Sectors: Technology

TTD is an advertising technology company that offers an online platform enabling advertisers to bid on and purchase digital ad inventory in real-time auctions – very much like a Bloomberg Terminal but for ads instead of stocks.

Earlier this month, we discussed taking profit on our CAR position on valuation grounds. The math is simple: we like the business, but it’s become increasingly expensive as it roars through $40.

Last week, SNOW reported a significantly stronger Q3 result in the areas that mattered. Top-line growth is very important, but it was not our concern when selling; margins and, therefore, earnings were. To that end, while quarterly revenue of US$942m was light, margins were better, and that drove a decent beat in earnings.

The technology provider that underpins billing for key services like electricity, gas & pay TV has sat on our hitlist for the Emerging Companies Portfolio for some time now, though the share price has been ebbing and flowing between $4 & $6, with no specific catalyst to see it push out of that range.

For subscribers unfamiliar with CAT, it’s the global leader in sports technology solutions that allow coaches to see how players are performing on the field. Remember, sports is a huge business, especially overseas; Manchester United has a market cap of $US2.9bn with 1-2 goals making/losing huge revenue.