Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
TTD has dropped almost 50% since its results. Is this a table thumping buy at these prices? I cannot see a world where advertisers do not require their services and do not get meaningful value out of the services they provide. If they can grow c.20% a year next five years and maintain a PE around 45x, seem to be able to pick it up with a decent margin of safety of 30%+.
Hi Scott,
On the call post the results, CEO Jeff Green was very forthright in saying they got lots of things wrong in the quarter, but they know where they went wrong, how to fix it, and importantly, that nothing has fundamentally changed in their business or the markets they operate in. The miss was their first in 8-years, they normally beat, and investors were rightly positioned for a beat, hence the big move in Share Price (SP).
We agree with your view and have 20% growth factored into our assumptions and we’re not alone. Most analysts maintained a positive call, though they trimmed earnings expectations. Of the 41 analysts who cover the stock, 29 buys remain, 4 sells, and 8 holds, with an average price target of $US112.10.
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