially after the Spotx acquisition (22x Price/Sales Valuation without Spotx and 14x Price/Sales Valuation with SpotX), but also is priced pretty fairly currently. PUBM is also currently fairly valued (22x Price/Sales Valuation). But, CRTO is extremely undervalued at its current level (1x Price/Sales Valuation).

    Lastly, they have 72% of their shares are owned by institutions (smart money) and 6% owned by insiders. Institutions know where the opportunities are.

    If you want to get in early and enjoy the full run up, this is the time to get in. Analysts ratings are also extremely bullish. Do your due diligence and you will see price targets as high 120 in the next year or so. This really is one of those really rare but realistic 10 bagger opportunities.

    Good luck everyone.
  • P
    Not sure if any of you follow short data, but something really important going on here. From 3/15 to 4/15 the short interest increased from 700k shares to 3.1M shares. Over the same period, the stock price increased from $33 to $37. That’s a sizable increase to the short position to have zero effect on share price. A solid Q1 report and we are running to $50 $$$$
  • a
    Solid 4q results pointing to floor ebitda of $200mm. Means $3b valuation (15x ebitda) would be reasonable. Means stock price of $56 within a year!!
  • P
    some more good news this morning from Google....

    Now, Google is pledging it will not use other technology to replace the cookie or build features inside Chrome to allow itself access to that data, though it continues to test ways for businesses to target ads to large groups of anonymous users with common interests.

    "Keeping the internet open and accessible for everyone requires all of us to do more to protect privacy - and that means an end to not only third-party cookies, but also any technology used for tracking individual people as they browse the web," Google said in the blog post.

    Rival advertising tech companies are building tools to identify users across the web anonymously, including Criteo SA ( CRTO ) and The Trade Desk ( TTD ).
  • n
    COOKIE DELAY: Vinay Goel, the Privacy Engineering Director at Google's Chrome unit, said in a blog post on Thursday that the company will delay Chrome’s plan to phase out support for third-party cookies. "While there’s considerable progress with this initiative, it's become clear that more time is needed across the ecosystem to get this right," Goel said in the blog post. The executive continued by saying that "Today, Chrome and others have offered more than 30 proposals, and four of those proposals are available in origin trials. For Chrome, specifically, our goal is to have the key technologies deployed by late 2022 for the developer community to start adopting them. Subject to our engagement with the United Kingdom's Competition and Markets Authority and in line with the commitments we have offered, Chrome could then phase out third-party cookies over a three month period, starting in mid-2023 and ending in late 2023." He said that "After this public development process, and subject to our engagement with the CMA, our plan for Chrome is to phase out support for third party cookies in two stages," with the first stage beginning in late 2022 and the second stage commencing in mid-2023.

    Chrome now plans to phase out support for third-party cookies over a three month period finishing in late 2023, Goel said. The company plans to provide a more detailed schedule "soon," with Goel adding that it will be updated regularly "to provide greater clarity and ensure that developers and publishers can plan their testing and migration schedules."

    Goel concluded the post by saying: "We believe that the Privacy Sandbox will provide the best privacy protections for everyone. By ensuring that the ecosystem can support their businesses without tracking individuals across the web, we can all ensure that free access to content continues. And because of the importance of this mission, we must take time to evaluate the new technologies, gather feedback and iterate to ensure they meet our goals for both privacy and performance, and give all developers time to follow the best path for privacy."

    Google previously announced in January 2020 that it planned to end support for third-party cookies within two years.

    WHAT'S NOTABLE: Earlier this month, the Competition and Markets Authority, the U.K.'s competition regulator, secured commitments from Google to address concerns about Google's proposal to remove third-party cookies on Chrome. The development followed an investigation opened by the CMA into Google’s self-styled “Privacy Sandbox” earlier this year. The CMA could also reopen a fuller investigation if it’s not happy with how things are looking at the point it orders any standstill to stop Google tracking cookies.

    Commenting in a statement, Andrea Coscelli, the CMA's CEO, said that "The emergence of tech giants such as Google has presented competition authorities around the world with new challenges that require a new approach... If accepted, the commitments we have obtained from Google become legally binding, promoting competition in digital markets, helping to protect the ability of online publishers to raise money through advertising and safeguarding users’ privacy."

    DEPENDENCY ON COOKIES: In March, Oppenheimer analyst Jason Helfstein noted that Google's Chrome policy changes would have most impact on independent Supply Side Platforms, or SSPs and publishers, with more modest impact on Demand Side Platforms, or DSPs. Helfstein argued that while the alterations are broadly negative for those reliant on the open web, they are bullish for walled gardens -- Facebook (FB)/Google/Twitter (TWTR)/Snap (SNAP)/Amazon (AMZN)/Roku (ROKU) -- which become increasingly attractive to advertisers seeking deeper audience targeting. While Trade Desk's UID 2.0 will be blocked in the Google ecosystem, it is unclear if Chrome can block this data if user permission is granted through 3P platforms, he added. The analyst believes it is too soon to tell the impact ad policy changes will have on e-commerce.

    Meanwhile, KeyBanc said at the time that Trade Desk stands to benefit from share gains as UID 2.0 adoption increases and traction with connected TV and retailer partnerships further reduce the dependency on cookies.

    PRICE ACTION: In morning trading, shares of Trade Desk gained almost 11% to $72.62, while LiveRamp rose about 6% to $47.58. Other companies that may be impacted by the news include PubMatic (PUBM), Criteo (CRTO) and TechTarget (TTGT).
  • O
    This is a real sleeping giant that's finally getting some well deserved recognition in the US. It's a Paris-based company that is really a global company - and compared to the hyped American MGNI and TTD it is up twice as much YTD. And it's just beginning its long upswing - this is high quality buy-and-hold.
  • a
    Both Tradedesk and CRTO have around $800mm of revenues, but difference in valuation is bigger than Burj Khalifa ! One is valued above 50x revenues and the other less than 1x revenues after stripping excess cash. Yes, TTD has 25% growth rate in revenues while CRTO has flat growth rate. But, CRTO is transforming to positive growth. Does it deserve 10% of TTD valuation ? If so, stock will breach $50 .......
  • a
    Crto is trading at 1.6 x revenue multiple excluding excess cash on a trailing basis and taking into account “net revenues” (most conservative metric available). This is easily the cheapest enterprise software stock with leadership position in a giant market. It will triple or quadruple in value over 3 years.
  • n
    Criteo price target raised to $52 from $45 at BMO Capital
    CRTO BMO Capital analyst Daniel Salmon raised the firm's price target on Criteo to $52 from $45 and keeps an Outperform rating on the shares after its Q2 earnings beat. The company continues to offer a positive risk-reward profile, the analyst tells investors in a research note, adding that the privacy headwinds are manageable and any meaningful improvement in the travel category could drive upside to guidance.
  • J
    Big news is coming...major restructuring, spin off (?)...we are about to see fireworks. Big week next week with earnings followed by a Goldman Sachs can expect big news...volume picking up big time, call volumes also...this is the turning point...
  • D
    I am new to CRTO, just starting to analyze
    as I look at the business, financially they are strong
    their business segments look promising.
    i look at the last 5 years of financial data and sales are flat, earnings are flat-ish.
    I would have expected growth.
    why have sales been flat?
    and why will that change?
    also, what is the effect of the privacy changes with google
  • a
    My view is that the short term momentum is exhausted and stock is vulnerable to $8 pull back. Even upgrades are leading to muted action as people sell into good news. The 20 day average has rolled over and if market melts down, CRTO will get dragged with it. If you are long term holder and don’t care about pullbacks, than stay put. I am cashing in waiting for better technicals. Prolonged European lockdowns will weigh on sentiment, as will massive drop in TTD. I expect TTD to implode and take down the entire sector with it !