Portfolio Amendments – International Equities Portfolio
We are making three changes to the International Equities Portfolio
The Trade Desk (TTD US)
TTD US$12.81
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 12.81
- Change
- ▼ -0.42 (-3.17)
- Bid / Ask
- 12.36 - 12.67
- Volume
- 3,574,656
- Turnover
- 20,075,816
- Open
- 13.37
- Day Range
- 12.61 - 13.63
- VWAP
- 12.95
- Prev Close
- 13.23
- Last Trade
- 06/11 4:00pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Communication Services
- Shares Issued
- 429,686,475
- NTA/Share
- 5.18
- Last Dividend
- —
- Dividend Ex Date
- —
- Dividend Pay Date
- —
Current (USD) · FY2025
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 2,896.28
- EBITDA
- 705.82
- Profit
- 443.30
- Earnings Per Share (EPS)
- 0.90
- Dividend Per Share (DPS)
- —
- Yield %
- 0.00
- Market Cap
- 6,056.51
- Price to Earnings Ratio (P/E)
- 0.15
Estimates (USD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 2,730.06
- EBITDA
- 594.17
- Profit
- 205.77
- Earnings Per Share (EPS)
- 0.66
- Dividend Per Share (DPS)
- 0.00
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- High
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 13.52 Fair value 16.46 One-star price 20.05
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 16.46
- Price / Fair Value
- 0.78
- Valuation
- Undervalued
- Uncertainty
- High
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (13.52) to the one-star price (20.05).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 13.23 |
| Price - 12 month high | 48.45 |
| Price - 12 month low | 11.62 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 12.68 |
| Market capitalization | 5,504.28 |
| 12 Month High price date | 4 NOV 2025 |
| 12 Month Low price date | 7 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 23.23 |
| Price - 1 Day % Change | 2.88% |
| Price - 13 week price percent change | -31.59% |
| Price - 26 week price percent change | -45.10% |
| Price - 5 Day % Change | 3.68% |
| Price - 52 week price percent change | -71.99% |
| Price - YTD price percent change | -65.29% |
| Price % Change Month To Date | 10.71% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.900 |
| EPS excluding extraordinary items - trailing 12 month | 0.830 |
| EPS Normalized - most recent fiscal year | 1.770 |
| Revenue/share - most recent fiscal year | 5.868 |
| Revenue/share - trailing 12 month | 6.222 |
| Book value per share - most recent fiscal year | 5.220 |
| Book value per share - most recent quarter | 5.482 |
| Book value (tangible) per share - most recent fiscal year | 5.178 |
| Book value (tangible) per share - most recent quarter | 5.482 |
| Cash per share - most recent fiscal year | 1.383 |
| Cash per share - most recent quarter | 2.391 |
| Cash Flow per share - most recent fiscal year | 2.569 |
| Cash Flow per share - trailing 12 month | 2.530 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 1.484 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.910 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.850 |
| EPS including extraordinary items - most recent fiscal year | 0.910 |
| EPS including extraordinary items - trailing 12 month | 0.850 |
| Free Cash Flow per share - trailing 12 month | 2.045 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 15.43 |
| P/E Normalized, most recent fiscal year | 7.72 |
| Price to sales - most recent fiscal year | 2.06 |
| Price to Tangible Book - most fiscal year | 2.34 |
| Price to Free Cash Flow per Share - most recent fiscal year | 6.27 |
| Price to Cash Flow per share - trailing 12 month | 5.06 |
| Price to Book - most recent fiscal year | 2.34 |
| P/E excluding extraordinary items high, trailing 12 months | 52.16 |
| P/E excluding extraordinary items low, trailing 12 months | 14.36 |
| Net Debt, LFI | -1,051.22 |
| Net Debt, LFY | -866.73 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 1,058.09 |
| LT debt/equity - most recent fiscal year | 14.49% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 17.56% |
| LT debt/equity - most recent quarter | 13.72% |
| Total debt/total equity - most recent quarter | 16.86% |
| Free Cash Flow - trailing 12 month | 982.64 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 2,896.28 |
| Revenue - trailing 12 month | 2,990.14 |
| EBITD - most recent fiscal year | 705.82 |
| EBITD - trailing 12 month | 713.07 |
| Earnings before taxes - most recent fiscal year | 658.76 |
| Earnings before taxes - trailing 12 month | 641.83 |
| Net Income available to common - most recent fiscal year | 443.30 |
| Net Income available to common - trailing 12 months | 406.89 |
| Earnings before taxes Normalized - most recent fiscal year | 1,149.38 |
| Net Income Available to Common, Normalized - most recent fiscal year | 873.08 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.66 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 15.31% |
| Net Profit Margin % - trailing 12 month | 13.61% |
| Operating margin - 1st historical fiscal year | 20.35% |
| Operating margin - trailing 12 month | 19.61% |
| Pretax margin - trailing 12 month | 21.47% |
| Pretax margin - 1st historical fiscal year | 22.74% |
| Operating Margin - 5 year average | 13.15% |
| Pretax Margin - 5 year average | 15.11% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 35.57% |
| Free Operating Cash Flow/Revenue, TTM | 32.86% |
| Net Profit Margin - 5 year average | 11.10% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 7.42% |
| Return on average assets - trailing 12 month | 6.88% |
| Return on average equity - most recent fiscal year | 16.48% |
| Return on average equity - trailing 12 month | 15.88% |
| Return on average assets - 5 year average | 5.06% |
| Return on average equity - 5 year average | 11.16% |
| Net Income/employee - most recent fiscal year | 115,353.63 |
| Revenue/employee - most recent fiscal year | 753,651.83 |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 28.21% |
| EPS growth rate, 5 year | 12.93% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 28.02% |
| Growth rate% - Revenue, 3 year | 22.44% |
| Growth rate% - EPS, 3 year | 101.50% |
| Book value per share growth rate, 5 year | 19.52% |
| Capital Spending growth rate, 5 year | 21.23% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 32.65% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
Announcements are available for ASX-listed companies only.
Opinion
The Trade Desk (NASDAQ: TTD) $US17.67
The Trade Desk delivered a weak 2Q result after the close and issued a disappointing outlook, sending shares down ~20% after hours. Revenue growth slowed to just 3%, while earnings and EBITDA both missed consensus.
Where is weakness creating opportunity in the MM International Equities Portfolio?
The International Equities Strategy had a tough February, falling -8.67%, underperforming the MSCI World by -7.69%. No dressing that up - it was a poor month. Weakness has continued, with the portfolio down ~4.5% in March to date. A meaningful pullback, but within our levels of tolerance for a high conviction, growth-focused portfolio (and within historical ranges we’ve experienced in the past).
Trade Desk Inc (TTD US) $US29.79
TTD surged ~20% overnight on talks that the company is in talks with OpenAI to sell ads - makes sense for both parties, with the TTD having considerable retail media partnerships such as Walmart.
The Trade Desk (TTD US) $US25.00
We own TTD in the International Equities Portfolio, and the journey over the past year has been frustrating, with the stock now off ~40% from our original purchase price. What was once a premium, high-conviction growth story has been steadily de-rated as growth slowed, competition intensified, and the macro backdrop turned less friendly for brand advertising.
The Trade Desk (TTD US) $US45.90
TTD beat expectations for the quarter and guided to a better-than-expected 4Q result, initially sending shares up ~11% after hours before they reversed to settle down ~3% in late trade.
Trade Desk In (TTD US) $US88.33
Reported quarterly results after hours this morning, and the stock is trading down 27% - not good. While shares were up 60% from recent lows, the reaction to an ‘inline’ result seems very harsh and hard to reconcile (other than saying the stock had run hard).
Trade Desk Inc (TTD US) $US59.90
Trade Desks surged higher after Q1, and EPS beat estimates after the closing bell, sending the stock up around 14% in late trade. The outlook also looks solid, with management confident that second-quarter revenue will come in above $US682mn; the street is currently looking for $US682.7mn.
The Trade Desk (TTD US) $62.00
The advertising technology company reported a poor quarterly and the stock has fallen sharply – more than halving from ~$US140 to this mornings close of $US62. Digital advertising remains the future, and we are confident that one soft quarter has not broken the TTD model. This recent weakness represents a buying opportunity, irrespective of the macro backdrop.
Action
Updated
17/08/2026
14:26
TTD US
Updated 17/08/2026 14:26
MM is selling TTD US in the International Equities Portfolio, taking a loss ~$US14
Updated
07/08/2026
09:39
TTD US
Updated 07/08/2026 09:39
MM is neutral TTD ~$US17
Updated
06/03/2026
09:36
TTD US
Updated 06/03/2026 09:36
MM is bullish towards TTD around $US30
Updated
05/03/2026
09:49
TTD US
Updated 05/03/2026 09:49
MM is cautiously bullish TTD US ~$US25
Updated
07/11/2025
16:37
TTD US
Updated 07/11/2025 16:37
MM remains patiently long TTD US
Updated
13/08/2025
09:56
TTD US
Updated 13/08/2025 09:56
MM has turned more neutral on TTD US
Updated
08/08/2025
17:31
TTD US
Updated 08/08/2025 17:31
MM remains bullish TTD US
Updated
09/05/2025
09:41
TTD US
Updated 09/05/2025 09:41
MM remains long and bullish on TTD
Updated
26/03/2025
10:30
TTD US
Updated 26/03/2025 10:30
MM is bullish TTD US ~$62
Updated
14/02/2025
09:21
TTD US
Updated 14/02/2025 09:21
MM views the ~30% correction in TTD US as a buying opportunity ~$US82
Business Summary
The Trade Desk provides a self-service platform that helps advertisers and ad agencies programmatically find and purchase digital ad inventory (display, video, audio, and social) on devices like computers, smartphones, and connected TVs. The firm's platform is referred to as a demand-side platform in the digital ad industry, and it generates revenue from fees based on a percentage of what its clients spend on advertising, referred to as a take rate.
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