The Trade Desk (TTD, Neutral, $67 target) Quick thoughts ahead of Thursday’s print
In this brief note we touch on:1. Expectations for 4Q23 results, 1Q24 guidance and 2023 spend & take rate
2. What to listen for on the call
3. Potential catalysts
4. Retail Media helping TTD at bottom of the funnel
5. Audio opportunity continues to be relatively small but evolving
6. Kokai rollout proceeding
7. Profits and the 40% long-term adjusted EBITDA target
8. FCF, capital return and M&A
The Trade Desk is a technology company for buyers of advertising. Through the company's self-service, cloud-based platform, ad buyers can create, manage, and optimize data-driven digital advertising campaigns across ad formats, including display, video, audio, native and social, on a multitude of devices, such as computers, mobile devices, and connected TV. The company's platform's integrations with data, inventory, and publisher partners provides ad buyers reach and decisioning capabilities, and its enterprise application programming interfaces enable its customers to develop on top of the platform.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
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- Pan European Telecom Services and Cable
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- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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