MGNI - Why Criteo Could Be One Of The Best-Performing Stocks Of 2021

• Criteo is dramatically undervalued with a ~4.1X EV/2020 EBITDA and ~1.2X sales valuation, which is a severe discount to peers despite retargeting stabilizing and Retail Media growing >60% organically.
• Retail Media, which generated ~$90M in revenue in 2020, has limited competition, operates in a massive $50B+ TAM, and is worth multiples of today’s market cap.
• Overall business is inflecting with revenue growth returning in 2021 as we estimate Retail Media will grow at >70% rate.
• Criteo is misunderstood with an ad targeting technology called FLoC replacing cookies in Chrome with advertisers expecting to see at least a 95% conversion rate when compared to cookie-based advertising.
• Criteo’s proprietary Shopper Graph has 1st party retail data on ~2.5B users, which is unique and extraordinarily valuable.

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