Apple’s ITP Hitting Criteo Harder Than Expected; Lowering FVE to $35
Criteo announced that Apple’s Intelligent Tracking Prevention, or ITP, will weigh on the firm’s 2018 net revenue more than initially expected. While our 2018 net revenue projection was lower than what management had guided in November 2017, we further lowered our estimates as it appears Criteo is having difficulty circumventing the ITP barrier. Based on our latest model adjustments, we now value Criteo at $35 per share, lower than our previous $51 fair value estimate. We reiterate our negative m...
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