Intrinsic value of Criteo ADR - CRTO

Previous Close

$48.40

  Intrinsic Value

$153.39

stock screener

  Rating & Target

str. buy

+217%

  Value-price divergence*

-50%

Previous close

$48.40

 
Intrinsic value

$153.39

 
Up/down potential

+217%

 
Rating

str. buy

 
Value-price divergence*

-50%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2.9

 

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
  28.90
  26.51
  24.36
  22.42
  20.68
  19.11
  17.70
  16.43
  15.29
  14.26
  13.33
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
Revenue, $m
  1,799
  2,319
  2,934
  3,648
  4,466
  5,390
  6,420
  7,557
  8,798
  10,143
  11,590
  13,135
  14,777
  16,513
  18,342
  20,262
  22,272
  24,372
  26,562
  28,843
  31,217
  33,684
  36,250
  38,915
  41,685
  44,564
  47,557
  50,669
  53,907
  57,277
  60,785
Variable operating expenses, $m
 
  2,095
  2,645
  3,284
  4,015
  4,842
  5,763
  6,779
  7,890
  9,093
  10,387
  11,748
  13,216
  14,769
  16,405
  18,122
  19,920
  21,798
  23,757
  25,797
  27,920
  30,127
  32,421
  34,805
  37,283
  39,858
  42,534
  45,318
  48,213
  51,227
  54,365
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
  2,146
  2,698
  3,338
  4,070
  4,899
  5,821
  6,838
  7,951
  9,155
  10,451
  11,814
  13,283
  14,838
  16,476
  18,194
  19,994
  21,874
  23,835
  25,877
  28,002
  30,211
  32,507
  34,893
  37,373
  39,951
  42,629
  45,415
  48,313
  51,329
  54,470
Operating income, $m
  121
  173
  236
  311
  396
  492
  599
  718
  847
  988
  1,139
  1,322
  1,493
  1,675
  1,867
  2,068
  2,278
  2,498
  2,727
  2,966
  3,215
  3,474
  3,743
  4,022
  4,312
  4,614
  4,928
  5,254
  5,594
  5,947
  6,315
EBITDA, $m
  184
  214
  283
  363
  455
  559
  675
  804
  944
  1,096
  1,260
  1,435
  1,621
  1,817
  2,024
  2,242
  2,470
  2,708
  2,956
  3,214
  3,484
  3,763
  4,054
  4,357
  4,671
  4,997
  5,337
  5,690
  6,057
  6,440
  6,838
Interest expense (income), $m
  0
  3
  9
  16
  24
  34
  45
  57
  70
  85
  101
  118
  136
  155
  175
  197
  219
  243
  268
  293
  320
  348
  377
  407
  438
  471
  505
  540
  576
  614
  654
Earnings before tax, $m
  120
  170
  228
  295
  371
  458
  554
  661
  777
  903
  1,039
  1,204
  1,358
  1,520
  1,691
  1,871
  2,059
  2,255
  2,460
  2,673
  2,895
  3,126
  3,366
  3,615
  3,874
  4,143
  4,423
  4,715
  5,018
  5,333
  5,661
Tax expense, $m
  33
  46
  61
  80
  100
  124
  150
  178
  210
  244
  280
  325
  367
  410
  457
  505
  556
  609
  664
  722
  782
  844
  909
  976
  1,046
  1,119
  1,194
  1,273
  1,355
  1,440
  1,529
Net income, $m
  82
  124
  166
  215
  271
  334
  405
  482
  567
  659
  758
  879
  991
  1,110
  1,235
  1,366
  1,503
  1,646
  1,796
  1,951
  2,113
  2,282
  2,457
  2,639
  2,828
  3,025
  3,229
  3,442
  3,663
  3,893
  4,133

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
  1,213
  1,534
  1,908
  2,336
  2,819
  3,358
  3,952
  4,602
  5,305
  6,062
  6,870
  7,729
  8,637
  9,593
  10,597
  11,649
  12,747
  13,892
  15,085
  16,327
  17,617
  18,959
  20,353
  21,802
  23,308
  24,873
  26,501
  28,194
  29,956
  31,791
Adjusted assets (=assets-cash), $m
  941
  1,213
  1,534
  1,908
  2,336
  2,819
  3,358
  3,952
  4,602
  5,305
  6,062
  6,870
  7,729
  8,637
  9,593
  10,597
  11,649
  12,747
  13,892
  15,085
  16,327
  17,617
  18,959
  20,353
  21,802
  23,308
  24,873
  26,501
  28,194
  29,956
  31,791
Revenue / Adjusted assets
  1.912
  1.912
  1.913
  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
  199
  252
  314
  384
  464
  552
  650
  757
  872
  997
  1,130
  1,271
  1,420
  1,577
  1,743
  1,915
  2,096
  2,284
  2,481
  2,685
  2,897
  3,117
  3,347
  3,585
  3,833
  4,090
  4,358
  4,636
  4,926
  5,228
Working capital, $m
  223
  -51
  -65
  -80
  -98
  -119
  -141
  -166
  -194
  -223
  -255
  -289
  -325
  -363
  -404
  -446
  -490
  -536
  -584
  -635
  -687
  -741
  -797
  -856
  -917
  -980
  -1,046
  -1,115
  -1,186
  -1,260
  -1,337
Total debt, $m
  86
  252
  459
  698
  972
  1,282
  1,627
  2,008
  2,425
  2,876
  3,360
  3,879
  4,429
  5,011
  5,624
  6,268
  6,942
  7,646
  8,380
  9,145
  9,940
  10,768
  11,628
  12,521
  13,450
  14,415
  15,419
  16,462
  17,547
  18,677
  19,853
Total liabilities, $m
  611
  777
  984
  1,223
  1,497
  1,807
  2,152
  2,533
  2,950
  3,401
  3,885
  4,404
  4,954
  5,536
  6,149
  6,793
  7,467
  8,171
  8,905
  9,670
  10,465
  11,293
  12,153
  13,046
  13,975
  14,940
  15,944
  16,987
  18,072
  19,202
  20,378
Total equity, $m
  600
  435
  551
  685
  839
  1,012
  1,205
  1,419
  1,652
  1,905
  2,176
  2,466
  2,775
  3,101
  3,444
  3,804
  4,182
  4,576
  4,987
  5,416
  5,861
  6,325
  6,806
  7,307
  7,827
  8,367
  8,929
  9,514
  10,122
  10,754
  11,413
Total liabilities and equity, $m
  1,211
  1,212
  1,535
  1,908
  2,336
  2,819
  3,357
  3,952
  4,602
  5,306
  6,061
  6,870
  7,729
  8,637
  9,593
  10,597
  11,649
  12,747
  13,892
  15,086
  16,326
  17,618
  18,959
  20,353
  21,802
  23,307
  24,873
  26,501
  28,194
  29,956
  31,791
Debt-to-equity ratio
  0.143
  0.580
  0.830
  1.020
  1.160
  1.270
  1.350
  1.420
  1.470
  1.510
  1.540
  1.570
  1.600
  1.620
  1.630
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.700
  1.710
  1.710
  1.720
  1.720
  1.730
  1.730
  1.730
  1.740
  1.740
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
  124
  166
  215
  271
  334
  405
  482
  567
  659
  758
  879
  991
  1,110
  1,235
  1,366
  1,503
  1,646
  1,796
  1,951
  2,113
  2,282
  2,457
  2,639
  2,828
  3,025
  3,229
  3,442
  3,663
  3,893
  4,133
Depreciation, amort., depletion, $m
  63
  41
  46
  52
  59
  67
  76
  86
  97
  108
  121
  113
  127
  142
  158
  174
  192
  210
  228
  248
  268
  290
  312
  335
  358
  383
  409
  436
  464
  493
  523
Funds from operations, $m
  124
  165
  212
  267
  330
  401
  481
  568
  664
  767
  879
  992
  1,118
  1,252
  1,392
  1,540
  1,694
  1,856
  2,024
  2,199
  2,382
  2,572
  2,769
  2,974
  3,187
  3,408
  3,638
  3,877
  4,126
  4,386
  4,656
Change in working capital, $m
  -29
  -11
  -14
  -16
  -18
  -20
  -23
  -25
  -27
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
Cash from operations, $m
  153
  176
  226
  283
  348
  422
  503
  593
  691
  797
  911
  1,026
  1,154
  1,290
  1,433
  1,582
  1,739
  1,902
  2,072
  2,250
  2,434
  2,626
  2,825
  3,032
  3,247
  3,471
  3,704
  3,946
  4,198
  4,460
  4,733
Maintenance CAPEX, $m
  0
  -16
  -20
  -25
  -31
  -38
  -46
  -55
  -65
  -76
  -87
  -100
  -113
  -127
  -142
  -158
  -174
  -192
  -210
  -228
  -248
  -268
  -290
  -312
  -335
  -358
  -383
  -409
  -436
  -464
  -493
New CAPEX, $m
  -85
  -44
  -53
  -61
  -70
  -79
  -89
  -98
  -107
  -116
  -124
  -133
  -141
  -149
  -157
  -165
  -173
  -181
  -188
  -196
  -204
  -212
  -221
  -229
  -238
  -248
  -257
  -268
  -278
  -290
  -302
Cash from investing activities, $m
  -313
  -60
  -73
  -86
  -101
  -117
  -135
  -153
  -172
  -192
  -211
  -233
  -254
  -276
  -299
  -323
  -347
  -373
  -398
  -424
  -452
  -480
  -511
  -541
  -573
  -606
  -640
  -677
  -714
  -754
  -795
Free cash flow, $m
  -160
  117
  153
  196
  247
  304
  368
  440
  519
  606
  699
  793
  900
  1,014
  1,133
  1,259
  1,392
  1,530
  1,674
  1,825
  1,982
  2,145
  2,315
  2,491
  2,675
  2,865
  3,063
  3,269
  3,483
  3,706
  3,938
Issuance/(repayment) of debt, $m
  71
  174
  206
  240
  274
  310
  345
  381
  416
  451
  485
  518
  550
  582
  613
  644
  674
  704
  734
  765
  796
  827
  860
  894
  929
  965
  1,003
  1,043
  1,085
  1,130
  1,176
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
  174
  206
  240
  274
  310
  345
  381
  416
  451
  485
  518
  550
  582
  613
  644
  674
  704
  734
  765
  796
  827
  860
  894
  929
  965
  1,003
  1,043
  1,085
  1,130
  1,176
Total cash flow (excl. dividends), $m
  -83
  291
  359
  436
  521
  614
  714
  821
  936
  1,057
  1,184
  1,311
  1,451
  1,596
  1,746
  1,903
  2,065
  2,234
  2,409
  2,590
  2,778
  2,972
  3,175
  3,385
  3,603
  3,830
  4,067
  4,313
  4,569
  4,836
  5,115
Retained Cash Flow (-), $m
  -126
  -97
  -115
  -134
  -154
  -173
  -193
  -213
  -233
  -253
  -272
  -290
  -308
  -326
  -343
  -360
  -377
  -394
  -411
  -428
  -446
  -463
  -482
  -501
  -520
  -541
  -562
  -584
  -608
  -633
  -659
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
 
  456
  244
  302
  367
  440
  520
  608
  703
  804
  912
  1,021
  1,142
  1,270
  1,403
  1,542
  1,688
  1,840
  1,997
  2,161
  2,332
  2,509
  2,693
  2,884
  3,083
  3,290
  3,505
  3,728
  3,961
  4,203
  4,456
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
 
  437
  223
  263
  302
  341
  378
  411
  439
  462
  478
  485
  487
  483
  471
  453
  429
  400
  368
  333
  296
  260
  223
  189
  157
  128
  102
  80
  61
  46
  34
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 S.A., a technology company, engages in the digital performance marketing in France and internationally. Its Criteo Engine solution includes recommendation algorithms that create and tailor advertisements to specific user interest by determining the specific products and services to include in the advertisement; prediction algorithms that predict the probability and nature of a user’s engagement with a given advertisement; and bidding engine for executing campaigns based on objectives set by the clients. The company’s Criteo Engine solution also comprises dynamic creative optimization; software systems and processes that enable data synchronization, storage, and analysis of distributed computing infrastructure in multiple geographies; and experimentation platform, an offline/online platform to enhance the prediction abilities of its models. In addition, it offers data assets, which collect information about the interaction of users with its advertisers’ and publishers’ digital properties; and access to advertising inventory. Further, the company provides an integrated technology platform that includes a suite of services and software tools, such as a unified dashboard, which automates campaign execution and management tasks; and an inventory management platform that offer small-and medium-sized publishers direct access to advertisers, as well as offers consulting services. It serves companies in the online retail, classifieds, and travel industries. Criteo S.A. was founded in 2005 and is headquartered in Paris, France.

FINANCIAL RATIOS  of  Criteo ADR (CRTO)

Valuation Ratios
P/E Ratio 37.8
Price to Sales 1.7
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 45.5
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. 13.2%
Return On Equity 15.3%
Return On Equity - 3 Yr. Avg. 13.9%
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 28.9% 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 10 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 60.563 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 $2.9 billion.

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COMPANY NEWS

▶ Three Takeaways From Groupon And Criteo Earnings   [Aug-04-17 09:15AM  Barrons.com]
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▶ 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]
▶ Facebook bets on Paris with start-up incubator   [Jan-17-17 11:03AM  Reuters]
▶ Should You Buy Neogen Corporation (NEOG)?   [Dec-10-16 08:41AM  at Insider Monkey]
▶ Is Moog Inc (MOG.A) A Good Stock To Buy?   [02:09PM  at Insider Monkey]
▶ Criteo to Present at the Nasdaq 35th Investor Program   [Nov-15-16 09:00AM  PR Newswire]
▶ Criteo Completes Acquisition of HookLogic   [07:00AM  PR Newswire]
▶ Criteo to Present at the Morgan Stanley TMT Conference   [Nov-04-16 10:08AM  PR Newswire]
▶ Why Criteo SA Shares Popped Today   [Nov-02-16 04:03PM  at Motley Fool]
▶ Criteo Appoints Elie Kanaan as EVP of Marketing   [Oct-20-16 09:00AM  PR Newswire]
Stock chart of CRTO 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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