Intrinsic value of Criteo ADR - CRTO

Previous Close

$22.68

  Intrinsic Value

$186.55

stock screener

  Rating & Target

str. buy

+723%

Previous close

$22.68

 
Intrinsic value

$186.55

 
Up/down potential

+723%

 
Rating

str. buy

We calculate the intrinsic value of CRTO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  35.98
  33.20
  30.38
  27.84
  25.56
  23.50
  21.65
  19.99
  18.49
  17.14
  15.93
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.23
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
Revenue, $m
  1,799
  2,396
  3,124
  3,994
  5,015
  6,194
  7,535
  9,040
  10,712
  12,548
  14,546
  16,704
  19,017
  21,482
  24,096
  26,856
  29,758
  32,801
  35,983
  39,306
  42,768
  46,373
  50,122
  54,020
  58,072
  62,281
  66,656
  71,204
  75,931
  80,849
  85,965
Variable operating expenses, $m
 
  2,164
  2,815
  3,593
  4,506
  5,560
  6,760
  8,107
  9,601
  11,243
  13,031
  14,939
  17,008
  19,213
  21,551
  24,019
  26,615
  29,336
  32,183
  35,154
  38,251
  41,475
  44,829
  48,315
  51,938
  55,703
  59,616
  63,683
  67,912
  72,310
  76,885
Fixed operating expenses, $m
 
  51
  53
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
Total operating expenses, $m
  1,678
  2,215
  2,868
  3,647
  4,561
  5,617
  6,818
  8,166
  9,662
  11,305
  13,095
  15,005
  17,075
  19,282
  21,622
  24,091
  26,689
  29,412
  32,261
  35,234
  38,333
  41,559
  44,915
  48,403
  52,028
  55,796
  59,711
  63,780
  68,012
  72,412
  76,990
Operating income, $m
  121
  181
  257
  347
  454
  577
  717
  874
  1,050
  1,242
  1,451
  1,699
  1,941
  2,200
  2,474
  2,764
  3,069
  3,388
  3,722
  4,071
  4,435
  4,814
  5,208
  5,617
  6,043
  6,485
  6,945
  7,423
  7,920
  8,437
  8,975
EBITDA, $m
  184
  243
  331
  437
  561
  704
  867
  1,051
  1,255
  1,479
  1,723
  1,986
  2,268
  2,569
  2,889
  3,226
  3,581
  3,952
  4,341
  4,747
  5,171
  5,611
  6,070
  6,546
  7,042
  7,557
  8,092
  8,648
  9,226
  9,827
  10,453
Interest expense (income), $m
  0
  3
  10
  18
  28
  40
  54
  70
  88
  107
  129
  152
  178
  205
  234
  264
  297
  331
  367
  404
  443
  483
  526
  570
  615
  663
  712
  764
  817
  873
  930
Earnings before tax, $m
  120
  178
  247
  329
  425
  536
  663
  804
  962
  1,135
  1,323
  1,546
  1,764
  1,995
  2,241
  2,500
  2,772
  3,057
  3,356
  3,668
  3,992
  4,330
  4,682
  5,048
  5,427
  5,822
  6,233
  6,659
  7,103
  7,564
  8,044
Tax expense, $m
  33
  48
  67
  89
  115
  145
  179
  217
  260
  306
  357
  417
  476
  539
  605
  675
  748
  826
  906
  990
  1,078
  1,169
  1,264
  1,363
  1,465
  1,572
  1,683
  1,798
  1,918
  2,042
  2,172
Net income, $m
  82
  130
  180
  240
  310
  391
  484
  587
  702
  828
  965
  1,129
  1,287
  1,457
  1,636
  1,825
  2,024
  2,232
  2,450
  2,677
  2,914
  3,161
  3,418
  3,685
  3,962
  4,250
  4,550
  4,861
  5,185
  5,522
  5,872

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  270
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,211
  1,253
  1,634
  2,089
  2,623
  3,239
  3,941
  4,728
  5,602
  6,563
  7,608
  8,736
  9,946
  11,236
  12,603
  14,046
  15,564
  17,155
  18,820
  20,557
  22,368
  24,254
  26,215
  28,253
  30,372
  32,574
  34,862
  37,240
  39,713
  42,285
  44,961
Adjusted assets (=assets-cash), $m
  941
  1,253
  1,634
  2,089
  2,623
  3,239
  3,941
  4,728
  5,602
  6,563
  7,608
  8,736
  9,946
  11,236
  12,603
  14,046
  15,564
  17,155
  18,820
  20,557
  22,368
  24,254
  26,215
  28,253
  30,372
  32,574
  34,862
  37,240
  39,713
  42,285
  44,961
Revenue / Adjusted assets
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
Average production assets, $m
  156
  206
  269
  343
  431
  533
  648
  777
  921
  1,079
  1,251
  1,437
  1,635
  1,847
  2,072
  2,310
  2,559
  2,821
  3,095
  3,380
  3,678
  3,988
  4,311
  4,646
  4,994
  5,356
  5,732
  6,124
  6,530
  6,953
  7,393
Working capital, $m
  223
  -53
  -69
  -88
  -110
  -136
  -166
  -199
  -236
  -276
  -320
  -367
  -418
  -473
  -530
  -591
  -655
  -722
  -792
  -865
  -941
  -1,020
  -1,103
  -1,188
  -1,278
  -1,370
  -1,466
  -1,566
  -1,670
  -1,779
  -1,891
Total debt, $m
  86
  278
  522
  814
  1,156
  1,551
  2,001
  2,506
  3,066
  3,682
  4,352
  5,075
  5,850
  6,677
  7,553
  8,478
  9,451
  10,471
  11,538
  12,652
  13,813
  15,022
  16,279
  17,585
  18,944
  20,355
  21,822
  23,346
  24,931
  26,580
  28,295
Total liabilities, $m
  611
  803
  1,047
  1,339
  1,681
  2,076
  2,526
  3,031
  3,591
  4,207
  4,877
  5,600
  6,375
  7,202
  8,078
  9,003
  9,976
  10,996
  12,063
  13,177
  14,338
  15,547
  16,804
  18,110
  19,469
  20,880
  22,347
  23,871
  25,456
  27,105
  28,820
Total equity, $m
  600
  450
  587
  750
  942
  1,163
  1,415
  1,697
  2,011
  2,356
  2,731
  3,136
  3,571
  4,034
  4,524
  5,042
  5,587
  6,159
  6,756
  7,380
  8,030
  8,707
  9,411
  10,143
  10,904
  11,694
  12,515
  13,369
  14,257
  15,180
  16,141
Total liabilities and equity, $m
  1,211
  1,253
  1,634
  2,089
  2,623
  3,239
  3,941
  4,728
  5,602
  6,563
  7,608
  8,736
  9,946
  11,236
  12,602
  14,045
  15,563
  17,155
  18,819
  20,557
  22,368
  24,254
  26,215
  28,253
  30,373
  32,574
  34,862
  37,240
  39,713
  42,285
  44,961
Debt-to-equity ratio
  0.143
  0.620
  0.890
  1.090
  1.230
  1.330
  1.410
  1.480
  1.520
  1.560
  1.590
  1.620
  1.640
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.730
  1.730
  1.740
  1.740
  1.740
  1.750
  1.750
  1.750
  1.750
Adjusted equity ratio
  0.351
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  130
  180
  240
  310
  391
  484
  587
  702
  828
  965
  1,129
  1,287
  1,457
  1,636
  1,825
  2,024
  2,232
  2,450
  2,677
  2,914
  3,161
  3,418
  3,685
  3,962
  4,250
  4,550
  4,861
  5,185
  5,522
  5,872
Depreciation, amort., depletion, $m
  63
  62
  75
  90
  107
  127
  150
  176
  205
  237
  271
  287
  327
  369
  414
  462
  512
  564
  619
  676
  736
  798
  862
  929
  999
  1,071
  1,146
  1,225
  1,306
  1,391
  1,479
Funds from operations, $m
  124
  192
  255
  330
  417
  519
  634
  764
  907
  1,065
  1,237
  1,416
  1,615
  1,826
  2,050
  2,287
  2,535
  2,796
  3,069
  3,353
  3,650
  3,959
  4,280
  4,614
  4,961
  5,322
  5,696
  6,086
  6,491
  6,912
  7,351
Change in working capital, $m
  -29
  -13
  -16
  -19
  -22
  -26
  -30
  -33
  -37
  -40
  -44
  -47
  -51
  -54
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
Cash from operations, $m
  153
  205
  271
  349
  440
  545
  664
  797
  944
  1,105
  1,281
  1,464
  1,665
  1,880
  2,108
  2,347
  2,599
  2,863
  3,139
  3,426
  3,726
  4,038
  4,362
  4,700
  5,050
  5,414
  5,793
  6,186
  6,595
  7,021
  7,463
Maintenance CAPEX, $m
  0
  -31
  -41
  -54
  -69
  -86
  -107
  -130
  -155
  -184
  -216
  -250
  -287
  -327
  -369
  -414
  -462
  -512
  -564
  -619
  -676
  -736
  -798
  -862
  -929
  -999
  -1,071
  -1,146
  -1,225
  -1,306
  -1,391
New CAPEX, $m
  -85
  -51
  -63
  -75
  -88
  -101
  -115
  -130
  -144
  -158
  -172
  -186
  -199
  -212
  -225
  -237
  -250
  -262
  -274
  -286
  -298
  -310
  -322
  -335
  -348
  -362
  -376
  -391
  -407
  -423
  -440
Cash from investing activities, $m
  -313
  -82
  -104
  -129
  -157
  -187
  -222
  -260
  -299
  -342
  -388
  -436
  -486
  -539
  -594
  -651
  -712
  -774
  -838
  -905
  -974
  -1,046
  -1,120
  -1,197
  -1,277
  -1,361
  -1,447
  -1,537
  -1,632
  -1,729
  -1,831
Free cash flow, $m
  -160
  124
  167
  220
  283
  357
  442
  538
  645
  763
  893
  1,028
  1,179
  1,341
  1,513
  1,696
  1,888
  2,090
  2,301
  2,522
  2,752
  2,992
  3,242
  3,502
  3,772
  4,053
  4,345
  4,648
  4,964
  5,292
  5,633
Issuance/(repayment) of debt, $m
  71
  200
  244
  292
  342
  395
  450
  505
  560
  615
  670
  723
  776
  827
  876
  925
  973
  1,020
  1,067
  1,114
  1,161
  1,208
  1,257
  1,307
  1,358
  1,411
  1,467
  1,524
  1,585
  1,648
  1,715
Issuance/(repurchase) of shares, $m
  20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  91
  200
  244
  292
  342
  395
  450
  505
  560
  615
  670
  723
  776
  827
  876
  925
  973
  1,020
  1,067
  1,114
  1,161
  1,208
  1,257
  1,307
  1,358
  1,411
  1,467
  1,524
  1,585
  1,648
  1,715
Total cash flow (excl. dividends), $m
  -83
  324
  411
  512
  626
  752
  891
  1,043
  1,205
  1,379
  1,563
  1,751
  1,955
  2,168
  2,390
  2,621
  2,861
  3,110
  3,368
  3,636
  3,913
  4,201
  4,499
  4,809
  5,131
  5,465
  5,812
  6,173
  6,549
  6,940
  7,348
Retained Cash Flow (-), $m
  -126
  -112
  -137
  -163
  -192
  -221
  -252
  -283
  -314
  -345
  -375
  -405
  -434
  -463
  -491
  -518
  -545
  -571
  -598
  -624
  -650
  -677
  -704
  -732
  -761
  -790
  -821
  -854
  -888
  -923
  -961
Prev. year cash balance distribution, $m
 
  262
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  474
  274
  349
  434
  531
  640
  760
  891
  1,034
  1,188
  1,346
  1,520
  1,705
  1,899
  2,103
  2,316
  2,538
  2,770
  3,012
  3,263
  3,524
  3,795
  4,077
  4,370
  4,674
  4,990
  5,319
  5,661
  6,017
  6,387
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  455
  251
  303
  357
  412
  464
  513
  557
  594
  623
  639
  649
  648
  637
  617
  588
  552
  510
  464
  415
  365
  315
  267
  223
  182
  146
  114
  88
  66
  48
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Criteo SA is a France-based company specializing in digital performance marketing. Its solution consists of the Criteo Engine, the Company's data assets, access to inventory, and its advertiser and publisher platforms. The Criteo Engine consists of various machine learning algorithms, such as prediction, recommendation, bidding and creative algorithms and the global hardware and software infrastructure. The Criteo Engine delivers advertisements through multiple marketing channels and formats, including display advertising banners, native advertising banners and marketing messages delivered to opt-in e-mail addresses. Advertisements are delivered on all devices and screens, including Web browsers on desktops and laptops, mobile Web browsers on smartphones and tablets, as well as mobile applications. It operates in approximately 90 countries through a network of over 30 international offices located in Europe, the Americas and the Asia-Pacific region. It operates through HookLogic Inc.

FINANCIAL RATIOS  of  Criteo ADR (CRTO)

Valuation Ratios
P/E Ratio 17.7
Price to Sales 0.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate 36%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.8%
Cap. Spend. - 3 Yr. Gr. Rate 19.4%
Financial Strength
Quick Ratio 34
Current Ratio 0
LT Debt to Equity 13%
Total Debt to Equity 14.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 14%
Ret/ On T. Cap. - 3 Yr. Avg. 13.1%
Return On Equity 15.3%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 35.9%
Gross Margin - 3 Yr. Avg. 35.8%
EBITDA Margin 10.2%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 27.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.7%
Payout Ratio 0%

CRTO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRTO stock intrinsic value calculation we used $1799 million for the last fiscal year's total revenue generated by Criteo ADR. The default revenue input number comes from 2016 income statement of Criteo ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CRTO stock valuation model: a) initial revenue growth rate of 33.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CRTO is calculated based on our internal credit rating of Criteo ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Criteo ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CRTO stock the variable cost ratio is equal to 90.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $50 million in the base year in the intrinsic value calculation for CRTO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Criteo ADR.

Corporate tax rate of 27% is the nominal tax rate for Criteo ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CRTO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CRTO are equal to 8.6%.

Life of production assets of 4.5 years is the average useful life of capital assets used in Criteo ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CRTO is equal to -2.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $600 million for Criteo ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 65.203 million for Criteo ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Criteo ADR at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Apple's Consumer Privacy Push Smacks Targeted Ad Firm Criteo   [04:12PM  Investor's Business Daily]
▶ Why Criteo S.A. Stock Plummeted Today   [03:18PM  Motley Fool]
▶ Criteo's Shares Plummet on Revenue Forecast   [02:21PM  The Wall Street Journal]
▶ ETFs with exposure to Criteo SA : December 7, 2017   [Dec-07-17 01:23PM  Capital Cube]
▶ ETFs with exposure to Criteo SA : November 20, 2017   [Nov-20-17 12:05PM  Capital Cube]
▶ 3 High-Growth Stocks That Could Soar   [Nov-17-17 06:42PM  Motley Fool]
▶ ETFs with exposure to Criteo SA : November 8, 2017   [Nov-08-17 05:49PM  Capital Cube]
▶ New Strong Sell Stocks for October 26th   [Oct-26-17 08:11AM  Zacks]
▶ Criteo Names Jonathan Opdyke as Chief Strategy Officer   [Oct-19-17 10:00AM  PR Newswire]
▶ 'Omnishopping' May Be More Prevalent Than You Think   [Oct-15-17 02:20PM  TheStreet.com]
▶ Why Criteo S.A. Stock Fell 14.8% in September   [Oct-06-17 10:00AM  Motley Fool]
▶ Criteo (CRTO) Catches Eye: Stock Jumps 6.5%   [Sep-22-17 08:36AM  Zacks]
▶ This Ad-Tech Firm Looks Attractive   [Sep-21-17 07:15PM  Morningstar]
▶ Three Takeaways From Groupon And Criteo Earnings   [Aug-04-17 09:15AM  Barrons.com]
▶ Stocks Open Higher: Apple Breaks Out, Dow Clears 22,000   [09:50AM  Investor's Business Daily]
▶ How Apple Anti-Cookie Tools Could Impact Facebook, Amazon, Snap   [Jun-07-17 01:51PM  Investor's Business Daily]
▶ Stocks Down, But Analog Devices Up; Should You Sell These 5 Leaders Now?   [Jun-06-17 07:00PM  Investor's Business Daily]
▶ What Apple Investors Liked Most From WWDC Will Surprise You   [05:23PM  Investor's Business Daily]
▶ Ad Firm Criteo Hit As Apple Makes Play For Consumer Privacy   [04:16PM  Investor's Business Daily]
▶ Roundtable: 1 Stock That Reminds Me of Facebook   [May-30-17 07:33PM  Motley Fool]
▶ ETFs with exposure to Criteo SA : May 22, 2017   [May-22-17 01:30PM  Capital Cube]
▶ ETFs with exposure to Criteo SA : May 9, 2017   [May-09-17 04:29PM  Capital Cube]
▶ Criteo S.A. Sustains Its Momentum   [May-03-17 07:59PM  Motley Fool]
▶ How To Invest: A Stock That Pauses After The Breakout Isn't Doomed   [Apr-28-17 05:00PM  Investor's Business Daily]
▶ ETFs with exposure to Criteo SA : April 27, 2017   [Apr-27-17 03:53PM  Capital Cube]
▶ ETFs with exposure to Criteo SA : April 11, 2017   [Apr-11-17 02:15PM  Capital Cube]
▶ ETFs with exposure to Criteo SA : March 30, 2017   [Mar-29-17 08:29PM  Capital Cube]
▶ Criteo Falls After Yet Another Great Quarter   [04:21PM  at Motley Fool]
Financial statements of CRTO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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